Bahamas Offshore 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 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

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