Attorney General Allyson Maynard-Gibson disclosed that the target date for the IBC Pilot Project in the Registrar General's Department, which will allow international business companies (IBCs) to be incorporated online, is December 1, with a similar pilot project for companies set to go a week later.
Speaking at the gala ceremony for the Bahamas Financial Services Board's (BFSB) Annual Financial Services Industry Excellence Awards, Maynard-Gibson touted the fruit of the collaboration between the public and private sectors.
"This collaboration was critically important in developing at the Registrar General's Department the new automated system to incorporate IBCs and Companies Act companies entirely online - from name registration to obtaining the certificate of incorporation," the attorney general said.
The target date for the IBC Pilot Project is December 1 and, for the Companies Act Pilot Project, [it] is December 8."
The AG also revealed that voluntary dissolutions are expected to be available online within the first quarter of 2015.
"In the meantime, the manual process for such dissolutions has been streamlined and we expect that you will see a marked improvement in delivery times. Again, we thank BFSB for its collaboration on these projects," she said.
Maynard-Gibson also addressed the matter of the world perception of this jurisdiction.
"The Bahamas' greatest asset is its people. People (human capital) are vital to the success of financial services," she said. "We are in an environment where competence is assumed and even taken for granted. Expertise, efficiency and excellence will distinguish us in the new competitive normal."
She said the country's standing in the world is good.
"Recently, after extensive consultations with the industry led by BFSB; AIBT and the Ministry of Financial Services, the government of The Bahamas announced our commitment to implementing global standards on the automatic exchange of information by 2018. Next year, The Bahamas will undergo the CFATF Fourth Round Review."
"In order to sustain and expand the sector, especially in an era of transparency, The Bahamas must stand out as a center of expertise, efficiency and excellence," she said.

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