The Bahamas is one of three Caribbean countries in the lead when it comes to improving the region’s business climate, according to a new World Bank report.
The ‘Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises’ report was released Tuesday.
The Washington-based financial institution said this country, along with Jamaica and Trinidad and Tobago took steps to improve their business regulatory environment over the past year.
The report said The Bahamas made transferring property easier by reducing its stamp duty.
It also noted that The Bahamas enhanced its insolvency process by implementing rules for the remuneration of liquidators, allowing voluntary liquidations and outlining clawback provisions for suspect transactions.
However, Jamaica led the way in the Caribbean by adopting new legislation for private credit bureaus, reducing the corporate income tax rate and streamlining procedures for starting a new business.
The report acknowledged Trinidad & Tobago’s efforts to lower the cost of connecting to the power supply.