REFORMS TO BOOST FINANCIAL SERVICES INDUSTRY FLEXIBILITY

technical things, but they are fundamental, even in an increment, to the advancement of our industry.

REFORMS to two key corporate products will boost the Bahamian financial services industry’s competitiveness by enabling it to provide more flexible structures to clients, the Attorney General has charged.

Ryan Pinder KC, speaking on the reforms to the Exempted Limited Partnership (ELP)Act and the International Business Companies (IBC) Act in the Senate, said the changes will impact commercial corporate structures as well as the investment funds industry.

He said: “These pieces of legislation are important for our second industry in our country, our financial services industry. Yes, they’re technical. And yes, they do

“The amendments before us are important. They’re important in our investment funds industry. They’re important in our commercial structuring industry. And they are important to provide the flexibility required by our financial services industry to be able to stay competitive.”

Mr Pinder explained that the IBC Act changes will allow ELPs incorporated in The Bahamas to be convert into an IBC. He said: “This Bill looks to insert a new section 84(c) into the principle Act and it’s a straightforward amendment. It allows and empowers, for Exempted Limited Partnerships incorporated in The Bahamas, to be able to convert and continue [as] an international business company.”

Focol Aids Bpl Probe Into Contaminated Fuel

FROM PAGE B5 coming more than 20 years ago.

“FOCOL, we’re a part of the wholesale community. We have been in discussions with government. Government has been very clear in what their position is. I’m really doing our best to co-operate with the Government. We all can do with a margin relief, yes. But we understand the local economic environment and we’re being as patient as we can,” said Mr Adderley. Meanwhile, FOCOL is “well on its way” to developing its Grand Bahama solar power project. Bahamas Solar and Renewables (BSR), a FOCOL subsidiary, and the Grand Bahama Power Company (GBPC), entered into a power purchase agreement (PPA) for the former to supply 5 Mega Watts (MW) of

He added that reforms to the ELP Act will allow this product to continue as a limited partnership in another jurisdiction and also be converted, if the client desires, into an investment condominium (ICON). “What this bill does is add a number of sections that deal with the continuation of entities.

In particular, this allows for the continuation of an Exempted Limited Partnership as a limited partnership in another jurisdiction,” Mr Pinder said.

“So a Bahamian partnership can now be continued out of the jurisdiction into another partnership in another jurisdiction. This also allows for the conversion of an Exempted Limited Partnership into an investment condominium.” Mr Pinder said the later reform is particularly important to the financial services industry’s Brazilian customers.

Position Available Accountant

A fnancial institution is seeking an Accountant. Te successful applicant must be able to perform the following duties:

RESPONSIBILITIES:

REQUIRED QUALIFICATIONS AND SKILLS:

He added: “An investment condominium is a particular entity, a particular structure actually created when I was minister of financial services, to allow for a framework for investment funds for our civil law country clientele. Primarily Brazilian clients, where they have a different view of entities in their laws. And many of their investment funds are structured as condominiums. And so what this allows is for an Exempted Limited Partnership under Bahamian law to continue.”

The Attorney General said the reforms to both Acts will allow assets, liabilities and taxes to be carried over from one product to the next, thereby strengthening the commercial structuring regime.

“These are technical Bills, but they’re important Bills in the world of financial services and commercial structuring. Being energy to Grand Bahama’s grid. able to convert your entity into a different type of entity is fundamental for a number of reasons,” he said.

“We’re very pleased to be working with the GBPC, and we’re looking forward that, as we committed, within a year to have that project up and in operation and being managed by Bahamian engineers and technicians,” Mr Adderley said.

“In law, when you dissolve an entity, you have adverse tax effects. You have certain minority interest rights that come into play. You have a number of different legal obligations and rights that come with dissolving an entity. As you can see in these Bills, when you continue an entity, the corporate fundamentals of that entity continue - the assets, the liabilities, the tax implications, the ownership of this continues into the new entity. This is important from a structuring point of view.”

Mr Pinder said the reforms will incentivise nigh net worth clients and their advisers to continue doing business within The Bahamas. He added that the financial services industry must continually evolve and not “sit on our laurels”.

“It’s also important, from a client’s point of view, to have confidence in the country,” he added. “To allow that client to have the flexibility to continue a fund, for example, that may be a partnership into an investment condominium is vital to keep that client in this jurisdiction.

“And Lord knows we need to continue to innovate and evolve to keep our clients in this jurisdiction. I support continued innovation in the industry. It’s vital when you see banks closed down. We’ve always had a policy that you see asset managers come into existence, evolve the industry into new types of offerings and activities. That is the game that we are in. Gone are the days we could sit on our laurels and have the same approach year after year.”

Share your news

The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

positionavailable1985@gmail.com

SUBJECT: Human Resources - Accountant

Job Opportunity

JR. ACCOUNTANT/BOOKKEEPER NEEDED

For a well-established accounting frm. Successful candidate will be assigned to a portfolio of clients, primarily in the restaurant industry.

Primary Responsibilities

• Prepare payroll and vendor payments on a weekly basis

• Manage all accounting transactions

• Prepare monthly, quarterly, and annual reports

• Reconcile bank and credit card accounts weekly

• Manage balance sheets and pro t loss statements

• Comply with nancial policies and regulations

• Compute and prepare Value Added Tax returns

• Assist and other tasks as deemed necessary

Requirements and skills

• Minimum of (3) years’ Work experience as a bookkeeper

• Hands-on experience with QuickBooks and MS Excel

• Experience with general ledger functions

• Strong attention to detail and good analytical skills

• Minimum of AAs in Accounting, Finance, or relevant degree

Please send resume to: newcareer591@gmail.com Deadline to apply: July 31st, 2023