What You Have to Know on How to Register Company in the Bahamas
The islands of the Bahamas rank among the most lucrative vacation destinations in the World. Its fantastic weather, splendour, and the fact that it hosts many islands make it a tropical archipelago special. Those among other factors are reasons to register company in the Bahamas and enjoy the friendly business atmosphere. The Bahamas islands attract the rich and famous such as Oprah Winfrey, Michael Jordan, among others.
Why Incorporate in the Bahamas?
The policies under the Island of Bahamas allow for Foreign Direct Investment (FDI) with tourism and finance as the primary sectors that attract investors. The advanced finance sector and the tourism sector are the centres of attraction by most investors and the fiscal and monetary policies. The Bahamas population has a qualified professional workforce and modern infrastructure, making it one of the region’s centres of investment. A local and foreign investor can register company in the Bahamas and experience no hostility making it an ideal place to invest in within the region.
What Lucrative Industries to Look at-in Bahamas
The Bahamas falls among countries in the region that is a tourism attraction. The government has set construction projects within the tourism sector to see new high-end residential resorts, golf courses, and marinas. Within this sector, investors can benefit from setting up companies that complement the tourism sector.
When it comes to the financial sector, the Bahamas makes it on the top list of countries to do business in. With continuous public-private partnerships, investors can delve into any business structure backed by a robust financial sector. If you plan to register company in the Bahamas, the financial sector will be a lucrative sector to explore for opportunities.
The Process of Registration
The Bahamas presents investors with the opportunity to start a company by following the laid-out regulations and procedures. An applicant can begin the process to register company in the Bahamas through the online portal. When the applicant feels the need to consult further, a firm like 3E Accounting will extensively offer the best professional services, including the following:
- Taxation and Legal Services
- Business setup services
- Business permit renewal
- Payroll and Human resource services
- Corporate secretarial services
Let’s look at the company registration process in the Bahamas.
1. Submission of Statutory Documents
Applicants looking to register company in the Bahamas must first seek a local attorney’s help for the signing of a statutory declaration and affidavit. The applicants then submit the Memorandum and Articles of Association to the Registry’s office.
2. Company Name Search and Approval
The Registry approves the company name after name check and verification. For easy verification, the applicant must ensure the name is unique and straightforward. Applicants can alternatively register through an online portal. The Bahamas allows applicants to register different business structures depending on what suits the nature of their business.
Some of the different type of corporation that investors can choose from including the following:
- Free Zone LLC
- Manufacturing and Export Trade
- The government must authorize foreign owners to operate.
- Offshore company (IBC)
- Preferred for investors looking to set up a global company
- The trading income received by an IBC is legally tax-exempt locally.
The applicant will have to wait for at least two weeks for the completion of company registration. The next step is opening a bank account, which takes three to a month processing. The minimum paid-up capital required for a foreign investor is BS$500,000. For Free Zone LLC and an offshore company, the law requires a minimum of one director and one shareholder who can either be a resident or foreigner. During incorporation, they may not necessarily have to be physically at the registrar.
The process to register company in the Bahamas may be faster if you seek the services of 3E Accounting. You only have to go to their website or contact their customer care services today.