Understand the Jurisdictions Setup Requirement Before Proceed Your Company Incorporate in Bahamas
Known for its sunny beaches, laid-back lifestyle and beautiful weather, the Bahamas also have many other factors that add to the attraction of the island chain.
It offers a wealth of opportunities due to its established reputation as an international financial center to its thriving real estate market.
Wondering why should your company incorporate in the Bahamas? Read on to find out!
Though the Bahamas is a popular travel destination, however, it is also a paradise for the business community for many reasons. This is due to its stable and attractive investment climate created by the government to facilitate the ease and effectiveness of doing business in the Bahamas.
Being a small developing country with an open economy, The Bahamas is very welcoming of foreign direct investment. Its two main sectors are tourism and finance. Being close to key North, Central and South American financial centers, it is only 50 miles away from the world’s largest economy.
With their economy being governed by sound economic, monetary and fiscal policies, as well as an uninterrupted parliamentary democracy since 1729. On top of that, the skilled professional workforce, modern infrastructure, and sound legal framework are just a few of the elements which create the ideal investment climate.
The developments of the tourism sector have significantly attracted investment and infrastructural support in the Bahamas. Not only the home of the Atlantis Resort and Aquatic Park on Paradise Island but also currently underway is the construction of the $2.6 billion Baha Mar Cable Beach Redevelopment Project, bringing hotel brands of Morgans, Rosewood and Hyatt.
Besides that, the Tavistock Group, Tiger Woods and Ernie Els are completing their exclusive high-end residential resort, marina and golf course development at the southwestern end of New Providence. Also the home of thriving all-inclusive resorts of Sandals and Breezes, as well as numerous smaller-scale eco-tourist developments, bed and breakfasts and fishing lodges throughout the Family Islands.
2. Financial Services
The Bahamas is one of the leading international business and financial centers. This sector of the Bahamian economy is marked by the strong public or private sector partnership that exists. This partnership contributes to keeping the associated legislative framework current and responsive. It also accommodates the changing requirements of investors and enables the country to continue to provide innovative instruments.
How to Incorporate a Company in the Bahamas
The following are different types of corporations that you can register in the Dominican Republic.
1. Bahamas Offshore Company (IBC).
a. This is preferred by entrepreneurs setting up a global business.
b. All trade income received by an IBC is legally tax-exempt locally.
2. Free Zone LLC.
a. This is usually for manufacturing and export trade.
b. Government approval is required for foreign owners.
Opening a Company Bank Account
The time frame for incorporation is approximately 2 weeks. A processing period of 3 to 4 weeks is necessary to open a company bank account. Non-Bahamians need to meet a minimum paid-up capital of BS$500,000.
Both entities will require at least one director and one shareholder. However, it can be a foreigner and a non-resident of the Bahamas. They may not be there physically for incorporation. Both entities also don’t require a resident director or a company secretary.
Register Your Company in the Bahamas with 3E Accounting
Thanks to its advantages, there are many business opportunities in the Bahamas making it a good environment for company incorporations. Not forgetting the local talents that inhabit the island, they are hardworking and with their growing talent and professionalism, the potential growth of the Bahamas is attractive to entrepreneurs and businessmen alike.
The process to register a company in the Bahamas is simple when broken down but it can also be quite tedious and complicated. We provide these services to simplify your integration into the economy in the Bahamas, should you require any assistance or services. You may contact us today!