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Advertisers Dupuch & Turnquest & Co.
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Nassau is attractive location for shipping companies to locate headquarters
"You can locate your office anywhere, you only need good communication service and access to travel," said Leslie Fernandes, president and chief executive officer of Dockendale Shipping Company Limited and a consultant to the Bahamas Maritime Authority. "The Bahamas has both of those things plus good weather, which makes for nice working conditions for the staff."
Because The Bahamas has one of the largest ship registries in the world, locating in Nassau provides several advantages. Fernandes noted that one of them is having direct access to the BMA to discuss issues and problems.
Other advantages include a stable government; a British legal system, which has very straightforward laws when it comes to shipping; conducting business in the English language and the discount that companies receive when registering more than one ship with the Bahamian flag.
"The climate here for investment is very good because we do not pay any taxes, no income tax, no corporate tax, no tax period. All of our ships are registered in the Bahamas."
In 1993 Dockendale and Clipper Shipping Co. entered a joint venture to take advantage of Dockendale's technical experience and Clippers commercial management experience. The marriage has been a good one with returns averaging between 10 percent and 12 percent.
Because of its relationship with Dockendale, Clipper has also located its offices in Nassau. "We do so much business with Dockendale that it made sense to be here. It is a good place to work from. It was the right time to come because everything is working in The Bahamas favor," said Torben G. Jensen, chairman of the board for Clipper Group Management, Ltd.
"We have used other registries and we still do; however, the Bahamians are very flexible; they know what they want; they are very ambitious. If you have a complaint they try to correct it, they are very understanding," said Jensen. "Other jurisdictions have much more red tape. The government here is very pro-business. That is why we are here."
"The Bahamas is also a generally accepted flag," said Henrik Lund Dal, managing director/chief financial officer for Clipper Group Management, Ltd.
"Ninety-five percent of our ships are registered under the Bahamian flag," said Arthur Coady, managing director for Teekay Shipping and also active in the BMA.
Sharing Fernandes’ view that business can be done anywhere, Coady noted that The Bahamas is a strategic location because it is in the same time zone as the markets in New York.
"There are plenty of jurisdictions that have no income tax; however, The Bahamas is ideal because of its established commitment to democracy, its infrastructure and its well- trained, young Bahamian staff," stated Coady. "The cooperation between the government and the private sector is not something you see in other jurisdictions," he added.
Teekay Group is also building a new $30-million office complex in Nassau.
The capital investment that Dockendale, Clipper and Teekay have made in Nassau is a clear indication of the confidence the companies have in the growth of the shipping industry and the place that The Bahamas will have in that growth.
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Table of Contents The Bahamas: An established tourism and tax-free financial services center experiences a renaissance |
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While The Bahamas' ship registry is growing, so is the number of shipping companies locating their headquarters in Nassau, New Providence.
Dockendale moved its head office from Japan to The Bahamas in the late 1980s and has grown its fleet of ships from two to 14. It is committed to staying in the Bahamas and has recently invested $10 million in building a new office.