Bahamas
Open IBC in Bahamas
International Business Company

Packages and Prices

TBA Standard Package

The cheapest option for you to set up your International Business Company in Bahamas.

This package includes all services as legally required:

Company Formation
Government Fees
Registered Office
Client Due Diligence (CDD)
Full and free tax and legal assistance, to keep your entity fully compliant.

TBA Standard Package Fees
Bahamas
International Business Company – IBC

 TBA Incorporation Fee US$2,900

+
Additional Legally Required Services:

Government License fees – US$350
Registered Office and Registered Agent fees
From the month incorporation until end Dec same year
Calculated on pro-rata, based on its annual fee US$810/annual (*)

(*) In case company has been registered in August 2024, this RO + RA service for period Aug/Dec 2024 will be US$337.50 only

Documents included

Certificate of incorporation
Memorandum and Articles of Association
Register of directors
Register of shareholders
Minutes of the first Meeting of Directors
Apostilled Appointment of first director
Share Certificates
Digital Company Kit

Free Services included

Consultation with one of our Business Development Managers
Unlimited Live Phone and Email Support
Initial Document Preparation within 24 Hours
Preliminary Name Search
PDF Document Review before Filing
Submission of Documents by Courier
Customized Articles of Association
Post Formation Legal and Tax Guide

Building a Personal Package

However, we do also provide you a wide range of services, to allow and enable you to build a Personal Package, to meet all your needs, including the below services:

Optional Services and Fees

Bank Account opening – US$800 (*)
Full set of certified corporate documents – US$295
DHL delivery of documents – US$110

Provision of Nominee Shareholder – US$650/annual
Provision of Nominee Director – US$800/annual
Certified apostilled Power of Attorney – US$450/unit

(*) Bank Account Opening Services in Bahamas
      Check all full related information on our Title below

Company Annual Renewal Service Fees

These are all legally required services to keep your company in good standing, and full compliant every year.

Annual Renewal Fees

Annual Government License fees – US$500.00
Local Registered Office Address – US$360
Registered Agent fees – US$450
Company Secretary (if required) – US$350
Economic Substance Filing – US$420.00
Administrative and Compliance fees – US$350.00
Corporate & Management Services – US$600

Accountancy Services

In the Bahamas, an International Business Company (IBC) is not required to file annual accounts with the government or any public authority. However, the company must maintain accurate financial records. These records do not need to be filed but must be kept at the company’s registered office or another place determined by the directors. The directors are responsible for ensuring that the financial records accurately reflect the company’s financial position and must be able to produce them upon request from regulatory authorities if necessary.

Opening Bank Account in Bahamas

Opening a business bank account in the Bahamas remotely can be a challenging process due to stringent regulatory requirements, anti-money laundering (AML) measures, and know-your-customer (KYC) protocols. However, it is possible with proper preparation and by working with the right banking institutions or service providers. Here’s an overview of what to expect:

Bank Selection

Local Banks: Some of the major banks in the Bahamas include Royal Bank of Canada (RBC), Scotiabank, and First Caribbean International Bank (CIBC). These banks have stringent requirements for opening accounts, especially for non-resident businesses.

International Banks: Some international banks operating in the Bahamas might offer more flexibility for remote account opening, but they still adhere strictly to regulatory requirements.

Online or Fintech Solutions: Some banks or financial institutions might offer digital services that allow for remote account opening, though these are less common in the Bahamas compared to other jurisdictions.

Documentation Requirements

Corporate Documents: You will need to provide the company’s Memorandum and Articles of Association, Certificate of Incorporation, and evidence of the registered office and registered agent.
Director and Shareholder Identification: Copies of passports, proof of residential addresses (such as utility bills), and possibly bank references for all directors, shareholders, and ultimate beneficial owners (UBOs).

Business Plan: Some banks may require a detailed business plan, including information on the nature of the business, expected financial transactions, and source of funds.

Bank References: Personal and business bank references may be requested to establish the credibility and financial history of the company’s principals.

Proof of Source of Funds: Documentation showing where the initial deposits or ongoing funds will come from, to comply with AML regulations.

Remote Application Process

Using a Local Agent: The easiest way to open a bank account remotely is to engage a corporate service provider in the Bahamas. TBA can help navigate the process, submit documentation on your behalf, and liaise with the bank.

Online Submission: Some banks may allow the submission of documents electronically. However, original or notarized copies of certain documents may still need to be sent by courier.

Interviews: In some cases, the bank might require a video or phone interview with the directors or UBOs to verify their identity and discuss the nature of the business.

Due Diligence and KYC

Enhanced Due Diligence: Banks in the Bahamas are required to perform enhanced due diligence, especially for non-resident clients. This could involve more thorough background checks and verification processes, which can lengthen the time it takes to open the account.

KYC Procedures: Banks will adhere strictly to KYC procedures, requiring detailed information on the company’s structure, the identity of its owners, and the intended use of the account.

Time Frame

Approval Process: Opening a business bank account in the Bahamas remotely can take several weeks to a few months, depending on the bank and the complexity of the application.

Expedited Processing: In some cases, working with a local agent or a well-connected corporate service provider may expedite the process.

Challenges

Complexity: The process is often complex and can be frustrating due to the level of documentation required and the need for compliance with international regulations.

Rejections: There is a higher likelihood of rejection for remote applications, especially if the bank perceives any risk related to the business or its owners.

Costs: Engaging a local agent, notarizing documents, and possibly translating them (if not in English) can add to the cost.

Alternatives

International Accounts: If opening a bank account directly in the Bahamas proves too difficult, consider opening an international account with a bank that has a presence in the Bahamas or using financial institutions that specialize in offshore banking.

E-Banking Solutions: Depending on the nature of your business, e-banking or fintech platforms may offer solutions that allow for easier access to banking services remotely.

Opening a business bank account in the Bahamas remotely is possible but involves navigating a complex process with significant documentation requirements. The process is time-consuming due to strict AML and KYC regulations.

Working with a local agent or service provider can significantly ease the process and improve the chances of success. Expect the process to take several weeks or even months, and prepare for the possibility of additional costs and compliance checks.

Company Incorporation in The Bahamas?
Why Choose TBA & Associates

Advantages of engaging TBA & Associates for company registration, formation, and incorporation services in the Bahamas include:

Comprehensive Service Range
TBA & Associates offers a complete spectrum of legal, corporate, government, and business services in the Bahamas. Our services include comprehensive legal support throughout the company registration process, securing a legal address, liaising with official government authorities, handling state fees, providing a legal address for the company for a year, producing and registering company stamps, and guiding clients through the registration process. Details about opening a bank account and associated costs are discussed during consultations.

Legal Expertise
We boast worldwide registration and legal maintenance of companies, along with accounting services, audit support, tax planning and optimization, and trademark and patent registration. TBA & Associates guarantees the provision of excellent company incorporation services to its clients.

Complimentary Initial Consultation
Clients benefit from a free consultation with TBA & Associates Business Development Managers. This involves discussing strategies or service provisions, analyzing legal positions, and developing solutions for issues raised by clients in the Bahamas.

Confidentiality Assurance
TBA & Associates safeguards the records and details of every client, ensuring utmost confidentiality.

Efficiency and Productivity
We strategically deliver personalized, up-to-date services to enhance the success of your business.

Contact us to learn more about establishing a company in the Bahamas. Our dedicated team of consultants will respond within 24 hours.

Contact Us

For any matter you may need to discuss or clarify, in terms of the suitable package and services you may need to register your company, please do not hesitate to contact us. Our Business Manager allocated to your own file will get promptly in touch with you.