Bahamas Banking License

In The Bahamas, offshore banking activities dwarf local currency banking business. Banks which conduct business solely with non-residents are designated non-resident for exchange control purposes and are not allowed to offer services to residents without the approval of the Central Bank, thus enabling a clear differentiation between the domestic and offshore sectors, and ensuring the effective conduct of domestic monetary policy.

 

Key Features

There are 2 types of Bahamas offshore banking licenses available:

  • Unrestricted Bahamas offshore bank license – which allows the bank to offer a variety of services to anybody; and a
  • Restricted Bahamas offshore bank license – which only allows the bank to offer services to a pre-approved list of clients.

In addition, a Bahamas bank license enables a license holder to offer clients complete banking anonymity, confidentiality and bank secrecy, thus enhancing the attractive nature of banking.

 

Legal Requirements

Requirements

Description

General

  • Corporate  vehicle permitted

Bahamas Company

  • Application fee

USD 12,000

  • Annual license fee

USD 25,000

  • Local physical office required

Yes

Share capital or equivalent

  • Minimum paid-up capital

USD 1,000,000 (Unrestricted License)

USD 100,000 (Restricted License)

Directors

  • Minimum number

2

  • Corporate directorship allowed

Yes

  • Local director required

No

Shareholders

  • Minimum number

2

  • Corporate shareholders allowed

Yes

  • Local  shareholders required

No

Service Providers Required

  • Company Secretary

No

 

Tax Treatment

As a holder of a Bahamas bank license, an offshore banking institution will be exempt from taxes, stamp duties and fees.

 

Duration to Set Up

Around 4 months

 

Distinctive Benefits of Licence

A Finely tuned regulatory regime that provides confidence in the quality of supervision while ensuring that the demands of the investment community can be met.

The Valsen Advantage

  • End to end comprehensive service
  • Speedy and efficient service
  • Expert advice on structuring options
  • Dedicated ongoing compliance support
  • Extensive network pool of service providers