Starting an investment project in The Bahamas? Figure out which licenses and approvals you need so that you can include the time and steps to obtain them in your business plan.
Depending on what type of investment project you are planning, you may need different types of approvals. For instance, non-Bahamian investors who want to do business in The Bahamas must submit project proposals to the Bahamas Investment Authority for approval. The project proposal must include detailed information about the investment, including a description of the proposal, proposed principals and location, land and personnel requirements, capital and financial arrangements, environmental impacts, and more. Approval can take more than three months. In addition to submitting the project proposal, investors starting businesses in particular industries may need to apply for industry-specific approvals, such as construction permits or bank and trust company licensing. Investment funds in particular are highly regulated.
Investors should check if they are eligible for targeted investment incentives. Occasionally the Bahamian government incentivizes particular types of investment projects through the Bahamas Investment Authority. Non-Bahamians must have a minimum investment of BS$500,000 and be interested in an industry that is not reserved for 100% Bahamian investment. There are no particular investment requirements for Bahamians. Everyone must submit a project proposal to be considered for the incentives.
Investors who are starting companies in The Bahamas must apply for business licenses, register their companies with the Registrar General's Department and establish a resident office and agent. There are a number of other requirements for companies either established in The Bahamas or simply doing business there, so as an investor you should carefully investigate the requirements for the particular type of business you are starting.
To find out more about starting an investment project in The Bahamas, visit Gonsalves-Sabola Chambers online or call the office at +1 242 326 6400.