The formation of more than 700 islands constitutes to the Commonwealth of the Bahamas. The economy is based on tourism and offshore finance, and Bahamas is one of the richest countries in America and Canada.
The economy of the Bahamas is based on sectors like tourism, imports, and banking. Tourism alone contributes to around 60% of the GDP and provides employment to nearly half of the workforce of the Lucayan Archipelago.
Financial services and imports are the sectors that contribute the most to the GDP of the economy i.e. about 15%. Agriculture and Industry contribute about 1/10 of GDP.
Benefits of setting a business in the Bahamas
There are various advantages of setting a company in the Bahamas. Here are some of them:
- No financial audits required
- The rule of law provides the facility of amending the Memorandum of Association and Articles of Association
- Foreign companies can own real estate properties and conduct the business
- 0% corporate tax
- Political and economic stability
- Proximity to the North and South American market
- No double tax treaties
- Simple registration procedures
- Privacy of shareholders or company owner’s information
Procedures to set up an IBC in the Bahamas
The registration process is simple and easy. There are a few steps that are needed to be followed by the entrepreneur to get the company registered:
- Choosing an appropriate name for the company is the foremost important part for the registration. The business name should not be identical to the name of the other companies
registered with the company registrar. After the name approval, the information regarding the taxation policy and other obligations are provided.
- Information of company Director/Shareholder/Owner is required.
- Bank account in the name of the company can be opened in many reputed banks in the whole of the Bahamas.
- An option to make a nominee is available.
- The entrepreneur has the facility to have an office which can be the official business address of the company.
- The IBC has to register the IP & Trademark
- Once the corporate bank account is in service, the merchant account is needed to be opened.
- The payment is then made for the required amount needed for registration.
- The Company Registrar office will then issue a certificate of registration to the company or mail it to the company’s registered office.
Documents required for company formation in the Bahamas
- Copies of Notarized Passport of Owner/Director/Manager
- Address Proof of Director/ Manager/Owner.
- Original Bank reference letter from a legal attorney
- 3 Proposed business names ending with suffix words like “Ltd”, “Corp” or “Inc”.
CredentOne DMCC for International Company Setup
Our team is well experienced in setting up a company on the International platform. We provide our premium services to our clients who are interested in setting up a business in the Bahamas. We are well acquainted with the registration process, taxation policies, opening bank accounts, hiring properties, etc
for the clients.
The clients can rely on our services and on our professional staff.
Contact us for any queries regarding setting up an International Business Company in Bahamas.