The Bahamas: Ideal for Offshore Business

The Bahamas is well developed when it comes to business infrastructure especially in the finance sector.  This is no surprise since the country has, for a long time, been promoting itself as an international finance hub.  It has accompanied this with corresponding fine-tuning of its regulations.  The economy depends a lot on the offshore financial sector.  Thus, the government remains vigilant against the serious consequences of the country becoming a center for money laundering. This emphasis on the financial sector is also the reason why there is a plethora of Bahamian services dealing with trust management, insurance and mutual funds.  There are also a lot of other professional services available.  In the past few years, the government has been updating its laws to keep the Bahamas abreast of current developments in the world market.  Chief of these thrusts is the drive to make it a center for international e-commerce.  There is already in place a good foundation for this as the Bahamas also has a well-developed communications base. The government allows a lot of latitude for business in the Bahamas.  Indeed, it's so easy that the local agent of a person wishing to incorporate an International Business Company (one of several forms of company allowed under Bahamian law and the one most suitable for offshore investors) can finish the procedure in 24 hours.  Nonresident owners are even exempt from local Exchange Control regulations.  The laws regarding foreign investment are complicated, however, and the services of a local attorney should be engaged to make sure all forms and procedures are done correctly. Onshore business is more strictly regulated, and there are some enterprises forbidden to foreigners such as retail operations, fishing and periodical publication.  Frequently, large-scale operations are only permitted as shared-equity concerns.  These include transportation, farming and some local manufacturing.

 

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