Eternity Law International News Offshore bank license in Bahamas

Offshore bank license in Bahamas

Published:
January 15, 2024

Jurisdiction is autonomous British Crown Dependency with deep British traditions, located off the eastern coast of southern Florida. In this archipelago of approximately 700 islands, only thirty are inhabited. 350+ banking establishments act there, incl. major global banking facilities. Approximately 95% of all deals carried out locally involve international ones for non-residential capital-holders. Local banking privacy is carefully monitored by the governmental bodies and businesses depending on it to keep their sustainability. There aren’t restrictions on foreign exchanges locally, and foreign currencies may be easily entered and withdrawn. Firms’ establishment process and becoming owner of banking permits in Bahamas is relatively simple.

Our team guarantees highly-qualified expert services for the establishment and licensing of commercial structures in various industries. We offer ready-made companies for sale in Madeira, France, Germany, Estonia and others.

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Company registration

Banking sector is growing rapidly and banking establishments dealing exclusively with non-residential persons are considered non-residential ones for exchanging monitoring goals. They aren’t allowed to spread services to locals and organizations without Central Bank. Banking permit in Bahamas is an official permission to operate on local level.

To establish an enterprise locally, standard documentation are needed:

  • application to regulative authorities regarding intent to register;
  • Statute and agreement of firm’s setting up;
  • copies of passports and documentation on current place of residence of the founders and directors;
  • certificate of registration fees completing;
  • power of attorney for registered agents;
  • bank statements of all founders;
  • certificate of payment of annual capital fees.

Establishment process itself doesn’t take long, up to 5 working days; apostille of constituent documentation takes another 7-days-period. Thus, within 1-2-weeks-period entrepreneurs may become the owner of a firm.

Jurisdiction is prestigious offshore center because of its tax-incentives, confidentiality and convenient company establishment process. It’s recommended to consult with experienced managers of our team to avoid legal and financial risks.

Main peculiarities of a banking permit in Bahamas

There’re 2 categories of permits available locally, each with its own nuances and peculiarities.

  1. Unlimited bank permits allows a variety of service ranges to any clients and provides the permit holders with the opportunities to guarantee clients complete banking anonymity, confidentiality and secrecy.
  2. Limited license gives rights to spread services to pre-approved clients, while guaranteeing a high scale of secrecy.

Our experts are ready to give you deeply-covering assistance in getting any type of permission. We operate with PSP licenses in Mauritius, Forex-licenses in Germany, gamble permit in Malta and others. 

Cost of purchasing an already ready-to-use option is calculated individually. Our experts give you an estimated price right prior to entering into cooperation. 

Opening an offshore banking establishment in Bahamas

To achieve the goal, a proven image of a financial firm, its monetary steadiness and expertise in banking deals are mandatory. Permits are granted based on selected activities and license categories, with corresponding annual government fees. General permission allows for unlimited banking activities and needs a starting capital of $1 million, while other types of permits give certain capabilities: gold and currencies transactions, trust control, etc.

Standards for option to get a banking permit in the Bahamas

  1. Annual fees are 25,000 USD.
  2. Locally-registered office-premises.
  3. Starting capital or equivalent from 1,000,000 USD for unlimited licensing or from 100 thousand for limited licensing.
  4. 2 directors and shareholders, corporate governance admissible.

Advantages of an offshore banking establishment in the Bahamas

By using such structures as legal financial facilities, capital-holders may achieve a plenty of significant privileges.

  1. Owners are guaranteed confidentiality of all banking deals;  ensures safeguard and unhindered controlling of money, freedom from the risks of blocking them.
  2. Effective tax-planning helps to expand the profits of business-structures. Offshore provides admission to global market-spaces and preferential tax-treatment, facilitating the optimal allocation of resources in interests of founders.
  3. Such structures have opportunities to free currencies movements carrying out business-activities not locally.

Setting such an establishment needs correspondance with certain rules and normative points. Owners should successfully pass Due Diligence. To obtain a banking permit requires expertise in assets management or business-activities in the financial, international investments or banking fields.

Privileges of offshore firms in the Bahamas

Jurisdiction is known for its high-scaled confidentiality in banking services. Despite the introduction of legislation in 2021 requiring disclosure of the ultimate beneficiaries of companies to jurisdictional authorities, there is no publicly accessible register. It ensures the anonymity of organization owners and their accounts.

  1. There isn’t capital gains tax and the VAT-rate is 12%; it provides firms with tax-benefits and minimized liabilities.
  2. It’s a very flexible regulative mechanism and excellent infrastructure for offshore firms. Cooperation with banking establishments, financial facilities and firms makes it appealing for offshore deals.
  3. It’s strict money safeguard law, making it an appealing selection for those seeking to avoid prosecution or legal risks.

What does a banking permit in the Bahamas provide?

Bahamas provides unique possibilities for capital-holders and corporations looking for setting up an offshore firm in a tax haven. Jurisdiction, as an English-speaking country, attracts tourists with its beautiful and clean beaches, and a steady offshore financial market-space.

  1. Regulative regime is at the highest level, ensuring fully-covering correspondence with norms of investment market-space. Good supervision ensures a high standard of control while keeping confidence in reliability of regulations.
  2. Jurisdiction boasts a well-developed financial niche, demonstrating continuous improvement and progress. With 400+ banks and tens of thousands of corporate entities, they are active and thriving offshore. Total assets exceed 200 billion, which underlines its solidity.
  3. Financial niche offers a wide range of financial service ranges and banking accounts. Creating accounts remotely with low minimum requirements is standard practice. This jurisdiction is famous for its stable politics, constantly developing economy, many cultural attractions, excellent standard of living and developed infrastructure, making it an appealing location for global organizations.
  4. Getting an offshore banking permit usually takes about 4-months-period, providing a reasonable time frame to begin banking activities.

What does our company offer

By entrusting us with authorities to set up a firm and obtain banking permits, you may expect a full-covering range of expert options.

  1. We’ll thoroughly review and confirm the suitability of your chosen name for your new business, ensuring it is unique and up to standard.
  2. Our experienced team of experts will handle all mandatory paperwork, ensuring the entire licensing process runs smoothly and efficiently.
  3. We’l ensure payment of all registration fees and fees associated with the licensing process, giving you transparency and confidence in process.
  4. Your firm will be officially established on general register, giving you legal recognition and credibility in the business world.
  5. If necessary, we’ll apostille documentation.
  6. You’ll have access to expert advice from our professionals, providing you with all the data you need about doing business-activities locally.
  7. We’ll give deeply-covering support at every stage, from start of registration process to the subsequent management of business-activities.
  8. Ready-made firms and permits for sale, particularly, a banking license in the Comoros, Vanuatu, Labuan and other countries.
  9. Our services ensure compliance with all regulatory standards, providing your business-project with legitimacy and transparency.

With our help, you effectively get a permit and successfully launch your banking business guaranteeing stability and long-term success.

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