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Understand the Jurisdictions Setup Requirement Before Proceed Your Bahamas Company Registration
The Bahamas; commonly referred to as the Commonwealth of the Bahamas, consists of about seven hundred islands. Located on the Atlantic Ocean, Bahamas is a parliamentary democracy—unitary parliamentary constitutional monarchy. The Bahamas company registration requires applicants to understand the regulations concerning taxations, licensing, and legal matters, among others.
However, you can get such information through consultant firms such as 3E Accounting. Any time you seek our services, you stand to benefit from the following:
- Legal and Taxation services
- Corporate secretarial services
- Human resource services
- Payroll and business permit renewal
- Business setup services
Why Incorporate in the Bahamas?
The Bahamas is a small developing country with an open economy. It offers foreign direct investment with tourism and finance as the primary sectors. The Island’s sound economic, monetary, and fiscal policies, govern its economy, keeping it on the higher ranks among South American financial centres. Consequently, the Bahamas has a skilled professional workforce, advanced infrastructure, and a sound legal structure, creating an ideal investment climate.
The Bahamas company registration gives applicants an option to invest in any sector of their choice. One industry that may attract investors is tourism. Several constructions are currently underway within the industry, with high-end residential resorts, marina, and golf course development to investors’ benefit.
The financial sector is one area that is lucrative in the Bahamas. Following the intense public and private sector partnerships, the financial sector contributes to preserving the associated legislative framework. Besides that, it accommodates investors’ adjusting requirements and ensures that the country offers innovative instruments. A robust financial service is one reason where foreign and domestic investors may enjoy in the Bahamas.
The Registration Process
The company registration process in the Bahamas is much more comfortable through the online portal. Through 3E Accounting, as mentioned above, applicants can get an array of professional services. There are different types of business structures in the Bahamas. Each of the business structures has its requirements that applicants must meet to complete the registration process.
Here are some of the requirements for bahamas company registration
- Statutory Documents Required
Before you start the process, you must seek the help of a local attorney to sign a statutory declaration and affidavit. The registration process begins at the Registry’s office, where you have to submit the statutory documents such as the Articles and Memorandum of Association.
- Company Name Search and Approval
The Bahamas company registration may not commence without having the company’s name verified and approved by the Registrar. The applicant must ensure that the proposed name is distinct and straightforward. With the introduction of the online registration system, investors can easily register their companies through the website.
You can choose to reserve the name for a certain period to complete the registration process. Similarly, it is essential to identify the business structure that suits the nature of your business.
The following are different types of corporations that an investor can register in the Dominican Republic.
- Bahamas Offshore Company (IBC)
- This is the preferred type of business for entrepreneurs setting up a global company.
- All trade income received by an IBC is legally tax-exempt locally.
- Free Zone LLC
- Commonly for manufacturing and export trade.
- Government authorization is necessary for foreign owners.
The period for Bahamas company registration is approximately two weeks. After that, the opening of a bank account takes a period of between 3 to 4 weeks. Foreigners should meet a minimum paid-up capital BS$500,000. Each entity mentioned above requires a minimum of one director and one shareholder. They can either be a foreigner or a non-resident of the Bahamas. Both don’t necessarily need to be physically present during incorporation.
If you plan to incorporate a company in the Bahamas, 3E Accounting can guide you through the entire process. You’ll get all the necessary professional services that you choose to have. You may contact us today!