If you are thinking about relocating your business to The Bahamas, you can start preparing now. You may need to meet any number of legal requirements and budget for different kinds of expenses than before.
Entity Choice in The Bahamas
Business owners who plan to form new entities in The Bahamas when relocating here should look into entity choice. Bahamian law permits formation of many kinds of entities depending on your needs, such as:
- Bahamian company under the Companies Act
- International Business Company (IBC)
- Limited liability company
- General partnership
- Limited liability partnership
There are many more options as well. International business companies are a popular choice for entities that will be operating both in and outside The Bahamas. If you want to continue to use your existing business entity from another location, you can do that too. You should, however, seek legal advice about your obligations in the other location, as well as any special requirements you must meet here.
Business License and Taxes
Anyone operating a business in The Bahamas and anyone who owns such as business must have a business license. Essentially, the license informs the government that your business exists for regulatory and tax purposes. While there is no corporate income tax in The Bahamas, there are a number of other possible taxes that businesses face. These include the value added tax, which is assessed on many services and purchases both in The Bahamas and from other places.
The government of The Bahamas offers certain investment incentives for non-Bahamians who put money invest in companies here. These incentives are available for specific kinds of projects often involving development or construction. You may want to look into whether your business qualifies.
To find out more about running a business in The Bahamas, visit Gonsalves-Sabola Chambers online or call the office at +1 242 326 6400.