How to Start a Business in the Bahamas

Geographic and economic advantage contribute to the reasons for starting a business in the Bahamas. Once you understand the legal process, starting a business in the Bahamas is very straightforward. 1. Determine the name of your company. Send an email to the business registrar (regcompanies@bahamas.gov.bs) in the Bahamas to request access to the business name registry (free.) You can also follow the link http://www.bahamas.gov.bs/bahamasweb2/home.nsf/vContentW/RGD--General--Electronic+services+for+Corporate+and+Civil+Registries+launched 2. Prepare the Memorandum and Articles of Association for your company along with any other business formation documents. In the Bahamas, this is done by a law firm and must be notarized. 3. Acquire a stamp duty from the Public Treasury. It costs $60 for the first $5,000 of authorized capital. It is $3 for every additional $1,000. 4. File the appropriate documents with the Bahamas Companies Registry, including the Memorandum and Articles of Association, then pay the required fees. This is usually done by an attorney. 5. Get a National Insurance Number from the National Insurance Board for your company. This is required for your business license. 6. Register your company with the Valuation/Business License Department of the Ministry of Finance to get a business license. 7. Have a company seal produced locally (a requirement for filing income statements.)