BAHAMAS Cabinet approves launch of Small Business Development Centre

first_imgFacebook Twitter Google+LinkedInPinterestWhatsApp Facebook Twitter Google+LinkedInPinterestWhatsApp#Bahamas, February 2, 2018 – Nassau – The Cabinet of The Bahamas has approved the launch of the Small Business Development Centre of The Bahamas, Prime Minister, Dr. the Hon. Hubert A. Minnis said Thursday. The launch will take place this year.The initiative, which is one of several initiatives the Minnis Administration will undertake or has undertaken to help stimulate business ownership and Bahamian enterprise, will be spearheaded by the Government, in conjunction with the University of The Bahamas and The Bahamas Chamber of Commerce and Employers’ Confederation with support from the Organization of American States (OAS).“This Centre will provide a resource for all Bahamians to receive advisory and technical support when seeking to open a business or expand their operations,” Prime Minister Minnis said.“The Centre will steer entrepreneurs to available funding opportunities through government or private means. It will also assist business owners in navigating the regulatory and tax registration requirements for a new business,” Prime Minister Minnis added.Addressing the Bahamas Chamber of Commerce and Employers’ Confederation’s Power Breakfast, Prime Minister Minnis told attendees that his government’s agenda is one of reform, modernization, and transformation, animated by a programme for growth, investment and opportunity.“Our emphasis is on a dynamic blend of domestic and foreign investment. We are determined in our vision to enhance economic opportunities for Bahamian businesses and entrepreneurs, including Bahamians in the Diaspora.“I thank the Chamber and the Confederation for partnering with the Government to help boost growth, economic development, employment and opportunity,” Prime Minister Minnis added.The announcement of Cabinet’s approval of the launch of the Small Business Development Centre of The Bahamas, comes on the heels of the Prime Minister’s announcement that the Minnis Administration has committed to investing $25 million over the next five years to help develop micro-small-medium-sized enterprises (MSMEs) in The Bahamas.Funding for the project will amount to $5 million per year for the next five years and will be funded through the sale of Government-owned shares in Aliv and the Bahamas Telecommunications Company (BTC).Prime Minister said the “ambitious initiative” – which has several objectives – will help to stimulate the economy while boosting growth and employment and will also provide specific support for entrepreneurship and MSMEs development within marginalized groups, especially poorer communities and youth organizations. This will include organizations that participate in the Over-the-Hill Community Development Partnership Initiative.The Prime Minister also announced that the Government of The Bahamas will, this year, waive the business license fees for new businesses in order to encourage business development and small business enterprise.   The Government will also, this year, waive business license fees for businesses with earnings of under $100,000 “to help with economic relief for small businesses.”The Prime Minister’s announcements came during his National Address Monday night (January 29, 2018).  The Government also proposes to establish an SME (small and medium-sized enterprises) Tax Help Desk to provide assistance to SMEs on tax matters including the preparation and filing of Value Added Tax (VAT) Returns and invoice formatting, etcetera.“While large businesses have in-house accounting departments and the resources to engage external accounting and legal services, many small and medium-sized enterprises simply do not have the resources to do so,” Prime Minister Minnis said.By: Matt Maura (BIS) Related Items:last_img read more

Hero Working on Honda Activas Rival to Boost Sales

first_imgHero MotoCorp seems to be working hard on launching a rival to Honda Motor Co.’s best-selling scooter Activa, as it struggles with slowing demand in the motorcycle segment.To counter the stiff competition from former partner Honda, India’s largest two-wheeler maker is expediting its work on a rival to Activa, Live Mint reported quoting sources close to the matter.The new launch, a 110cc full metal body unisex scooter, is reported to be undergoing rigorous trials, as the company plans to release it for sale by July this year.The features include external fuel filling, telescopic front suspension, tubeless tyres, digi-analogue console, integrated braking system, remote-controlled seat and fuel lid opening, a USB mobile charging unit and a light in the under-seat storage.However, the new scooter did not feature in the models displayed by the company at the 2014 Auto Expo in Delhi due to competitive reasons, according to another source close to the development.”They want to take Honda by surprise,” the source noted. After the release of Acitva’s rival, the company is expected to introduce another scooter Dash, one of three new scooters it showcased at Auto Expo in Delhi. The other two models are Dare and ZIR.”While the new range of motorcycles, including the 250cc sports bike, were originally scheduled to be launched in the first half of 2015, the company wants to hold them back for some time,” said a person familiar with the development.Sales are motorcycles across the country have been slowing due to subdued demand from rural consumers, as their incomes are hit by unseasonal rains.”Going forward, Hero will increase focus on scooters, which has very much become an urban phenomenon. There will be more variants of Pleasure and Maestro,” said one of the sources.While scooters occupied a 58.68% share of Honda’s total sales in 2014-15, Hero’s scooter sales accounted for 12% of its overall sales.last_img read more