Published
Sep 4, 2023
Updates:
Sep 19, 2024
Bahamas
Price:
Delivery:
Legal forms:
Payment methods:
2 weeks
LLC, LLP, IBC
Document checklist:
1.Passport
2.Proof of Residence
Requirements:
Local legal address (Handled by B2B Hub)
Bahamas
$
2500
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Registrar
Abbreviation
Phone
Registrar General's Department
Registrar General
registrar.general@bahamas.gov.bsregistrar.general@bahamas.gov.bs
+1 242-322-3316
Location
Capital
Official languages
Population
Currency
ISO 4217
Nassau
Bahamas
English
412,623
BSD
Bahamian Dollar
Delivery
-
Certificate of incorporation
-
Articles of association
-
Meeting minutes
-
Company stamp
Certificate of incorporation
Company stamp (By stempil.com)
Registration documents and guidance
FAQ for company formation in Bahamas
Q: What types of companies can be formed in the Bahamas?
A: The most common types of companies in the Bahamas are International Business Companies (IBC), Limited Liability Companies (LLC), and Exempted Companies.
Q: What are the requirements to form a company in the Bahamas?
A: The requirements for forming a company in the Bahamas include at least one director, a registered office address, and a minimum share capital of BSD 5,000 (approximately USD 5,000) for an IBC and BSD 50,000 (approximately USD 50,000) for an Exempted Company.
Q: How long does it take to register a company in the Bahamas?
A: The registration process for a company in the Bahamas can take approximately three to four business days.
Q: What are the documents required to register a company in the Bahamas?
A: The documents required include the company's Memorandum and Articles of Association, details of the company's directors and shareholders, a registered office address, and payment of the relevant registration fees.
Q: Can foreigners own a company in the Bahamas?
A: Yes, foreigners can own and operate a company in the Bahamas. In fact, the Bahamas is a popular destination for international business due to its favorable tax laws and political stability.
Q: What are the tax implications of forming a company in the Bahamas?
A: Companies in the Bahamas are subject to corporate income tax, which is currently set at a rate of 0%. However, there may be other taxes and fees depending on the industry in which the company operates.
Q: What are the ongoing compliance requirements for a company in the Bahamas?
A: Companies in the Bahamas are required to file annual tax returns, maintain accurate financial records, and comply with various reporting and disclosure requirements. There may also be industry-specific regulations and compliance requirements.
Q: Can I use my Bahamian company to do business outside of the Bahamas?
A: Yes, you can use your Bahamian company to conduct business anywhere in the world, as long as you comply with the relevant laws and regulations in those jurisdictions. However, you may need to obtain additional licenses and permits to operate in certain countries.
The Bahamas is a small island nation located in the Caribbean Sea. It has a population of approximately 393,000 people and a GDP of $12.2 billion. The economy of the Bahamas is largely based on tourism, with the sector accounting for around 60% of the country’s GDP. The country also has a strong financial services sector, which contributes around 20% of the GDP. The Bahamas also has a thriving agricultural sector, with the sector accounting for around 10% of the GDP. The country also has a strong manufacturing sector, which contributes around 5% of the GDP. The unemployment rate in the Bahamas is around 11.2%, which is slightly higher than the average for the Caribbean region. The inflation rate in the Bahamas is around 2.5%, which is lower than the average for the Caribbean region. The Bahamas has a strong currency, with the Bahamian dollar being pegged to the US dollar. The country also has a strong banking system, with the Central Bank of the Bahamas being the main regulator. Overall, the economy of the Bahamas is strong and stable, with the country having a strong tourism sector, a thriving financial services sector, and a strong agricultural sector.
The Bahamas is a tax-neutral country, which means there is no income tax, corporate tax, or capital gains tax in the country. However, there are some taxes that companies and individuals must pay, such as:
1. Value-added tax (VAT): A 12% VAT is imposed on most goods and services, except for a few items that are exempted.
2. Real property tax: This tax is levied on real estate properties located in the Bahamas, including land, buildings, and improvements. The rate of this tax ranges from 0.25% to 2% depending on the type of property and its location.
3. Business license tax: Businesses operating in the Bahamas are required to pay a business license tax that ranges from $100 to $10,000 depending on the size and nature of the business.
4. Customs duties: Customs duties are imposed on imported goods and vary depending on the type of goods and their value.
For individuals, there are no personal income taxes in the Bahamas, but they are required to pay social security contributions at a rate of 3.9% of their income, up to a maximum of $26,820 per year.
The process for paying taxes in the Bahamas is relatively simple. Companies and individuals are required to register with the Bahamas Ministry of Finance to obtain a tax identification number (TIN) and file tax returns periodically. The filing frequency depends on the type of tax and the amount of revenue generated. For example, businesses with annual revenues exceeding $5 million are required to file VAT returns on a monthly basis, while those with lower revenues can file quarterly. Real property tax returns are filed annually.
The due dates for tax payments and filings in the Bahamas vary depending on the type of tax and the filing frequency. Businesses are generally required to file and pay VAT returns by the 21st day of the month following the end of the filing period, while real property tax returns are due on March 31st each year. It is important to note that failure to comply with tax regulations can result in penalties, fines, or legal action.
Application without registration
The first director
The second director
The third director
The first shareholder
The second shareholder
The third shareholder
Articles
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