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Population | |||||||||||
| The
total population of Bahamas is around 300,000, with over half of it
live in Nassau on New Providence. It is followed by Freeport, which
is the second large city as well as an important industrial centre,
on Grand Bahama.
Around 85% of Bahamians are African origin, around 12% are made up of European and British, and the others are Asian and Hispanic. The sex ratio of male to female population is 0.96 to 1.
The literacy rate in Bahamas is around 96%. |
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Language | |||||||||||
| The official and spoken language is English, while Creole is used among Haitian immigrants. | ||||||||||||
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Currency | |||||||||||
| The official currency is Bahamian Dollar (BSD), which is on a par with the US Dollar (USD). | ||||||||||||
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Economy | |||||||||||
| The
Bahamas is a stable, developing nation with an economy heavily dependent
on tourism, which alone accounts for more than 60% of GDP and directly
or indirectly employs half of the archipelago's labor force.
Financial services constitute the second-most important sector of the Bahamian economy, accounting for about 15% of GDP. In addition to tourism and banking, the government supports the development of a "third pillar," e-commerce. Farming
has always been difficult because of the thin soil and early cotton
plantations failed. So, manufacturing and agriculture together only
contribute approximately a tenth of GDP and show little growth,
despite government incentives aimed at those sectors. |
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Government | |||||||||||
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In July 1973, the Bahamas become an independent country within the
British Commonwealth. The Bahamas recognizes Her Majesty Queen Elizabeth
II as Head of State. The Governor-General is Her Majesty's representative
in The Bahamas and constitutes a symbol of the nation's unity.
The Cabinet constitutes the 9-member executive branch which includes Prime Minister and Attorney General. Whereas the Parliament constitutes the Legislative branch of The Bahamas, which consist of a 16-member Senate and a 49-member House of Assembly. General elections are held at intervals of not longer than five years. There are
four political parties, the dominant Progressive Liberal Party,
Free National Movement Party, and Labour Party |
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Law and Taxation | |||||||||||
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The Statute Law and Common Law are based on English Common Law.
Judicial Authority is vested in the Judicature which comprises the Supreme Court and the Court of Appeal with such jurisdiction, powers and authority as may be conferred on these Courts respectively by the Constitution or any other law. The principal
corporate legislation is the International Business Companies Act
2000, as amended. |
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Local Infrastructure | |||||||||||
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The Bahamas has excellent telecommunications, with direct dialing
by phone or by fax to almost every country in the world.
There are direct flights from Europe as well as many US cities.
Miami is only 30 minutes away by jet aircraft and New York is less
than three hours away. |
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Advantages | |||||||||||
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Extended political and economic stability - No income, inheritance, or withholding taxes - Low government license fees - A modern offshore corporate code - Excellent worldwide communications - Experience professional infrastructure |
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