The Bahamas’ financial services sector is well-developed and well-regulated. It is well-known for its stability, offshore banking expertise, and favourable regulatory framework.
The Bahamas offers entities the opportunity to get licences as payment service providers. In The Bahamas, a payment service provider typically provides payment processing, money transmission, e-wallets, remittances, and merchant acquisition.
To enable internal and international transactions, the Bahamas has built efficient and secure payment systems. Automated Clearing House (ACH) for electronic fund transfers, card payment networks, and other electronic payment platforms are examples of these systems.
The Bahamas is a country in the northwestern West Indies, lying 80 kilometres (50 miles) south of Florida’s (USA) coast and north of Cuba. The Caribbean island chain comprises of over 700 islands and islets, as well as over 2,000 cays (coral reefs). There are only about 30 inhabited islands.
According to Worldometer’s elaboration of the most recent United Nations data, the current population of the Bahamas is 404,058 as of Monday, May 22, 2023.
While English is the official language of the Bahamas, people talk in a Bahamian dialect that has given rise to a plethora of distinctive slang words and phrases.
The legal system in the Bahamas is based on English common law, which has been supplemented since 1964 by an American style of constitutionalism that states the presence of certain fundamental principles that must be obeyed and enforced. The Constitution guarantees certain rights.
License: | Payment Service Provider |
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Timeframe for Approval: | Within 6 months |
Regulator: | The Central Bank of The Bahamas |
Local Director: | Minimum 1 director (can be only natural persons, no nationality or residency restrictions)* |
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Local Shareholder: | Minimum 1 shareholder (can be natural or legal persons, no nationality or residency restrictions) |
Local Registered Office: | Required |
Local Staff: | Required |
Compliance Officer: | Required |
AML/KYC: | Required |
Audit: | Required |
Economic Substance: | Required |
Corporate Tax Rate: | In general, the corporate tax rate for listed corporations is 25%, whereas unlisted public and private limited companies pay 35%. The corporate tax rate for banks, insurance companies, and other financial firms is 37.5% if listed and 40% if not listed. |
Currency: | Bahamian Dollar |
Minimum Paid-up Capital: | $100 000 |
Capital Requirement: | $100 000 |
Tax Structure: | 0% Tax on Offshore Profits |