Establishing a Business in The Bahamas

An international investor seeking to do business in The Bahamas should submit to Bahamas Investment Authority a project proposal, along with supporting documents. The proposal should provide the information indicated in the following Project Proposal Guideline.

Project Proposal Guideline  

·             Name                                              - Corporate or Personal.                                    

·             Address                                           - Mailing address, including telephone, fax and e-mail.

·             Description of Proposal                    - A comprehensive executive summary of project.

·             Principals                                        - List principals in venture & major beneficial owners.

·             Proposed Location                           - Where in The Bahamas the project will be located.

·             Land Requirements                          - State acreage and location. Public or  private land.

·             Proposed start up date                     - Start of commencement and completion of project

·             Management & Personnel                 - State number of key personnel work permits required

·             Capital Investment                          - Indicate project capital investment (min $500,000)

·             Employment Projection                    - Indicate number of Bahamians will be employed

·             Financial Arrangement                     - Provide proof of financial capability

·             Environmental Impact                      - Indicate any possible environmental effects of project

General Information

1.        WORK PERMITS: Necessary work permits for key personnel will be granted. Businesses requiring permits for persons other than key personnel are encouraged to discuss there requests with the Bahamas Investment Authority in advance.

2.        INTERNATIONAL OWNERS OF SECOND HOMES: Overseas Investors may acquire residential properties in the Bahamas of up to five acres without prior Government approval. Such acquisitions are required to be registered in accordance with the International Persons Landholding Act. Second Home Owners are eligible for a Home Owners Residence Card, renewable annually. This card will facilitate entry into The Bahamas, and entitle the owner, his spouse and minor children to enter and remain in The Bahamas for the duration of the validity of the card. Application may be made to the Director of Immigration.

3.        ANNUAL OR PERMANENT RESIDENCE: Accelerated consideration of application for annual or permanent residence will be given to:

            • Major international investor; and

            • Fit and proper owners of residence valued at $500,000.00

4.       AREAS ESPECIALLY TARGETED FOR OVERSEAS INVESTMENT:

•  
  • Touristy Resorts.
  • Upscale Condominium, Time Share and Second Home development.
  • Marinas
  • Information and Data Processing Service.
  • Assembly Industries.
  • High - Tech Service.
  • Ship Repairs and other Services.
  • Light Manufacturing for export.
  • Agro - Industries.
  • Food Processing
  • Mari culture
  • Banking and other Financial Services
  • Aircraft Services
  • Captive Insurance
  • Pharmaceutical Manufacture
  • Off-Shore Medical Centres.

NB: The list is not exhaustive and investors interested in areas not included are encouraged to bring their interest to the attention of BIA. Please note that investments of less then $250,000.00 will not be considered.

Local Partners in Joint Venture.

International investors are encouraged to establish joint ventures with Bahamian partners. The choice of such Bahamian partners is in the absolute discretion of the investor.

Areas Reserved for Bahamians.

•  
  • Wholesale and Retail Operations.
  • Commission agencies engaged in the import/export trade;
  • Real Estate and domestic property management agencies;
  • Domestic newspapers and magazine publications;
  • Domestic advertising and public relations firms;
  • Nightclubs and restaurants, except specialty gourmet and ethnic restaurants, restaurants operating in a hotel, resort complex or tourist attraction;
  • Secretary Services;
  • Domestic distribution of building supplies;
  • Construction companies, except for special structures for which international expertise is required;
  • Personal cosmetic / beauty establishments;
  • Shallow water scale-fish, crustacea, mollusks and sponge-fishing operations;
  • Auto and appliance service operations;
  • Publication transportation inclusive of locally solicited charter boat tours; and
  • Landscaping.

International Investors may engage in the wholesale distribution of any product they produce locally.

For more information on establishing a Business in the Bahamas go to http://www.investbahamas.org/