Doing Business in The Bahamas

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September
21

man working on his laptop while he is out on the beach

Looking for a great place to start your new business venture? We appreciate your entrepreneurial spirit! Many people find there are many benefits and perks to starting a business in the Bahamas. 

Stimulating the economy, boosting tourism, and creating Bahamian jobs are a few of the ways new businesses help the Bahamas. Because of this, the government has created tax benefits and other incentives for entrepreneurs to start their businesses here. We'll be exploring those in more detail in this post. 

Booming Tourism Economy

If your new business is in the tourism sector, you're already off on the right foot! When tourism booms, so does the local economy. Over time, the more tourists and travelers that visit an area create an increase in demand for jobs in the Bahamas, bringing in additional people to work in this sector. 

This means the economy in this area experiences a huge shift and nearly every niche is in demand, from transportation services, apartment buildings and hotels, maintenance and custodial services, hair stylists, grocery and other food-based services like restaurants, and much more.

Because the Bahamas is obviously a paradise in itself, many destination management companies do very well here. These include honeymoon and wedding planners as well as typical vacation planning companies. 

Recreational companies like guided tours or undersea adventures, boating and fishing companies, and many more also see massive success here.

In a tourism-heavy country like the Bahamas, starting a business that somehow touches the tourism industry, no matter how small, will generate demand and heighten your chances of success in the region.

Tax Breaks in the Bahamas

There is no personal or corporate income tax, no capital gains tax, and no inheritance tax assessed by the Bahamas Government. There is no sales tax on goods, but there is Value Added Tax (VAT) on goods and services.

These tax breaks are hugely beneficial to a business starting out or just experiencing growth. You aren't putting away large portions of your revenue to pay taxes. You can invest in your company, your inventory, your commercial property, or in hiring more employees. 

The Bahamas has other business-friendly initiatives, including no corporate taxes, no annual filing or auditing requirements. 

Many businesses seek the relief the Bahamas provides for the tax initiatives listed above. Additionally, there are no restrictions on real estate purchases made by foreign investors, meaning you can purchase a commercial property space here quite easily. 

Recommendations for Doing Business in the Bahamas

  1. Create a company that falls in a well-developed sector, like tourism 
  2. Be aware of the higher cost of labor (if you plan to hire employees) and the government's involvement in particular industries 
  3. Because it is an island, local resources can often be limited or delayed. Have backup plans for urgent business needs involving inventory and staffing requirements 

While there may be some challenges when starting a business in the Bahamas, the rewards definitely outweigh the risk! You'll be creating local jobs, stimulating the economy, and avoiding tons of corporate and personal taxes along the way. The opportunity awaits you in the Bahamas if you are bold and strategic enough to make the move! 

If you're an entrepreneur thinking about moving to the Bahamas, be sure to reach out to Morley Commercial as you explore the Bahamas real estate sector. Morley Commercial is the largest commercial sales, leasing, and property management agency in the Bahamas, and our experienced agents will get you into an ideal property that will set your business up for success. 

March
17

In the aftermath of Hurricane Dorian and with the on-going pandemic, one thing was abundantly clear. There is a dire need to extend financial services to our Out Islands. Answering that call and leading the charge in financial and tech innovation is the Central Bank of The Bahamas. In October 2020, CBOB announced their Sand Dollar's introduction - a blockchain-backed digital token pegged one-to-one to our Bahamian dollar and available to Bahamian individuals and businesses alike. This new currency is regulated and issued by the Central Bank of The Bahamas and allows us to buy and sell our goods and services and send money to one another digitally. 

Read more about this fascinating Bahamian initiative in the International Monetary Fund's Finance & Development publication here:  

https://www.imf.org/external/pubs/ft/fandd/2021/03/fighting-pandemic-disruption-with-innovation-dorst.htm

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