Offshore companies in the Bahamas may opt for a nominee director or shareholder services.
Am I eligible for residency if I set up a business in The Bahamas?
While you are not automatically entitled to residency, you will have to present your Project Proposal to the BIA. If you would like to pursue residency, you can apply for three types of residency permits: Permanent Residency, Homeowner’s Card or The Bahamas Annual Residency Permit. The Bahamas Annual Residency Permit allows you to spend more than the permitted time as a tourist but not have to opt for permanent residency or purchase property. The Homeowner’s Card is for homeowners who choose to have their primary residence in another country.
Can I set up a company in The Bahamas with 100% foreign ownership?
While you can set up an offshore company, the Bahamian Investment Agency (BIA) has designated a select list of industries as ones that are off-limits to funds from non-Bahamians. The off-limits industries include: domestic property management and real estate agencies, restaurants and nightlife that are not in a tourist area, hotel or resort, security, building supply distribution in The Bahamas, etc. In any case, you will need BIA approval for your entity.
What are the tax benefits of setting up in The Bahamas?
Both the corporation and shareholders of companies incorporated in The Bahamas do not have to pay taxes for 20 years. However, your country may require you to report these assets to your home country’s tax authorities.
Can I open an offshore bank account in The Bahamas?
In The Bahamas, there are banks that solely work with offshore customers, and per the regulations of the Central Bank, they cannot offer services to Bahamian residents without express permission from them. This separation aims to differentiate between domestic currency banking and offshore because offshore banking is the larger industry in the country, and as a result, it regulates domestic monetary policy better.