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The Public Accountants Act 1991 was enacted on 17 July 1991, empowering the institute to regulate and govern the accounting industry in the Bahamas. [4] On 18 June 2011 BICA celebrated its fortieth anniversary with a banquet at the Atlantis Grand Ballroom. BICA has over 300 active licensees and 500 members and associates at 31 December 2015. [5]
Some U.S. government departments and agencies, such as the U.S. Securities and Exchange Commission (SEC), continue to use SIC codes. [3] The SIC code for an establishment, that is, a unique business with a registered U.S. headquarters, was determined by the industry appropriate for the overall largest product lines of the company or ...
In terms of gross domestic product per capita, the Bahamas is one of the richest countries in the Americas (following the United States and Canada), with an economy based on tourism and finance. [1] Tourism alone provides an estimated 45% of the gross domestic product (GDP) and employs about half the Bahamian workforce.
Taxation in the Bahamas is collected by the Government of the Bahamas. The Bahamas are considered a tax haven given the lack of income tax, capital gains tax, inheritance tax or company tax. [1] Government tax revenue is instead derived from consumption, property and import taxes as well as licence fees. [2]
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The Securities Commission of the Bahamas (SCB), formerly the Securities Board of the Bahamas, is an agency responsible for financial regulation of investment funds, securities, and capital markets in the Bahamas.
Butterfield, officially The Bank of N. T. Butterfield & Son Limited, is a financial services company founded and headquartered in Bermuda.It provides services to clients from Bermuda, the Cayman Islands, Guernsey and Jersey, where its principal banking operations are located, and The Bahamas, Switzerland, Singapore and the United Kingdom, where it offers specialized financial services.
The new legislation eliminated the "Bahamas Belonger" status, and those who had derived that status by marriage. The program required a dual application to the Ministry of National Security and the Immigration Board, payment of a $5,000 fee, and evidence of investment in a business or real estate. [68]