In a developed country you can incorporate a company online for about $100 and there is no need for a registered agent, registered office or a lawyer or accountant to get involved. Everything is done online within half an hour directly with the government. In the Bahamas it cost around $3,000 because you need a lawyer, accountant or registered agent to get involved and there is a massive amount of compliance work involved.

The issue with compliance is not at the incorporation stage or the collection of KYC. Its the ability to account quickly for the actions of a company as it goes about its day to day transactions in real time. What good is due diligence, suspicious transaction reports, tax exchange treaties and a host of ever evolving legislation if its almost impossible to figure out the activities of a company because the registered office just doesn't have the information or it takes forever to get the information from the banking system or through the courts?

Multilateral organization are talking to the heart of what makes the Bahamas non-competitive and it is the reason why GDP can't grow beyond 1.5% per annum. Its simply very difficult and costly to do business here and challenging to enforce policies and procedures.

Unless the government takes a holistic approach to income taxes, duties, financial statements, due diligence, equalization of foreign and domestic companies, and stop listening to those who oppose change to the current regime we will remain blacklisted.

KP says we have meet the requirements of the EU to get off the blacklist and he is just waiting for the EU's next meeting. Lol, the goal posts will move again and in 5 years we will be right back on the blacklist unless we open our economy to global trade. This appears to be just fine with the financial community. Move as slowly as possible just to keep the wolf from the door. By the time the wolf breaks the door down they will be retired and gone.

"What I've seen over my lifetime is that countries that embrace openness, that embrace trade, that embrace diversity are the countries that do exceptional — and the countries that don't, don't." Tim Cook, CEO, Apple Computer.

Good idea to leave before the forensic team arrives. Hopefully, E&Y's mandate will cover all the loans transferred to Resolve and not just the good loans left at BoB.

"What I've seen over my lifetime is that countries that embrace openness, that embrace trade, that embrace diversity are the countries that do exceptional — and the countries that don't, don't." Tim Cook, CEO, Apple (the worlds largest company).

It’s critical for the Bahamas to get off the black list and tax Bahamians and foreigners equally.

These guys advising the government not to ratify the Multinational Entities Reporting Bill are part of the problem and the past and not the future.

Why should foreigners using IBC’s be exempt from VAT, business license fees, stamp duties while hard working Bahamians have to pay these taxes?

Only a sliver of Bahamian elites benefit from IBCs while the rest of us proletariats pay through our noses.

Look at the Oban mess. These guys will pay no taxes while poluting our environment and destroying our national parks.

licks2, good to see you are actually doing some homework and arguing from a point of knowledge. Very impressive.

However, Drexel Hamilton is still not a bank, and Drexil Hamilton has still not given a loan to Oban, Drexil Hamilton is an intermediary and will need to raise the funds for the Oban project.

This means that there is no $5 billion letter of intent at present.

More importantly, no one in their right mind will lend $5 billion with no equity injection of at least 20%. So where is the $1 billion equity coming from. Who is equity guy behind this project? Why doesn't the equity guy come forward.

Also, because Drexel is a tiny firm, they then need to market to larger US firms, trust me, none of these US financial firms will touch a Bahamian project, our laws are too convoluted, and with the Baha Mar litigation no blue chip lender will come near the Bahamas. Indeed most international banks are trying desperately to get out of the Bahamas.

Last time I checked we were black listed by the EU. So an EU bank will do business in the Bahamas? I don't think so.

KP and AG Carl are going in the right direction with the implementation of the Multinational Entities Financial Reporting Bill 2018.

Please, please don't let Smittie, Alfred and the rest of these guys who were responsible for getting us blacklisted in 2000 keep us blacklisted. We need to move quickly to get off this list before the EU puts tariffs on our lobster exports.

Haven't you guys made enough money from the offshore industry over the last half a century to retire?

"A people should know when they are conquered." Quintus Maximus.

Agreed Birdie. 700 acres of crown land will be transferred to Oban. Similar to how 10,000 acres of the most beautiful land in Mayaguana was transferred to the I Group...and now lost to the Bahamian people forever.

https://www.bahamaslocal.com/newsitem/4…

Atlantis/Kerzner, Albany/Lewis and Baha Mar/Izmirilian were all billionaires and proven developers before they invested in the Bahamas. Oban? In the Guardian today it claims that Drexel Hamilton is a bank and they have arranged their financing. Drexel Hamilton is not a bank and based on their website they seem to be a small sell side stock analyst firm with now experience in large capital raising. Hmmm......

Please...can the Tribune dig a little deeper into the financing and Trust beneficial ownership structure?

...not really upset at all. just expressing my opinions.