In order to remain competitive, a modern business needs to invest in the development of technology as it improves the quality of its work, services, and beyond. A modern business also needs to be able to deploy globally to enhance its capabilities to improve its product and/or services. Due to laxer taxation policies and lack of harsh government-imposed controls, the Bahamas have become a place where companies can thrive. This article will discuss the main factors that are driving the trend of an increasing number of new businesses in the Bahamas. In short, we will try to figure out why so many people are interested in the registration of a legal entity in Bahamas?
- It’s possible to launch a legal entity in the Bahamas with only one stakeholder and one director. Their citizenship status is not important at all because the country is very interested in attracting businesses to the Bahamas.
- Starting a new company in Bahamas remotely can be very fast. On average, it will take only a few days for a legal entity to be registered. A corporate bank account is not required. A business can opt for a non-Bahamian bank and that won’t raise any eyebrows.
- The taxation rates are very favorable in the Bahamas. Initially, it was the only thing that attracted many foreigners to the Bahamas. People were simply attracted by the fact that one could start a business in Bahamas and pay relatively little in taxes. Right now, there are many other economic advantages to registering a legal entity in this country.
- Even though the companies must file a financial statement every quarter, they are not actually necessitated to send any information. There are no documentation requirements. This is a very good thing for young companies.
Additional Pros of Online Company Formation
- It’s incredibly easy to open a global corporate bank account in the Bahamas.
- The cost of applying for a business license in the Bahamas is very low.
- There are zero hidden fees for setting up a business. This means that it’s easy to register.
- Bahamians are very helpful when it comes to registering a new company in the jurisdiction of Bahamas.
- The Bahamian economy enjoyed a booming economic growth for several years in a row.
- Many international banks provide additional incentives to their clients who are interested in setting up a business in the Bahamas.
It’s important to point out that although registration of a legal entity in the Bahamas is extremely easy and fast, the process still comes with its own set of problems. These drawbacks include:
1. Registration is time-consuming (but never slow). To register a business online, there are still some requirements that must be met. If you’re inexperienced or happen to hire an inexperienced business registration service, then this will prove to be an obstacle as some intricacies might make the process of a new company in the Bahamas remotely longer than you expected. But if you make sure to hire a professional service and have a little patience, the registration process won’t take more than 2-4 working days.
2. There’s a stigma surrounding the country and companies that choose to register a new company in the Bahamas without physical presence. The “tax haven” angle is not something that is ever going to go away. Some of the smaller-minded people and businesses still prefer to look down upon business registrations that are taking place in the Bahamas.
3. There are a few local laws and regulations that a company must comply with but they’re nothing to worry about if you’re working with an experienced enough offshore company registration company.
Basic Steps of Online Company Formation
Admittedly the steps detailed down below represent a simplified version of the process, but they will nonetheless provide you with the necessary information.
The first thing that you should do is come up with a name for your business and check to see if it’s available. Then comes the preparation of all the required paperwork. Then, in order to successfully register a new company in the Bahamas without physical presence, you need to select the best legal structure for your company, formulate a business plan, and do some other initial research and preparation. Finally, you complete the process after paying the state fees and choosing a corporate office.
Can You Purchase a Company in the Jurisdiction of the Bahamas?
Such an option exists and it might prove to be even more beneficial for those that want to start generating profit right away. Perhaps there’s a deal that you’re ready to strike and just need to create a legal entity on short notice. There are many reasons why buying a readymade firm is a great option for people that want to start a business in the Bahamas.