If you are operating your business in one of the family islands, you will also need a letter of approval from the Island Administrator.
You will also need to register your business for National Insurance by submitting a completed R1 Form along with your identification. You can do this in-person at the local NIB office, or online via email by sending your information to registration nib-bahamas.
At this point, you should also take the time to ensure that your individual National Insurance payments are up to date. There is no need to submit a letter of good standing as this will be checked automatically through the online system. The final step in applying for a business license is to use your approved trade name, along with your agency approval letters, to apply for the license with the Ministry of Finance on their website.
You should bookmark this page because you will need to return here to renew or make changes to your business license in the future. Your very next step is to create an account. Enter all of the requested information and then submit the form. With your account created, you can now login and apply for your business license. After you submit your application, your registration process is basically complete. Now you must wait for further feedback. You will also receive an email to notify you of any updates on your application.
Once your application has been processed, an email will be sent with your new business license. Over the past 5 years, I have applied for multiple business licenses for myself and for my clients, and I can honestly say that I am mostly pleased with the process. However, I do think that there is much room for improvement. It should be standard for people from all islands to apply for every step of the business license process online. This is currently not the case, which makes it less convenient for some family islanders.
I have found that the most time intensive processes was receiving a new National Insurance certificate via email. On more than one occasion the process seemed to take unusually long as their agents took some time to reply.
I also experienced an unusual wait when trying to update my business license information. Other than these minor challenges that I have experienced, the business license process has been smooth overall. It feels great to know that registering a business in The Bahamas can be a straightforward process. Search for:. Do I need a licence to do business in the Bahamas? Every person conducting business within The Bahamas is required to have a business licence Business Licence Act, 3 1.
What are the requirements for a New Annual Business? Department of Physical Planning zoning. Department of Environmental Health. 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.
Can I operate any type of business from my home, i. Only business activities that are zoned for residential areas can be conducted provided approval is obtained from the Physical Planning Department. Businesses that are deemed industrial in nature are not allowed. Are there any penalties for operating a business without a licence and what are the penalties for not renewing my licence by the due date?
Are there any penalties for late licence payments? Am I given a grace period? All licences expire on 31 st December, except for temporary and occasional. The grace period is until 31st January of the following year. Where can I apply for a business licence?
Is the process simple? Yes, the process Is relatively simple and more convenient with the new online system. After applying for my business licence how long would it take to be granted?
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