Alain Megias, IBLS
The Bahamas, which is composed of 700 islands, is traditionally a tourist jurisdiction and financial center, which focus on e-commerce is relatively recent. The Bahamian Government has launched several ambitious programmes aimed at strengthening the position of the Bahamas as an international e-commerce center.
Initially, the development of e-commerce was directed towards the diversification of the traditional business sector services. Indeed, the introduction of Information and Communication Technology infrastructure enabled the Bahamian financial sector to offer corporate and financial services to Internet businesses and back-office functions, thus maximizing investor returns in such businesses. After that, the development of e-commerce gradually came to be viewed as a tool for sustainable economic growth, with such measures as (i) the establishment in May 2002 of a Ministry of Financial Services and Investment, responsible for the promotion of e-commerce, (ii) the development of a reliable telecommunications infrastructure, (iii) the adoption of a legal and regulatory framework that inspires confidence and trust in electronic systems being used to conduct business, and (iv) the availability of Government services electronically.