Prime Minister and Minister of Finance, the Hon. Philip Davis led debate on the Segregated Accounts Companies Bill in the House Of Assembly on Wednesday.
Mr. Davis told Parliamentarians the proposed changes are long overdue. He said, “you can have a product that is dominant one year and that product can be obsolete the very next year. We saw this last year when our once innovative ICON (investment condominium) structures were no longer competitive due to changes in the Brazilian market. We moved quickly to amend our laws to allow ICONs to to easily be converted into IBCs and exempted limited partnerships which prevented any disruptions in the existing ICONs activities.”
The finance minister also noted the importance of the country maintaining its competitive edge. He said, “time and time again, we have demonstrated our compacity for effective innovation. When it comes to financial services we don’t play. And that is why so many investors come to our shores. We are the ideal place to live and invest.”
According to Mr. Davis the bill creates unprecedented opportunities for Bahamian professionals. “Segregated accounts representatives will demand premium fees for their expertise. Corporate administrators will manage sophisticated, international structures. Lawyers will advise on complex reorganizations. Accountants will prepare multi account financial statements and insurance professionals will advise on services to meet complex client needs. We are indeed expending opportunities for local professionals.”
