In order to establish a business owned by a foreign entity in The Bahamas, The Bahamas Investment Authority has outlined the requirements in this easy to follow form.
NAME
Provide name of the applicant, whether corporate or personal. For a corporate entity, it could be a proposed or reserved name.
ADDRESS
Include telephone and/or fax.
DESCRIPTION OF PROPOSAL
Provide a comprehensive executive summary of the project.
PRINCIPALS
List all of the principals in the venture (major beneficial owners), along with identifying particulars such as place and date of birth and passport or social security number for each individual.
PROPOSED LOCATION
Provide exact location venture will operate from in The Bahamas.
LAND REQUIREMENTS
If a request is being made for publicly owned land, please state the acreage and location. Applicants who wish to acquire privately held land must also apply for a permit to do so.
PROPOSED START-UP DATE
Indicate the maximum time for the commencement, and if possible, completion of the project.
MANAGEMENT/PERSONNEL REQUIREMENTS
State the number of work permits that may be required for key personnel, for administration and financial management.
CAPITAL INVESTMENT
Specify the total capital investment to be made in the project, and provide a breakdown of the items involved and an estimate for start-up costs.Note: Minimum capital investment of B$250,000 for foreign investors.
EMPLOYMENT PROJECTION
Advise on the number of Bahamians to be employed in construction and/or operation of the project in the first year.
FINANCIAL ARRANGEMENTS
Provide proof of financial capability, minimally, a letter of credit from a financial institution or a net worth statement for each principal or verification of deposit of funds in a Bahamian bank.
ENVIRONMENTAL IMPACT
Indicate any possible harmful environmental effects and list the mitigating measures that would be employed to deal with them.
ECONOMIC IMPACT and BUSINESS PLAN
Signify potential benefit to the national economy, including NIB revenues, utilities, possible entrepreneurial spin-off.
