Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697648435945.pdf (Bahamas)
Guidelines for the Bahamas Road Works Compensation Plan To be eligible for the plan, business owners must provide the following: 1.

A completed application form for road works compensation (available from the Ministry of Finance or on the government’s website) 2.

Proof that the business owner was operating a business during the period of the road work (a valid business license/utility bill) 3.

Proof that the business was/is located on a corridor impacted by the road work project.
(BEC bill or other utility bill, lease agreement) 4.

A copy of the BEC customer identification number and location identification number for the business 5.

Proof of citizenship (passport/voter’s card) 6.

A copy of the business’ National Insurance card 7.

A copy of the business owners’ National Insurance card Committee – Road Works Compensation Plan 1.

There shall be a Committee established for the Road Works Compensation Plan.

2.
2.

The committee shall consist of a minimum of three members who are representatives of the Ministry of Finance.

3.

The purpose of the Committee is to: a.

Provide guidance regarding which potential applicants have been impacted by the New Providence Road Works Improvement Project b.
Review applications in conformance with established guidelines; c. Compile applicant’s information into a database; d. Verify with relevant agencies/individuals the information provided by the applicant; e. Determine which applicants qualify for the Road Works compensation plan; f. Accept or reject any applications based upon the required criteria; 4.

The Committee shall meet as often as is necessary.

1 5.
1 5.

If, after reviewing the application form for Road Works compensation and supporting documents, and having satisfied all the necessary requirements, the Committee shall: a.

Issue a Certificate of Enrollment b.


Provide instructions to the necessary government agencies (Bahamas Electricity Corporation, Bahamas Broadcasting Corporation, Bahamas Customs, Business License/Real Property tax) to ensure that approved business owners are able to take advantage of benefits pursuant to the Road Works Compensation Plan.
*The deadline for submission of applications is Friday, 18 th January, 2013 Guidelines for Bahamas Electricity Corporation (BEC) plan An approved business owner must provide:  A valid certificate of enrollment issued by the Ministry of Finance There are three (3) categories of business owners impacted by the road works project.
They are the following: Customers in good-standing  A business owner in good-standing is a customer whose account(s) is/are not in arrears more than 90 days  Business owners will receive a 10% rebate on electricity bills for a period of 18 months from the date of the certificate of enrollment.

(eg.
If the business owner’s monthly bill is $100.00 per month, the business owner receives a discount of $10.00 and is only required to pay $90.00) Disconnected Customer  The business’ BEC service has been disconnected  The business owner must set-up a deferred payment plan to pay-off arrears  The business owner can structure the payment plan to their convenience  Arrears must be paid-off within a 24 month period  The business service will be reconnected once the payment plan has been established  There is no fee for reconnection  The business owner must remain current with existing bills or face disconnection  The business owner will benefit from a 10% rebate on current bills similar to customers in good- standing provided arrears do no exceed 30 days.
2 Closed Business  If the business owner pays 50% of the outstanding bill, the government guarantees payment of the remaining 50% balance  Once the business owner provides a copy of the receipt and certificate of enrollment to the relevant authorities at BEC, a letter confirming payment of the 50% portion of the bill will be issued by BEC to the customer.
Guidelines for Bahamas Customs plan *The Bahamas Customs plan is available for a 6 month period from the date of the certificate of enrollment of the business owner into the Road Works Compensation Plan An approved business owner must provide:  A valid certificate of enrollment issued by the Ministry of Finance  A copy of the relevant Customs bill/invoice (equipment/inventory must be essential to the business) An approved business owner may provide:  A bond or  A letter of credit approved by Customs An approved business owner will benefit from the following:  A deferment of customs duties on equipment or inventory bought for the business for a period of sixty (60) days.
 Business owners without a bond or letter of credit approved by Customs can benefit from a cumulative duty deferred amount limited to $1000.00  Business owners with a bond or letter of credit approved by Customs can benefit up to an amount equivalent to the bond or letter of credit 3 Guidelines for Business License/Property Tax An approved business owner must provide:  A valid certificate of enrollment issued by the Ministry of Finance  An invoice for outstanding business license fees  An invoice/assessment for outstanding real property tax An approved business owner will benefit from the following: Real Property Tax  A rebate of 50% of the accumulated real property tax due  Therefore, if the business owner owes $100.00 in business owner is only required to pay $50.00.
arrears and outstanding real property tax, the  If the business owner accumulates $100.00 in real property tax within 24 months of the , the business owner can utilize the 50% rebate to offset issuance of a certificate of enrollment that amount.

Therefore, the business owner will only be required to pay $50.00 against real property tax assessed within 24 months from the date of the certificate of enrollment.
 Property tax rebates would only be given to businesses operating in buildings beneficially owned by the business owner (i.e.

the business owner is the mortgagor of the property or is the absolute owner of the property) Business License Fees  A rebate of 50% of the accumulated business license fees  Therefore, if the business owner owes $100.00 in the business owner is only required to pay $50.00.
arrears and outstanding business license fees,  If the business owner accumulates $100.00 in business license fees within 24 months of the the business owner can utilize the 50% rebate to offset issuance of a certificate of enrollment, that amount.

Therefore, the business owner will only be required to pay $50.00 against business license fees within 24 months from the date of the certificate of enrollment.

*No cash refunds would be given and rebates would not be transferable.
4 Guidelines for the Bahamas Broadcasting Corporation Plan *The Bahamas Broadcasting Corporation plan is available for a 6 month period from the date of the certificate of enrollment of the business owner into the Road Works Compensation Plan An approved business owner must provide:  A valid certificate of enrollment issued by the Ministry of Finance The discounts being proposed are the following:  A 50% reduction of the applicable standard rate for cumulative advertising costs under $1000.00  A 25% reduction of the applicable standard rate for cumulative advertising costs between $1000.00 and $5000.00  A 10% reduction of the applicable standard rate for cumulative advertising costs over $5000.00 Guidelines for the Road Works Compensation Micro Loan Facility Eligibility for micro loan facility An approved business owner must provide:  A valid certificate of enrollment issued by the Ministry of Finance  A copy of the Business License  Proof that the Business is registered with the National Insurance Board (NIB) - (the applicant must provide proof that a payment plan is in effect with the NIB if the business account is in arrears; a letter of good-standing is required from the NIB if the account is not in arrears)  Proof that the Bahamas Electricity Corporation (BEC) account for the business is in good-standing or enrolled in a payment plan with BEC or eligible under the road works compensation programme  Relevant supporting documents as listed on the loan application and/or deemed necessary 5 Eligible applicants with 1 business location affected:  The maximum loan amount will be $10,000.00  The interest rate will be tied to the prime rate, which is currently 4.75%  The maximum term of the loan facility will be 3 years   Principal and interest payments will commence at the end of the first year “Interest only” payments will be required in the first year *Consideration may be given for approved business owners that have more than 1 business location impacted.
Loan facilities will be advanced for the following: Inventory*   Mortgage or rent payments related to business operations**  Settling business accounts with other government agencies or utility providers (i.e.
Bahamas Electricity Corporation, Bahamas Broadcasting Corporation, Bahamas Customs, Business License/Real Property Tax, National Insurance Board, Bahamas Telecommunications Company and Cable Bahamas)  Miscellaneous items/purpose*** *Payments will be made directly to the vendor, manufacturer or distributor **Payment will be made to the relevant banking institution, property agent or landlord ***No more than 25% (or $2500.00) of the maximum loan amount will be advanced by check payment in favor of the applicant Incentives for early payment  There are no penalties for early payment of the loan    Consideration will be given for a new loan facility provided that a previous facility has been paid- If the loan facility is paid off in 90 days no interest payments will accrue If the loan facility is paid off in 180 days only a 50% interest payment will be payable off in full Costs  There are no costs to the business owner associated with the processing of the loan facility  First year interest payments (The applicant has the option to deposit funds to cover the interest payments for year 1) How should an application be lodged?
Application can be obtained from the Ministry of Finance or on the government’s website.

Applications should be submitted to the Ministry of together with the necessary supporting documents by hand at the: Ministry of Finance 6 Cecil Wallace-Whitfield Building West Bay Street P.O.

Box Attn: Economic Unit 7