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 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 |
|
|
Bahamas Company |
|
USD 12,000 |
|
USD 25,000 |
|
Yes |
|
Share capital or equivalent |
|
|
· Minimum paid up capital |
USD 1,000,000 (Unrestricted License) USD 100,000 (Restricted License) |
|
Directors |
|
|
2 |
|
Yes |
|
No |
|
Shareholders |
|
|
2 |
|
Yes |
|
No |
|
Service Providers Required |
|
|
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
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