Set Up Business in The Bahamas Has Easier Process
It is a gorgeous place on Earth, according to an astronaut. I would say The Bahamas is just outstanding in its own right. The Bahamas is made up of an archipelago of islands located in the Atlantic Ocean, southeast of the U.S. state of Florida. It is a member of the Commonwealth Realms, which makes Queen Elizabeth their queen. The Bahamas has more than 700 islands, and the capital of The Bahamas is called Nassau.
Situated pretty close to the Equator, The Bahamas enjoys a tropical climate, much like similar island nations. As with islands and tropical climates, you would imagine flawless beaches, and turquoise coloured coastline welcoming you at every island on The Bahamas. You guessed that right. So, why would not anyone want to set up business in The Bahamas? Here are some reasons why you should consider setting up trade here, in The Bahamas.
Neighbours with the USA
When you live on a tropical island that is practically neighbours with the worlds’ largest and among the most robust economies, wouldn’t that mean something valuable to you? More so, if you own a business. Surely, you have figured out a plan to market to the global market. But if you set up business in The Bahamas, it would make more sense that it is easier to reach the U.S. market. Firstly, it can go through a formal trade agreement with neighbours. Or make your sales casually when they visit The Bahamas for their holidays. Either way, you are on the favourable side.
Another business perk when it comes to setting up shop on island nations is the tax regime. The Bahamas are not the only island nation in the area. There is also neighbouring Cuba, trying their might to attract both business and leisure visitors to their island. Thus, The Bahamas lays down a tax regime that is irresistible to preferred business owners.
The Bahamas is free of income tax, or corporate tax, capital gains tax or wealth tax. The government obtains its revenue from other sources such as value-added tax (VAT), property and import taxes as well as license fees. Hence, it is not a wonder why The Bahamas has become the third most prosperous country in the Americas. The tax haven itself could easily attract droves of foreigners to move and live in The Bahamas. While enjoying the luxury living on The Bahamas, why not set up a business to acquire the piece of the pie.
Services Spillover Business Sector
Although The Bahamas heavily relies on tourism and offshore financial services, there is still hope if you want to set up business here. The tourism industry is extensive. It can even be related to the unforeseen. Generally, tourists to the islands would travel via planes or cruise ships. The main business servicing segment would be operating these transportations. But, maintaining the aircraft or vessels can quickly become a business avenue for those interested. The operational business is conventional in the tourism industry, providing maintenance of infrastructure to ensure the pristine condition is a lucrative business.
Likewise, travelers around the globe have become younger, and the younger population prefers mobile convenience where ever they are. Development of technology, information, or data processing services is also a segment that is highly encouraged by the Bahamian government.
If you want to set up a business in The Bahamas, you can contact 3E Accounting to help you in getting started successfully even as a foreign investor.