Eleuthera has been granted its own Chamber of Commerce, which will change the way the island - and indeed the country - conducts business.
Thomas Sands, a prominent entrepreneur on the island - with interests in retail, property, insurance and tourism - takes up the post of president.
He told Guardian Business the paperwork has been approved to become a legal, incorporated entity.
"We questioned the viability of acting as a club versus an incorporated Chamber that is recognized throughout The Bahamas and the world," Sands added.
"It was important, going forward, to legitimize the organization prior to establishing membership or activities.  We will now have influence over our own economy and communication with any developments that may take place."
However, it took a lot of hard work to get to this point, he said.
In July 2010, Guardian Business reported that executives announced their intention to launch a Chamber of Commerce for Eleuthera.
Since then, hundreds of discussions, memos and proposals have taken place.
With the approval now in place, the next task is to develop the membership, which will include business owners, stakeholders and individuals of influence on the island.
Elizabeth Byron, the editor and owner of 'The Eleutheran', will serve as vice president.
Unlike some other Chamber of Commerce entities in the Family Islands, Sands said making the organization incorporated gives it real teeth when dealing with the government.
In other words, it is expected to have significant clout in all future business dealings on the island.
Winston Rolle, the Chairman of The Bahamas Chamber of Commerce and Employer Confederation (BCCEC), told Guardian Business that, in the past, there was only one real economic center in the country.
That, however, has changed over the years as the islands develop industry and work to address their specific needs.
He believes the Eleuthera Chamber of Commerce will only strengthen business in The Bahamas.
"The way we see it, while we are focused on things in New Providence, we can now focus on the more macro items - the things that affect us as a country, and that shall facilitate business as a whole," he said.
"We envision other chambers will provide focus on issues in their areas, and we can leverage and exchange resources, training and contacts.
"We want a better relationship with our Family Island chambers."
For example, Rolle pointed out that this week, in collaboration with the International Labour Organization, the BCCEC has put on a free training seminar for aspiring entrepreneurs in Grand Bahama.
The 40-hour training program at the Sunrise Resort and Marina is giving participants access to top business and financial consultants.
"The idea is to have a partnering relationship and leverage our resources," he added.
Accessing these resources is a top priority for Sands, he told Guardian Business, and it should be on the agenda for their first meeting in the next 30 days.
Sands said he would like to establish more educational programs with the BCCEC and be involved in the small-to-medium-sized business legislation currently being worked on in New Providence.
The hurricane, he said, has set them back somewhat in terms of progress, and businesses need time to get "their priorities sorted out" before turning attention to the new chamber.  Other issues on the agenda will be tackling the tourism challenges faced by Eleuthera, with a focus on improving the number of flights and increasing the island's overall exposure in the market.
But Sands felt the most important function of the new chamber is communication.
"We have spoken a lot about communication between developers and business," he said.  "There is a sense of working together to develop the island and eliminating the idea that people do their own thing and feeling threatened.  That dialogue is a priority."
He said, at first, progress will be slow as they gather momentum.  The most important thing is Eleuthera now has a united, legal voice.
"It will make business more efficient," Rolle agreed.
"All of the islands have their uniqueness.  I would not try to sit in New Providence and indicate what is going on in Exuma or Eleuthera.  But that doesn't preclude us from working together and forming a better relationship."

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