While speaking on “Creating an Efficient, Business-Friendly Environment” during his Official Remarks at the 34th Annual Bahamas Business Outlook, on January 16, 2025, Prime Minister and Minister of Finance the Hon. Philip Davis pointed out that if one had ever tried to start a business in The Bahamas, they knew the frustration.
“You get the idea, you have the drive, you have the ambition – but then you hit the system – a system that seems designed to slow you down, not speed you up,” Prime Minister Davis said at the event held at the Baha Mar Convention Centre. “It takes too long to open up a business. It takes too long to access government services. And let’s face it – it takes too long to even open a bank account. I’ve heard the stories from entrepreneurs who’ve been caught in these delays.”
He added: “A young Bahamian recently told me how they spent months going back and forth with a bank, providing the same documents over and over, just to open an account to launch their small business. By the time the account was opened, the opportunity they were pursuing had passed.”
“What we see here is not just inefficiency; it’s a barrier to progress. And I’ll tell you now, it just cannot continue.”
The Prime Minister gave the example that, in Rwanda, it takes about six hours to get a business license.
“Six hours,” he repeated. “That is the standard they have set for themselves, and they are delivering on it.”
He continued: “So let me ask you this: why can’t we? Why should a process that takes hours in another country take weeks or even months here? It’s time we stop making excuses and start making progress.”
Prime Minister Davis pointed out that he had directed the Department Inland Revenue and other agencies to create “an environment where entrepreneurs don’t feel like they’re fighting the system to succeed.”
“Economic growth depends on businesses having the tools they need, when they need them,” he noted. “It’s time to streamline, simplify, and modernize how we operate – not tomorrow, but today.”
He added: “I will again meet with The Bahamas Chamber of Commerce because creating a system that works for everyone requires genuine collaboration. It cannot be done in isolation; it must happen through meaningful partnership. I want to hear directly from the business community about the frustrations you face, the roadblocks that slow you down, and the changes you believe are necessary to move us forward. Together, we can identify these issues and decisive steps to remove the barriers standing in the way of Bahamian entrepreneurs and businesses.”
Prime Minister Davis stated that, if there were policies or systems his Government had put in place that were not working as intended, he wanted to know.
“My door is open to rethinking and improving our approach,” he said. “This is the kind of partnership I believe in – a government that listens, learns, and adapts to meet the needs of those driving our economy. Let’s iron out these challenges together and build a more efficient, business-friendly environment that benefits all Bahamians.”
He added that his administration was doing its part to close the financial gaps for entrepreneurs.
“The recent $30 million capitalisation of the Bahamas Development Bank (BDB) is going to provide a much needed access to capital for our small businesses and new market entrants,” Prime Minister Davis said. “After nearly two decades without new capital, this funding – secured from the African Export-Import Bank, Afreximbank – is a historic transformation.”
“This revitalization will empower the Bahamas Development Bank to fulfill its mandate in ways that were previously impossible,” he added. “We are now positioned to drive Family Island development, invest in food security and smart agriculture, expand exports, and much more. This is not just an injection of cash; it is a renewed commitment to supporting Bahamians who dare to dream big and build boldly.”
He continued: “In addition, through the Small Business Development Centre (SBDC), we are providing grants and targeted support to women-owned businesses, entrepreneurs with disabilities, and men seeking to establish and grow their enterprises. We are making access to capital a reality for those who have long been excluded from traditional funding channels.”
Prime Minister Davis announced that he would be building Capacity at Inland Revenue.
“This department must move at the speed of the economy, not the other way around. We’re going to ensure they have the staff, the resources, and the technology to deliver faster and better service.”
He also announced the acceleration of Digital Transformation.
“Long lines and endless paperwork belong in the past,” Prime Minister said. “We’re creating a digital-first government where services are available online, 24/7, so businesses can spend less time waiting and more time growing.”
“If we are honest, we must accept this isn’t just about what government needs to do,” he added. “The private sector must step up as well. Banks need to modernize their processes. Businesses need to invest in training their staff and improving customer service.”
Prime Minister Davis stated that all had a role to play in creating a system that worked for everyone.
He said: “Imagine a Bahamas where starting a business doesn’t feel like a battle. A Bahamas where entrepreneurs can open a bank account in days, not months or years. A Bahamas where the government and private sector work hand-in-hand to make doing business seamless and efficient. This is about fixing processes – and it’s about building trust. Trust that the system works. Trust that time and effort will pay off. Trust that we are all working together to create a better future.”
“This administration is committed to asking the hard questions, making the tough decisions, and delivering real results,” Prime Minister Davis added. “And I am committed to ensuring that every Bahamian with a dream has a fair shot at making that dream a reality.”
While speaking on “Creating an Efficient, Business-Friendly Environment” during his Official Remarks at the 34th Annual Bahamas Business Outlook, on January 16, 2025, Prime Minister and Minister of Finance the Hon. Philip Davis pointed out that if one had ever tried to start a business in The Bahamas, they knew the frustration.
“You get the idea, you have the drive, you have the ambition – but then you hit the system – a system that seems designed to slow you down, not speed you up,” Prime Minister Davis said at the event held at the Baha Mar Convention Centre. “It takes too long to open up a business. It takes too long to access government services. And let’s face it – it takes too long to even open a bank account. I’ve heard the stories from entrepreneurs who’ve been caught in these delays.”
He added: “A young Bahamian recently told me how they spent months going back and forth with a bank, providing the same documents over and over, just to open an account to launch their small business. By the time the account was opened, the opportunity they were pursuing had passed.”
“What we see here is not just inefficiency; it’s a barrier to progress. And I’ll tell you now, it just cannot continue.”
The Prime Minister gave the example that, in Rwanda, it takes about six hours to get a business license.
“Six hours,” he repeated. “That is the standard they have set for themselves, and they are delivering on it.”
He continued: “So let me ask you this: why can’t we? Why should a process that takes hours in another country take weeks or even months here? It’s time we stop making excuses and start making progress.”
Prime Minister Davis pointed out that he had directed the Department Inland Revenue and other agencies to create “an environment where entrepreneurs don’t feel like they’re fighting the system to succeed.”
“Economic growth depends on businesses having the tools they need, when they need them,” he noted. “It’s time to streamline, simplify, and modernize how we operate – not tomorrow, but today.”
He added: “I will again meet with The Bahamas Chamber of Commerce because creating a system that works for everyone requires genuine collaboration. It cannot be done in isolation; it must happen through meaningful partnership. I want to hear directly from the business community about the frustrations you face, the roadblocks that slow you down, and the changes you believe are necessary to move us forward. Together, we can identify these issues and decisive steps to remove the barriers standing in the way of Bahamian entrepreneurs and businesses.”
Prime Minister Davis stated that, if there were policies or systems his Government had put in place that were not working as intended, he wanted to know.
“My door is open to rethinking and improving our approach,” he said. “This is the kind of partnership I believe in – a government that listens, learns, and adapts to meet the needs of those driving our economy. Let’s iron out these challenges together and build a more efficient, business-friendly environment that benefits all Bahamians.”
He added that his administration was doing its part to close the financial gaps for entrepreneurs.
“The recent $30 million capitalisation of the Bahamas Development Bank (BDB) is going to provide a much needed access to capital for our small businesses and new market entrants,” Prime Minister Davis said. “After nearly two decades without new capital, this funding – secured from the African Export-Import Bank, Afreximbank – is a historic transformation.”
“This revitalization will empower the Bahamas Development Bank to fulfill its mandate in ways that were previously impossible,” he added. “We are now positioned to drive Family Island development, invest in food security and smart agriculture, expand exports, and much more. This is not just an injection of cash; it is a renewed commitment to supporting Bahamians who dare to dream big and build boldly.”
He continued: “In addition, through the Small Business Development Centre (SBDC), we are providing grants and targeted support to women-owned businesses, entrepreneurs with disabilities, and men seeking to establish and grow their enterprises. We are making access to capital a reality for those who have long been excluded from traditional funding channels.”
Prime Minister Davis announced that he would be building Capacity at Inland Revenue.
“This department must move at the speed of the economy, not the other way around. We’re going to ensure they have the staff, the resources, and the technology to deliver faster and better service.”
He also announced the acceleration of Digital Transformation.
“Long lines and endless paperwork belong in the past,” Prime Minister said. “We’re creating a digital-first government where services are available online, 24/7, so businesses can spend less time waiting and more time growing.”
“If we are honest, we must accept this isn’t just about what government needs to do,” he added. “The private sector must step up as well. Banks need to modernize their processes. Businesses need to invest in training their staff and improving customer service.”
Prime Minister Davis stated that all had a role to play in creating a system that worked for everyone.
He said: “Imagine a Bahamas where starting a business doesn’t feel like a battle. A Bahamas where entrepreneurs can open a bank account in days, not months or years. A Bahamas where the government and private sector work hand-in-hand to make doing business seamless and efficient. This is about fixing processes – and it’s about building trust. Trust that the system works. Trust that time and effort will pay off. Trust that we are all working together to create a better future.”
“This administration is committed to asking the hard questions, making the tough decisions, and delivering real results,” Prime Minister Davis added. “And I am committed to ensuring that every Bahamian with a dream has a fair shot at making that dream a reality.”
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