Overview
U.S. products are generally preferred for their quality, reliability, and availability and are well known in the country. U.S. firms that can provide guarantees and after-market support have a competitive advantage. However, there is increasing competition for consumer products from China and South America.
Trade Promotion and Advertising
The Bahamas Chamber of Commerce and Employers Confederation regularly organizes local trade fairs. The Chamber, in collaboration with the government, launched the Bahamas Trade Information Portal in 2017. In addition to providing trade-related data and information, the portal often advertises and promotes national, regional, and international trade events.
Companies may also obtain information from:
The Bahamas Chamber of Commerce and Employers Confederation
Shirley Street and Collins Avenue
P.O. Box N-665
Nassau, Bahamas
Tel: (242) 322-2145
Email: info@thebahamaschamber.com
Website: https://www.thebahamaschamber.com/
Bahamas Trade Information Portal
Tel: (242) 322-2145
Email: tradeinfo@bahamas.gov.bs
Website: https://www.bahamastradeinfo.gov.bs/
Advertising is done through social media, radio, television, the press, and billboards. Social media and radio are the most effective media to reach potential customers. Three major companies provide national television coverage, and a growing number of companies offer broadcast media services. Cable, satellite, and subscription TV services are common. The Bahamas has three morning dailies, The Nassau Guardian, The Bahama Journal and The Tribune, and several industry specific periodicals and magazines.
Several advertising agencies are available to guide companies through the process of developing promotional activities and choosing the most appropriate media strategy. A list of advertising agencies is available via https://www.bahamaslocal.com/category/29/10/default/1/Advertising_Agencies_and_Services.html
Pricing
Price is among the most important selling factors for many Bahamians. With few exceptions, prices are market-based, and businesses are free to price their products to meet their objectives. U.S. exporters must keep in mind customs duties, energy costs, and shipping and ground transportation expenses to keep products competitive and businesses profitable. There is also a Value Added Tax of ten percent on most goods and services, other than basic breadbasket items.
In addition to fixed prices for breadbasket items, the government controls the price of propane gas and has fixed margins for petroleum retailers and wholesalers for gasoline and diesel. The Consumer Affairs Unit in the Ministry of Labor, National Insurance and Public Service regularly undertakes compliance inspections. Utility services such as electricity and telecommunications are regulated by the Utilities Regulatory and Compliance Agency (URCA).
For further information on price-controlled items, contact the Consumer Affairs Unit or the Customs and Excise Department via https://www.cpcbahamas.org/prices-commission-act/ or https://www.bahamascustoms.gov.bs/.
Sales Service/Customer Support
The availability of adequate after-sales service and customer support frequently makes the difference in purchasing decisions and is one of the benefits of using a local agent or distributor. Most U.S. companies and franchises maintain trained staff and adequate stocks of spare parts with repairs done quickly and to industry standards.
Local Professional Services
The advice and counsel of a local attorney is recommended when opening a business to ensure a smooth start-up and compliance with local laws. A local attorney is required when incorporating a business. Before selecting an attorney, the prospective client may wish to speak with several attorneys or the local bar association to discuss services required, expectations, fees, methods of payment, and other issues. General information about The Bahamas Bar Association is available at https://bahamasbarassociation.com/
Other professional service organizations include the Institute of Chartered Accountants, The Bahamas Contractors Association, Bahamas Bankers Association, Bahamas Real Estate Association, Engineering Society, and the Institute of Bahamian Architects. There are licensing requirements for professional service providers in The Bahamas specific to each field. Further information is available on each organization’s respective website.
Principal Business Associations
The Bahamas Chamber of Commerce and Employees Confederation is the principal business association in The Bahamas. Its stated goals are to advocate for its membership and the wider business community and provide access, advice, and advocacy to ensure economic growth, environmental stewardship, and business development opportunities. The Chamber engages the government regularly and is often called on to bridge policy gaps between the government and private sector.
See contact information below:
The Bahamas Chamber of Commerce and Employees Confederation
Shirley Street and Collins Avenue
P.O. Box N-665
Nassau, Bahamas
Tel: (242) 322-2145
Email: info@thebahamaschamber.com
Website: https://www.thebahamaschamber.com/
The principle business association on the island of Grand Bahama is the Grand Bahama Chamber of Commerce (GBCC). The GBCC liaises closely with the Grand Bahama Port Authority which exercises broad regulatory powers as granted under the Hawksbill Creek Act of 1955 and includes the licensing of all businesses within the Freeport port area in Grand Bahama.
See contact information below:
Grand Bahama Chamber of Commerce
#5 South Mall Drive
P.O. Box F-40808
Freeport, Grand Bahama
Tel: (242) 352-8329 or (242) 352-3280
Email: info@gbchamber.org
Website: https://gbchamber.org/
There are also business associations active on other major islands of The Bahamas including Abaco, Bimini, Exuma, Eleuthera, and Long Island. Information for these Family Island Chambers can be accessed here: https://www.thebahamaschamber.com/family-island-chambers-1
The local American Chamber of Commerce (AmCham) furthers American commercial and other interests in the Bahamas, encourages American-Bahamian trade and business, and provides a business policy forum for its members. The AmCham, with Embassy Nassau support, continues to increase its membership and engagement with local government and private sector stakeholders.
See contact information below:
American Chamber of Commerce, Bahamas
Grand Bahama Chamber of Commerce Building
East Mall Drive
Freeport, Grand Bahama
Tel: 242-351-7911
Email: amchambahamas@gmail.com
Website: https://amchambahamas.org/contact/
Limitations on Selling U.S. Products and Services
Under its National Investment Policy, The Bahamas reserves 15 sectors of the economy for Bahamian investors as below. Exceptions exist and companies are encouraged to inquire.
- Wholesale and retail operations;
- Commission agencies engaged in import/export trade;
- Real estate and domestic property management;
- Domestic newspapers and magazine publications;
- Domestic advertising and public relations firms;
- Security services;
- Domestic distribution of building supplies;
- Construction companies, except for special structures in which international expertise is required;
- Personal cosmetic and beauty establishments;
- Commercial fishing;
- Auto and appliance service operations;
- Public transportation inclusive of locally-solicited charter boat tours;
- Nightclubs and restaurants except specialty, gourmet, and ethnic restaurants and those operating in a hotel;
- Domestic gaming; and
- Cabotage.
The Bahamas Investment Authority (BIA) administers the National Investment Policy, functions as the investment facilitation agency, and acts as a one-stop-shop to assist investors in navigating a potentially cumbersome approvals process. In addition, investors may engage in the wholesale distribution of any product they produce locally.