What are the most meaningful benefits of offshore banking in the Bahamas?
The number one benefit of Bahamian offshore banking is the tax-free environment for non-residents and international business entities.
Personal income is tax-free in the Bahamas and you don’t have to worry about other taxes, including capital gains tax, corporate tax, purchase or sales tax, inheritance tax or wealth tax. You can enjoy these perks whether you live in the Bahamas, own a legal entity, a multinational company, or have a special trust agreement.
The number two benefit of Bahamas offshore banking is the banking secrecy held safe from prying eyes. Financial privacy is undoubtedly one of the most important banking services at all times. This is the freedom that most clients crave, especially those who have registered their companies in the United States. If you have some money or investment outside the USA, you are obliged to submit compulsory annual reports to IRS (the US Internal Revenue Service) – the government agency which wants to know everything about your assets and incomes. However, the local legislation in The Bahamas guarantees that only the Supreme Court could cancel agreements on confidentiality of information about clients and their accounts at any Bahamian bank. For example, tax evasion is not considered a criminal offense in the Bahamas, and any court ruling on tax-related cases is not sufficient for the Supreme Court to order a Bahamian bank to disclose information about the beneficiary of the account or his/her banking transactions. If you want to open an offshore corporate bank account in The Bahamas for legal activities and business, rest assured that the bank will respect bank secrecy.
No wonder that more than half of the world’s wealth is held in offshore institutions. Many companies consider it profitable to create a new financial instrument for their business – an offshore bank account in the Bahamas. The financial services industry is indeed one of the most important and profitable industries in The Bahamas.
The level of banking secrecy is an extremely important consideration when selecting a bank for an offshore account in The Bahamas. You can always get our free professional advice on opening a corporate bank account in The Bahamas by contacting us at email@example.com. Please indicate that you need help (a free consultation) in choosing an offshore or foreign bank account. Once you have made your choice, we can offer a paid service to compile and submit your application through us.
The next advantage of the Bahamas Offshore Banking is deposit insurance.
The Central Bank of The Bahamas is responsible for the administration of the Bahamas Deposit Insurance Corporation (DIC) – a public corporation, established under the Protection of Depositors Act, 1999 (the Act). Its mission is to provide deposit insurance protection and support for Bahamian Dollar depositors, contributing to the stability of the Bahamian financial sector through minimizing risk to all depositors, including international customers.
On the website of the Central Bank of the Commonwealth of the Bahamas (or the Bahamas, as we will continue to refer to in this article as a state north of the Caribbean Sea) you can easily find the list of banks with accounts insured by DIC.
Yet another advantage of the Bahamian banking system is the possibility of opening a bank account remotely.
Finally, should you wish to combine business with leisure, The Bahamas is a perfect banking and tourism destination in any season.
Bank of The Bahamas Limited
We offer you a solution based on opening a corporate account remotely at Bank of The Bahamas Limited, one of the most reliable banks in the Bahamas. Your application can be prepared and submitted online.
Basic facts about Bank of The Bahamas Limited:
- the most decorated Bank in the country: Euromoney Award for Excellence (2006,2009,2011,2012), Chamber of Commerce Business of The Year Award (2007), Financial Services Development & Promotion(2006), Bracken Award: Country Bank of the Year (2005, 2010, 2011), IAAP Award for Corporate Excellence (2004)
- 13 branches in seven islands across The Bahamas
- online banking
- mobile banking
- highly skilled staff
- English is the main language of communication with customers
- 2 types of pre-paid cards to choose from
- Personal Savings accounts
- Loans and special credits
- Investment Certificate
- Rate Escalator Investment
- Corporate Chequing Accounts
- Term Deposits
- Wealth Services – Estate Planning, Trust Services, Corporate Services, Private Banking
The best financial institutions cooperate with The Bank of The Bahamas. Its correspondent banks include several world’s leading banks: JPMorgan Chase (New York), Bank of America (Miami), Bank of America (London), Bank of Montreal (Canadian bank).
You will not face the slightest problem if you decide to use different currencies (except for Chinese yuan, though). The Bank of The Bahamas works with the American dollar; the Canadian dollar; Euro; Pounds sterling; the Bahamas dollar (the national currency of the Bahamas, the rate of the Bahamas dollar against the US dollar is 1:1).
Accounts for legal entities in foreign currency (you can also open an account in Bahamian dollars) are opened with a minimum deposit of 10,000 US dollars (or 10,000 Bahamian dollars respectively).
Bank of The Bahamas opens the following accounts:
1) Current corporate (settlement) account for a legal entity registered in the Bahamas.
2) Accounts for international financial companies – International Business Companies (IBC).
You can request more details by writing to our experts. They will provide you valid data on the following aspects:
- which company accounts can be opened with Bank of The Bahamas
- fees for corporate bank accounts
- rates for cheques, ATM transactions
- the cost of renting bank cells of different categories
- tariffs for bank transactions, etc.
How to open the corporate bank account remotely?
The list of documents required when you apply for opening a corporate account with Bank of The Bahamas includes:
1) A valid business license for your company opening a corporate bank account (for licensed activities);
2) A certified copy of your passport or ID to prove your identity; passports or IDs of each signatory to the account and at least two directors of the company;
3) Testimonials from your servicing bank, in which you already have a valid bank account, plus a personal recommendation (from your lawyer, accountant, lawyer or business partner) for each signatory to the account;
Please note that the testimonials need to be issued and signed by the referral person(s) with whom you have been in business relations for at least three years.
4) The deposit you are going to put into your account (the minimum amount of deposit is due to be deposited);
5) Notarized proof of address (recent utility bill, credit card statement) for each signatory to the account and at least two directors of the company opening the corporate account; mandatory details include the full name and full address;
6) Description of the business activities of the company to which an offshore corporate account is opened, specifying:
– company products & services provided;
– business location;
– potential parameters of the account: annual turnover, the amount of average transaction on the account, etc.
7) Samples of the signatures of the account holder and account administrators;
8) All corporate documents of your company and proof of the real owner of the business (beneficiary):
—Memorandum & Articles of Association (notarized copy);
—Certificate of Incorporation (notarized copy);
—Register of Directors & Members (notarized copy);
—Proof of Good Standing with your previous bank (not provided by companies registered for less than one year);
—Resolution of Board of Directors on opening the bank account of the company and appointed signatories (administrators) to the account
The bank may request some other documents, for example, the source of the funds you are depositing.
Without the right tools and valid data, businesses have a harder time when the economy slows down and the world is hit by the extreme economic turbulence and pandemic. The Bahamas banking system offers many advantages to private and corporate accounts holders. However, banks are very cautious and demanding when opening accounts, so the application for opening an account usually takes more effort than just pushing a button.
If you are just starting a business or want to register a new one, our consultant will provide you with reliable professional advice. You are welcome to take advantage of the right solution – our assistance in setting up your company with a corporate bank account remotely.
To order a corporate offshore account in The Bahamas, please send us your request, explain your needs, sign our Services Agreement, pay the fee of 3999 EUR, follow our instructions and assistance in filing the required documents, and celebrate the access to your corporate account with Bank of The Bahamas.