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Open a Bahamas Bank Account

Introduction

The Bahamas offers a world-class banking sector that offers a range of different financial services for companies.The Caribbean nation is a popular choice for companies and individuals looking to establish offshore bank accounts, due to its demonstrated stability, resilience in the face of the Global Financial Crisis of 2008, desirable tax regime and relative privacy.
Bank Account Key details
Currencies: USD, EUR, GBP, CHF
Minimum deposit to open Bank Account: USD 1,000,000
Good For: Corporate Wealth Managment, Fund Managers, Crypto Business
Eligibility: Offshore companies
Personal Visit: Not required
Money back guarantee if unsuccesfull bank account opening
We will assist with up to 3 different banks
Personal Bank Account fee: 340
Corporate Bank Account Fee: 1,020

Documents Required to open your Bank Account

Company documentation
  • Certificate of incorporation
  • Memorandum and articles of association.
  • Share certificates.
  • Certificate of incumbency, or certificate of good standing if the company is more than 12 months old.
  • Corporate structure identifying the ultimate beneficial owners.
  • Business license (if applicable for some industry like Financial Services).
  • Power of attorney (if applicable).
  • Declaration of trust (if applicable).
Personal documents of each director, shareholder, appointed secretary, authorized signatory and ultimate beneficial owner.
  • Proof of identity: copy of valid passport (The passport must have the passport holder’s signature and it must match the signature in the application form, certification required however we can support you on this).
  • Proof of residential address: original or certified copy of utility bill/bank statement dated within previous 3 months.
  • Proof of banking history: original or notarized copy of bank reference letter, dated within the previous 3 months, or 6 months’ statements (depending on the chosen bank).

     *Certification can be done by a bank, a attorney at law, a notary or public officer however we can assist you on this.

Business evidence (upon bank request)
  • Invoices, contracts, agreements of your existing company.
  • Service Provider Certification with your prosperous partners/ suppliers.
  • Any documents proving your qualifications in the business scope.

Country General Information

Banking
The Bahamas is member of the Caribbean Development Bank, the International Monetary Fund, and the World Bank. There are 250 banks that operate within the country both regional and international banksThe Bahamas has moved more in compliance with international standards the last few years due to pressure from the USA and the OECDThe Finance sector occupies a large part of the countries economy, with up to 1/3 of the GDP dependent upon financial services.Offshore banks are regulated by the Bahamanain Central bank. Although there are still struct private laws that does not make it possible to not report income or assets held in the countryIn 2018 Bahamas passed new banking laws that helped to curb illicit finance
History
The Bahamas, once a British Crown colony, is now an independent nation and a constitutional parliamentary democracy within the Commonwealth. In 1964 the British Parliament authorized internal self-government in the islands. Nine years later the country achieved full independence. The Bahamas, officially referred to as the Commonwealth of the Bahamas is an archipelago in the North Atlantic Ocean north of Cuba and east of Florida. The majority of the islands in the Bahamas are 100 to 150 miles off the Florida coast; though the closest island lies just forty-five miles away.The Bahamas is one of the wealthiest Caribbean countries and it terms of per capita GNP it is just behind the United States and Canada. In 2013 the GDP was US$11.4 billion, while the per capita GDP was estimated at US$32,000. The Bahamian dollar is kept on a par with the United States dollar by the government and has been for several decades. The US dollar is a widely accepted currency in The Bahamas.The economy of the country is largely based on tourism and tourist-driven housing and construction (60%) and offshore banking (36%). In the past, offshore banking was an even greater contributor to the economy, but since 2001 more stringent financial regulations drove many businesses away, many of whom sought out Bahamian offshore accounts for the purpose of tax evasion rather than to tax avoidance. Today, the Bahamas is one of the premier jurisdictions for the formation of offshore corporations as its regulations, though much stricter, are nevertheless generous as the government is still cooperative and has actively sought to encourage offshore investors.
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