NASSAU, BAHAMAS — Despite reported complaints about adjustments made to procedures surrounding business licenses, one small business owner stated the country is headed in the right direction.
While the entrepreneur waited over a month to receive his renewed license, he asserted that: “The process may seem difficult but it’s necessary for proper economic and professional growth.”
In his view, entrepreneurs should stop treating their companies like hobbies and start taking business seriously. The nearly seven-year business owner theorized that most of the difficulties being experienced hinge on the truthful declaration of each business’s turnover.
According to the Department of Inland Revenue, a turnover is a reflection of all the revenue a business generates before any deductions. The ministry cited the lack of accurate reporting from businesses as the reason for the revised program.
“Especially if you want to take your business international, you need these things or investors and such won’t take you seriously,” the entrepreneur said, specifically referring to the United States and Canada.
He pointed out a few things that he believes the government could have done better to make the transition easier for business owners.
“The aspect of notifying business owners of the new requirements for business license renewal before they expired was difficult for many… cause they just told persons in January that there are new requirements when licenses expired Dec 2022.”
Overall, he believes the new system encourages proper and truthful business practices. However, the director of Families of all Murder Victims (FOAM) Khandi Gibson saw the revision as a way to “keep the poor man down.”
“The former prime minister was locking up the coconut water boys for doing their hustle. We have this government here putting their foot on people’s necks. Let me know if we going backward or forward,” Gibson said.
Her frustration was connected with a controversial requirement that now asks applicants to obtain and supply the landlord’s real property tax information.
While only 3,000 licenses have been approved thus far, Minister of Economic Affairs Michael Halkitis recently reassured applicants that all business licenses that were sent to the department will be processed by March 31.
