Consolidates and amends law relating to business licences from 2010 to 2022. Repeals the Business Licence Act, 2010.

In this issue, we discuss the benefits, effects and process of converting an existing fund structure, such as a company, exempted limited partnership or unit trust to an Investment Condominium.

To recap, the ICON is intended to be an alternative to a traditional company, unit trust or exempted limited partnership vehicle for use in relation to investment funds.

This country-specific Q&A provides an overview of Banking & Finance laws and regulations applicable in The Bahamas.

The Investment Funds Act, 2003 and its accompanying regulations, the Investment Funds Regulations, 2003 govern the licensing and regulation of investment funds in The Bahamas.

The Investment Funds Act, 2003 and its accompanying regulations, the Investment Funds Regulations, 2003 govern investment funds in The Bahamas.

As Attorney-General and Minister of Legal Affairs, I wish to start by asserting one of the most fundamental principles of our jurisdiction.

The primary objective of the ICON Act is to facilitate the formation of an investment condominium in the Bahamas between participants.

This Explanatory Note is not intended to provide a technical legal analysis of the provisions of the Investment Fund Act, 2003.

The first offshore operations in the Western Hemisphere were established in The Bahamas in 1936 by British and Canadian interests to provide management services for the investments of wealthy clients. These operations eventually became a wholly owned subsidiary of the National Westminster Bank, which was consolidated into the private banking operations of its parent company.

Elco Bank and Trust Company Limited specialises in the provision of a comprehensive range of financial and corporate services from its office in The Bahamas.