The Bahamas Financial Services Board’s (BFSB) participation in Posidonia 2014 in collaboration with the Bahamas Maritime Authority (BMA) is another step forward in a strategy aimed at exploiting the obvious synergies between the two sectors.
The 40 year old Posidonia event which takes place in Athens, Greece from June 2 to 6 is the largest gathering of international ship owners in the world, with attendance at this year’s event expected to exceed the more than 1,870 exhibitors and 18,500 buyers from 92 countries who attended the 2012 event.
Earlier this year, Posidonia unveiled the Conferences and Seminars Programme that complements the Posidonia Exhibition. Senior shipping figures will debate emerging trends for an insightful look into the industry’s future. Organisers say some of the hottest and most challenging issues pertaining to the global shipping industry will be tabled and debated during the series of conferences, panel discussions and seminars at this year’s event.
“In an increasingly global economy entities such as those in the maritime sector which transact business in multiple jurisdictions value the importance of properly structured corporate affairs to take advantage of regional and multilateral trade opportunities, tax incentives and mitigation, profits re-allocation, transfer pricing, and double taxation treaty enhancements,” says Aliya Allen, BFSB’s CEO and Executive Director. “Consequently the creation of a permanent establishment in a tax-neutral jurisdiction such as The Bahamas has a number of business benefits.“
BMA’s high regard in the maritime industry provides BFSB with a strong platform for promoting the country’s financial services offerings to ship owners with broad ranging and at times complex financial requirements according to Ms. Allen. “The emergence of The Bahamas as a captive insurance domicile and the attractiveness of the jurisdiction as a commodities trading hub are also advantages that should be of interest to those attending Posidonia,” she says.
The Bahamas growing maritime sector revolving around ship registry services and shipping companies and its well established financial services community including diverse banking services and consulting expertise in the areas of legal, accounting, tax, compliance and corporate governance matters are elements of a country poised to become a regional hub for commodity trading activity.
“For ship owners,” says Ms. Allen, “there is also the additional advantage of Grand Bahama’s free trade zone which is also home to one of the most efficient harbours in the region as well as an international business and logistics park for value added and cargo handling activities.”
Posidonia is organised under the auspices of the Greek shipping community and the five major associations representing Greek shipowner interests: Hellenic Chamber of Shipping; Union of Greek Shipowners; Greek Shipping Co-operation Committee; Hellenic Shortsea Shipowners Association; and Association of Passenger Shipping Companies.
