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Bahamas: NEW POTENTIAL: Thompson says introduction of crowdfunding will allow small businesses and entrepreneurs to raise up to $5 million

NASSAU, BAHAMAS — The capital markets will soon be in reach of Bahamian small businesses and entrepreneurs, according to Minister of State for Finance Kwasi Thompson, who noted that businesses will be able to raise up to $5 million via crowdfunding.

Thompson, who was making a contribution to the debate in the Senate on the government’s fiscal strategy, mid-term budget communication and a compendium of financial and statistical legislation, noted that this is the latest initiative to support small Bahamian business and entrepreneurs.

“The Securities Commission of The Bahamas will soon release its Securities Industry (Business Capital) Rules, 2021, which modernize the rules for small businesses to raise capital,” said Thompson.

“These rules make the process of raising crowdfunding less costly and less bureaucratic for small businesses. Under the terms of these new proposed rules, businesses will be able to raise up to $5 million via crowdfunding without having to file a prospectus with the Commission.

“The shares created under this framework will be transferable and can be traded on the secondary market such as BISX.”

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