Table of Contents
What is needed for a business license in the Bahamas?
A copy of the Certificate of Incorporation (with proof that the company is 100% beneficially Bahamian owned) and a current annual company payment receipt (Registrar General’s Department: www.bahamas.gov.bs/rgd.
Where do I get a business license in the Bahamas?
The Business Licence Department is located at the Department of Inland Revenue on Carmichael Road behind the Shops at Carmichael Plaza- Nassau, Bahamas. In addition to the Nassau office, the Department has branches in the following islands: Freeport, Grand Bahama.
How much does it cost to register a business in the Bahamas?
How much does it cost to register a company in the Bahamas? The cost of registering a company in the Bahamas is $1455. the total cost includes the preparation of legal documents, company registration, payment of all taxes and fees at the time of registration and legal address for the company (a year).
How do I start a business in the Bahamas?
All non-Bahamians or Permanent Residents seeking to do business in The Bahamas must submit a Project Proposal to the Bahamas Investment Authority (BIA)….Interested persons must:
- be Non-Bahamian.
- have a minimum investment of BS$500,000.00.
- be interested in an area that isn’t reserved for 100% Bahamian participation.
How do I register my business with NIB?
Business Registration
- Obtain a business license from the Department of Inland Revenue.
- Complete and submit Form R1 to the National Insurance Board.
- Show NIB Smart Card, another form of government identification or voter’s card at the time of registration.
What is VAT Bahamas?
The broad based consumption tax is applied to almost all goods and services that are imported, bought and sold for use in The Bahamas. Two rates of VAT are applied which is the standard rate of 10% and a zero rate of 0%.
How much for an LLC in The Bahamas?
Fast Registration: A LLC can be registered in one business day. Low Cost Registration: It only costs $330 USD to register and $350 USD for annual renewals.
Why do companies register in Bahamas?
Tax neutrality Tax benefits are one of the major advantages of establishing a business in the Bahamian economic landscape. You don’t have to pay any taxes — this includes corporate tax, capital gains tax, income tax, inheritance tax, or sales tax.
Is it easy to start a business in Bahamas?
And its relatively easy to establish a business in the Bahamas with government acts that include Manufacturing Industries Encouragement, Agricultural Manufacturers, Hotels Encouragement, Spirits, and Beer Manufacturers and Free Trade Zone Act.
How do I register my business with nib Bahamas?
What is a nib number in Bahamas?
What is the National Insurance Board Number? A unique government issued number available to every legal resident in the Bahamas; may be used as identifier in financial, medical and other personal records.
Is the Bahamas a tax haven?
The Bahamas became widely popular as a tax haven in the 1990s after passing legislation that enabled the incorporation of offshore corporations and IBCs. 11 It remains one of the preferred tax havens for residents of the United States and European countries.
Can I get VAT refund from Bahamas?
No, consumers do not get a refund of VAT paid. VAT is a tax that is paid by the final consumer of the good or service.
What are the requirements for opening a sole proprietorship in The Bahamas?
Sole Proprietorships Not all businesses need to be organized by groups of people to be recognized in The Bahamas. The sole proprietorship is a business undertaken by just one person. No registration is required, but the owner must ontain a business license or shop license. The business’s name may need to be registered.
Can I open a company in Bahamas?
To register, the Company must file, inter alia, a copy of the company’s Memorandum and Articles of Association and details of the directors and officers. A Certificate of Registration is issued, and the company then has the same position as a Bahamian incorporated company.
How do I set up an offshore company in The Bahamas?
What is the Process of Registering an Offshore Company in the Bahamas?
- Fill out an application form with the respective details.
- Attach the relevant set of papers along with the company form.
- Map out the business activities in a sequence.
- Submit the documents to the appropriate government authorities.
Do businesses pay tax in Bahamas?
There is no corporate tax, withholding tax, payroll tax or transfer tax levied on businesses in the Bahamas. However, businesses require a licence to operate, which is charged at either a flat-rate of $100 or at up to 3% of turnover depending on the amount of revenue generated.
How do I register my business with NIS?
The employer must submit all Prescribed Forms (NI4 Application to Register as an employed Person) to the NIBTT Service Centre within fourteen (14) days of hiring the employee. Complete the Form from his personnel records. Insert the note ‘Completed based on employers records’ at the top of the Form.
What is nib number in Bahamas?
How do I get a business licence in the Bahamas?
Any person who owns or operates a business in The Bahamas is required to apply for and obtain a business licence in compliance with the Business Licence Act 2010. Applications are completed online at vat.revenue.gov.bs Supporting documents and approvals from other agencies are required when completing the online application.
How do I incorporate a company in the Bahamas?
Any person who wishes to incorporate a company in the Bahamas is required by law to register the business. Any Bahamian citizen or permanent resident who is: A non-Bahamian applying to conduct business in The Bahamas requires approval from the Bahamian Investment Authority. Follow the related services link for more details.
Where is the business licence department located in Nassau?
The Business Licence Department is located at the Department of Inland Revenue on Carmichael Road behind the Shops at Carmichael Plaza- Nassau, Bahamas. In addition to the Nassau office, the Department has branches in the following islands:
How can a non-Bahamian apply for a business license?
A non-Bahamian applying to conduct business in The Bahamas requires approval from the Bahamian Investment Authority. Follow the related services link for more details. Collect the application form from any of Business Licence Unit Offices or online.