---

Things to know about doing business in Freeport

The Bahamas is an archipelago of nearly 700 islands, only a few of which have a significant population, stretching in an arch for 250 miles off the southern tip of Florida. The total population of the Bahamas is over 310,000, and the majority of citizens (85%) are black. The Bahamas has the highest per capita income in the Caribbean, about US$11,000/per annum.

The Bahamas is a former British colony which gained independence in July, 1973, after many years of self government. There is complete political stability with a democratically elected parliament modeled on British lines which has been in existence for more than 250 years. Elections are held every five years. The laws are based on the common law of England, administered by an independent judiciary. The Bahamas is a member nation of the British Commonwealth of Nations.

Grand Bahama

This is the fourth largest island in the Bahamas with an area of approximately 530 square miles. Just over one-third of this is controlled by government agreement by the Grand Bahama Port Authority Ltd—a privately-owned development company. Freeport is known as the “Second City” of the Bahamas. The main economic resource of Grand Bahama Island is still the tourist industry, although a number of international industrial firms have located here. The population is estimated to be close to 60,000—far too small for the ample resources of land, water and infrastructure. A substantial injection of offshore investment capital is required to improve the tourist facilities to start light industries and to establish a larger retirement community of wealthy investors who can benefit from the complete tax haven status.

Advantages offered by Freeport, Grand Bahama

Complete tax immunity—no personal, corporate or real property taxes
Establish a base in Freeport, Bahamas, and operate through an easily formed resident Bahamian corporation, and you could create, retain and reinvest your net profits tax free in the Bahamas.

Superb climate and clear-blue sea
The temperature seldom goes below 60 degrees Fahrenheit (15 degrees Celsius) and rarely exceeds 90 degree Fahrenheit (32 degrees Celsius). The average temperature year-round is 80 degrees Fahrenheit (26 degrees Celsius). The beaches are of clean white sand the sea is a brilliant blue. The reefs abound with fish and lobster.

Ample fresh water supply
Unlike many other islands, Grand Bahama has an average annual rainfall of approximately 55 inches (140 cm), assuring an ample supply of drinking water which could easily support a population of 250,000.

Magnificent infrastructure
The Freeport area of Grand Bahama Island is one of the best-developed and serviced island communities in the Caribbean. There is a superbly planned and executed infrastructure with hundreds of miles of paved roads, city power and water, cable television (and private satellite antennae), and all the facilities for modern living.

Excellent communications—telecom, air, sea
A fully automated telephone system has worldwide direct dialing facilities. Redundant fibre optic connectivity exists between Grand Bahama Island and North America, with additional capacity and redundancy through other Bahamian islands.

Grand Bahama International Airport handles the largest jet aircraft and is fully equipped with sophisticated with air traffic control and flight safety systems. U.S. Customs and Immigration pre-clearance facilities are available. The island is served by numerous international and domestic airlines, and through Nassau or Miami, there are connecting flights to Europe or the rest of the world.

The deep-water harbour has berths for cruise liners and ships with drafts exceeding 50 feet and daily roll-on/roll-off service to Florida ports. A ship repair facility that services global clients is full functioning and brings tremendous income to the local economy through its employment of more than 500 people. The Freeport Container Port is an active transshipment terminal that is currently expanding its capacity to reach 3.5 million TEUs (equivalent to 20-ft shipping containers). The container port receives and redistributes goods from the Far East, Europe and all other major manufacturing centres of the world.

Amenities

There are numerous marinas and miles of manmade canals for the boating enthusiast and some of the clearest blue water you will find in the world, with great diving, spearfishing, and snorkeling over the offshore coral reefs. There are four 18-hole golf courses and tennis courts galore, many lit for night play.

The community has excellent education facilities, with private primary and secondary schools, and hospital, medical and social services, and an active amateur dramatic theatre.

Port Lucaya and the International Bazaar offer luxury shopping. International caliber hotels and restaurants are available.