There is no doubt that the Bahamas is a great place for setting up a business but before you do that, you need to know the procedures involved.
The first step in Bahamas Company Formation is finding a name for your company. To do this, you have to log on to the registrar general’s department website. This will allow you to check whether the name you want to use for your company is available or not. This is an essential step because there are certain words that cannot be used in a company name. If the name you want is available, you can make an online reservation which will expire after 90 days. This name searching process will only take you about one day to complete and there is no cost incurred. If you prefer to search the name in person instead of doing it online, this is still possible. You can get a lawyer or service provider to search for the availability of the name but you will incur some costs for the service.
The second step in Bahamas Company Formation is getting a lawyer to prepare and notarize your company’s articles or association and memorandum. This usually takes about two days and there are some fees involved. The amount of money you pay will depend on the lawyer you use. There are some anti-money laundering provisions that have been issued in the Bahamas and this means that you may be required to provide a lot more personal and financial information when your lawyers are preparing your documents.
Once you have all the documents in place, you have to get a stamp duty for your memorandum from the country’s public treasury. This is not a long procedure and takes about 24 hours. The payable stamp duty depends on the company’s authorized capital.
After paying stamp duty, Bahamas Company Formation requires you to file your company documents with the Companies Registry. There are charges for this filing process and it will take about 11 days to complete. A lawyer is required for this process and once the documents have been filed, the company will be incorporated and you will receive certified copies of the Articles of Association and Memorandum.
A national insurance number is also needed for Bahamas Company Formation before you can get your business license. The insurance number can be obtained from the country’s National Insurance Board at no charge.
The business license is a requirement for international companies before they start working in the country. To get the license, you have to provide proof of your citizenship, a copy of your certificate of incorporation, registration of your business name, a copy of your lease agreement and your national insurance number. There is a flat fee for the license and you get it in about three weeks. You will have to pay an annual fee for the license each year.
The last step in Bahamas Company Formation is getting your company seal which takes about three days and there is a fee paid.
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