The Bahamas is a region conducive to import/export opportunities. The government is always seeking to increase its foreign currency reserves through export activity. Since a lot of the government's revenue comes from customs duties, rules and regulations are out of necessity complex. But despite this, the Bahamas still has a very tolerant policy concerning trade. Indeed, specific laws on foreign trade don't even exist.
The Bahamas government does not exercise control over exports nor does it levy taxes on it. It holds several favored trade agreements that give its goods concessionary access to world markets. Above three thousand types of its products have tax-free entry into the United States as long as at least thirty five percent of their value has already been supplemented in the Bahamas. A similar arrangement is in place for Canada and also for the European market.
Being an island nation, the Bahamas is faced with the need to import goods to satisfy consumer demands. This means there exist many opportunities for foreign exporters to do business here. These goods consist of clothing, foodstuffs, petroleum products, oil, machinery, appliances, and baby products. There is an absence of import quotas, and the distinct products it protects with duties are agricultural products. Most products require only trade control authorization to compensate for said goods.
As incentives, the Bahamas offers freedom from many forms of taxes including those on personal income, capital gains, inheritance, sales, and interest. This applies from individuals up to resident corporations and even companies under the control of non-resident entities. Additionally, people manufacturing goods can avail of an exemption from payment of customs duties for certain kinds of required raw materials.
A foreigner who wishes to establish a business in the Bahamas would be best served by hiring a local attorney, who can advise as to the necessary forms and procedures required to incorporate a business. Businesses may take several forms. The International Business Company is the type most suited for foreign investors.
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