Ok, here's the deal. I have an investor, they are a foriegnor, but a resident in the Bahamas. I will also be a partner in the business, and I am a bahamian.

However, to date, it has been unsuccessful to obtain a business licence, due to the fact that they are essentially a foreignor.

The loss of this investment, would mean money for large Scale Home Theatre ($2 million plus jobs) will continue to go to US based companies, along with many smaller jobs. This means this money will therefore not be spent in the bahamas as the US based companies come and do the work, then leave with the money. THis means, the US companies, and other local ones, that already overcharge Bahamians, will continue to do so, whereas our prices would be near US.

I understand and agree with most of the ideas behind the laws, but if someone is partnering with a bahamian, and investing ALOT of money on parts, tools, vehicles, etc, and the venture has the ability to stimulate the local economy, and in its essence stop many of the existing overnight foriegn workers, at least in this industry, then it should be a good thing.

The Home Theatre industry is not a cheap one, with the new homes going up at the Ocean Club estates, for example, a couple jobs for instance were worth 2 million dollars, and went to a US based company; this also included all low voltage such as alarms, etc. Non of this money stayed in the country. All workers were non bahamians.

Anyway, I just dont get the logic behind it, needed someway to vent this and maybe someone in the gov may read this.

Rory

PS. the business will also be a CCTV business, with alot of catering to both high end, and budget retail/home users, with actual product demos and show rooms.

Its over, the investor pulled out...

Edit:

Ive decided to stick around, expand my product line to:

Wireless Burglar Alarms with Remote Internet & Telco Access,
Video & Audio Intercom Systems,
Access Control Systems,

These are in addition to CCTV.

http://www.BahamasSecurity.com

Rory

Its over, the investor pulled out...

Sorry to hear that. But it is not surprising is it? Those in power have little vision.

Sorry to hear that. But it is not surprising is it? Those in power have little vision.

Some good news, while pondering the web for jobs in the UK and US, I also decided to check in with some other business owners I know in Nassau, and see if they were interested in an investment. I think I have a new investor, and someone I know so it makes it safer. Will let you know what happens.

Working on a new business plan for them now, along with some new product catalogues and showroom info, requirements.

Rory

Good luck with this investor Rory.

With all of this wheeling and dealing the government is doing trying to attract foreign investors, you would think they would drop to their knees and kiss your feet for bringing in $2 million plus dollars. Some of the the rules in this country baffle me. Hopefully, your Bahamian investor will see the opportunity you are presenting and will write a check.

Sorry about your latest turn around by the the policy makers. however i think it may have something to do with approval from the NEC ( National Economic Counsel) which operates directly out of the Prime Ministers office. Any Investment of the nature you speak of would need the Central Bank Approval and of course this would not happen unless you received approval from the NEC. Of course hence the reason for the slow pace of development within the country.

Development projects can take anywhere from one year up to five years for approval. Within the term of the sitting administration. This also guarantees a certian level of control over what types of investment the government would like to see happen within the country and its developers and or owners. Could you imagine one hundred new young millionaires popping up all over the Bahamas. Full of ideas and vigor and the energy to make their investment grow.
Of course this can easily change the landscape of political life for many of the old guards and their children whom they believe should, or has inherit their political genes.
Whom do you think they would like to see at the forefront;you? who are you in the first place? And who chile you is?

These new millionaires can now easily determine whom would go and whom can come forward into the political landscape base on a culture that," whoever gat' the money bag will win" In small developing countries this is common place. SO please don't think for one minute that its any different anywhere else in most developing states.
You may however find a varying methodology of empowerment however, in that the more millionaires you create the more options you have when seeking funding for campaigning. Perhaps a new generation of politicians may see it this way. Lets hope and pray they do. But for now its better to keep your business ideas under the radar and of course quietly bring in your investment funding small and peaces at a time. This will allow you to grow the business over time and not give the preceptive threat of you having too much money at one time.They can easily deny you the ability of launching your business due to the new (KYC ) know your customer or (KYI) know your investor clause of the new financial act. (Just to make sure the money clean i guess). This way you get your business licence for the business you desire because they don't mind petty shop business. If you're too big, then they have no way of controlling you and your investment.
Anything else can affect their exsistence and thats a NO! NO!

I know so many persons that want to start businesses in this country that it ain't funny - me included.

There is so much red tape and long waiting periods that most just give up on their dreams.

The black crab syndrome is alive and well in the bahamas, pity, we could be so much more modern and well of as a country.

But the funny thing is they allow bootleggers and illegal businesses to florish on every corner - so going into big business seems like a losing proposition when bootleggers just undercut your prices and don't even own a real store.

go figure?