What are the requirements for a New Annual Business?
• Proof of Bahamian Citizenship (Valid passport) or permanent residency with right to work.
• Approval from the Bahamas Investment Authority for non-Bahamian and foreign owned companies.
• Certificate of Incorporation (with proof that shares are 100% beneficially owned by Bahamians); receipt of current company registration or Current Certificate of Good Standing.
• National Insurance Board (N.I.B.) letter of good standing along with copies of owner’s personal N.I.B. cards.
• Lease/rental agreement or proof of ownership of property (copy of conveyance) for office Space along with approvals from:
a. Department of Physical Planning (zoning).
b. Ministry of Works/Building Control Section (inspection) and;
c. Department of Environmental Health.
d. Police approval (for sale of alcoholic beverages and music & dance activities).
NB: It should be noted that the above requirements are needed for all businesses; however, additional requirements are needed for regulated businesses, for example attorneys and custom brokers.
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