2019/20 Budget Communication Final Budget Communication | Page 21

viii.
Ease of Doing Business
Mr. Speaker,
I mentioned earlier that citizen empowerment was a central focus for the Government.
That is why this Administration has made improving the Ease of Doing Business in The Bahamas
a key priority, particularly as it pertains to the ease and efficiency of doing business with the
Government. Bahamians have wasted too much time and money being reliant on the good favour
of a politician or bureaucrat to get simple things done. Our Ease of Doing Business efforts, along
with our investments in entrepreneurship and small business, which I will speak to in a few
moments, are helping to make it easier for people to start a business, stay in business and to conduct
personal business with the Government.
Earlier this year, the Department of Inland Revenue (or DIR) simplified the process of
renewing a Business Licence. They successfully processed Business Licence renewals in under
48-hours for the majority of applicants.
Earlier this month, DIR also introduced a Provisional Licence, targeted at home-based
businesses, sole proprietors and other startups deemed “low-risk”. A Provisional Licence is a
temporary licence issued for 90 days to help small businesses get up and running quickly. While
startups wait for approvals to be processed by other government agencies, a Provisional Licence
enables eligible businesses to move forward with critical tasks, such as opening a business bank
account.
The changes we are implementing will impact a host of other internal processes that
will reduce the processing time between the Government, private sector entities and individuals,
For example, we are moving to change the threshold to produce purchase orders in-house from
$500 to $50,000, which will eliminate the time and hassle it takes to have small purchase orders
approved and printed by the Treasury Department.
Mr. Speaker,
Currently, The Bahamas is ranked 118 th out of 190 countries on the World Bank’s 2019
Ease of Doing Business Index. Though this is up one notch from our position in the 2018 edition,
20