General information

Company structure

• ▪Minimum 1 director (can be only natural persons, no nationality or residency restrictions)*
• ▪Minimum 1 shareholder (can be natural or legal persons, no nationality or residency restrictions)

Taxation

• ▪No corporate tax
• ▪No withholding tax (Dividends, Interests, Royalties etc.)
• ▪Other taxes – 0% (capital gains tax, stamp duty on offshore instruments)

Local office – Required

Physical presence – Required (at least 3 local employees: Chief Executive Officer (CEO), Compliance Officer, Money Laundering Reporting Officer**)

Accounting and Audit requirements

• ▪All Payment Institutions Providers are required to produce annual audited financial statements. Such statements are to be prepared in accordance with International Financial Reporting Standards (IFRS) and must be submitted to the Central Bank within three months of the end of the financial year
• ▪The Central Bank may also consider a requirement to submit audited financial statements prepared in accordance with the simplified form of International Financial Reporting Standards for Small and Medium Enterprises (IFRS for SMEs)
• ▪Every Payment Institution must annually furnish a copy of the finalized management letter from the external auditor to the Central Bank within ten (10) days of its receipt by the Payment Institution and not later than forty-five (45) days after the expiration of the deadline for the submission of the financial statements
• ▪All providers are required to submit quarterly un-audited financial statements within twenty-one days of quarter end

Company name

• ▪Language: English
• ▪Restricted any name that is identical or similar to an existing company 
• ▪Following suffixes may be used to denote limited liability: “Limited”, or its respective abbreviation “Ltd”

* Prior to submitting an application for the Central Bank’s formal approval, all applicants must contact the Payments Unit of the Research Department to discuss their applications.

** Outsourcing Agreements may provide the necessary additional people to run a proper business.

In order to obtain a license, the following steps will be carried out:

• ▪Application for reservation of company name
• ▪Preparation and submission to the Central Bank of the application for respective License
• ▪Preparation and submission of the application and incorporation documents to the Registry
• ▪Incorporation of the company
• ▪Opening of the local bank account
• ▪Obtaining the PSP License

In order to obtain license, Offshorelicense will fill all necessary application forms and also acquire apostilled corporate documents. 

For that reason, please provide us with the following documents.

• ▪A notarized copy of valid passport of all directors and shareholders (2 sets)
• ▪A copy of proof of residential address of all directors and shareholders (2 sets). Can be utility bills or bank statements
• ▪Bank reference letter
• ▪Lawyer’s / auditor / notary reference letter
• ▪Bank balance confirmation for a shareholder – letter stating a minimum balance
• ▪CV for directors and shareholders
• ▪Educational qualification certificate for directors and shareholders

In the case if the shareholder is a company, needs to provide:

• ▪Passport of an Authorized Person of the Company (to be certified as a true copy by Commissioner of Oath, Notary Public or Embassy)
• ▪Utility Bill as a proof of residency of an Authorized Person for the body Corporate (to be certified true copy by Commissioner of Oath, Notary Public or Embassy)
• ▪Latest CV detailing Educational background and Working Experiences of an Authorized Person for the body Corporate)
• ▪M&A to include the clause on the establishment of the Bahamas Company or allowing to do so
• ▪2 Reference letters for the Authorized Person that are to be issued by a Professional such as a Lawyer, Accountants, Company Secretary or Bank
• ▪Registries of Company listing down the name of Director, Shareholder, Auditor, Company Secretary (to be certified as a true copy by the Company Secretary)
• ▪Certificate of Incorporation (to be certified as a true copy by the Company Secretary)
• ▪Certificate of Registered Address of the Company (to be certified as a true copy by the Company Secretary)
• ▪Resolution by the Company to appoint the Authorized Person to act on behalf of the Company (to be certified as a true copy by the Company Secretary)
• ▪Resolution of the Company to invest in Bahamas branch (to be certified as a true copy by the Company Secretary)

N.B.

• ▪If documents are not in English language, they must be accompanied by a notarized translation.
• ▪Please ensure that notarization is in English language if not then please provide with notarized English translation.
• ▪Additional documents may be requested by the Central Bank or local Bank at any point to certify specific information.