How to Get a Business License in The Bahamas?PHCS
How to Get a Business License in The Bahamas?
It’s very easy to get a business license in the Bahamas. This commonwealth country welcomes anyone or potential investor who wants to operate a business on the island.
It takes not more than 7 days to get a business license in the Bahamas if you meet all the requirements.
All businesses operating in the Bahamas are required to have a business license.
It should be noted that Bahamian residents are not required to pass through the process of business registration, though they are required to have a business license.
Business license registration is only required of non-Bahamians, permanent residents or just anyone who runs and operates a business in the Bahamas Islands.
Eligibility for a business license in the Bahamas
To be eligible for a business license in the islands, you must meet the following basic criteria:
- You must be a non-Bahamian
- Must have a minimum of $500,000
- Your business must be based on services that provide great benefits to the Bahamian population
What is needed for a business license in The Bahamas?
To get a business license in the Bahamas, you will need to meet the following requirements:
- A Complete business license application form
- A copy of the Certificate of Incorporation
- National Insurance Board Registration,
- Personal National Insurance Board Card
- Proof of ownership of the business
- A copy of the business location plan
- Payment of Real Property Taxes
How much is a business license in The Bahamas?
The cost of a business license in the Bahamas is $100 which is renewable annually with a deadline on the 31st of January.
Where and How do I get a business license in The Bahamas?
If you have met all the above requirements and eligibility for a non-Bahamian resident, then you can get your business license in the Bahamas in these 3 simple steps:
The first step is to submit your business name for approval to the Business License Department which is located at the Department of Inland Revenue on Carmichael Road behind the Shops at Carmichael Plaza- Nassau, Bahamas.
It takes approximately 24 hours for your approval of the business name, feedback is often given by email. If your business name (Trade name) is not available, the Business License department may suggest a new trade name for you.
After approval or modification, you will get a new trade name and reference number assigned to you.
After approval of your business name and reference number, the second step is that you will need to submit your film along with all docs to the following:
- of Physical Planning, Ministry of Works,
- Departments of Environmental Health Services
- RBPF Business Licensing & Inspection Form
After receiving a permit from each of the listed departments above in step 2, you will now have to move to step 3 which is for you to wait for the approval of your business license.
Once your business license has been approved, you will be required to make a payment of $100 to the Royal Bank of Canada branch.
This process often can exceed up to 2 to 3 working business days. When the transaction is successful, you can now download your approved business license from your account.