In this article, we’ll share how to open a business bank account in The Bahamas. This will include account opening for entities registered in The Bahamas, foreign jurisdictions, and offshore.
That said, the business banking options you can consider in The Bahamas depend on the operations of your business, where your business is registered, where it operates from, and several other key factors.
In this article, we’re going to help you navigate each of these factors and start the process of opening a Bahamas bank account for your business.
This article is part of our free series on banking in an island country, like The Bahamas, which you can access by clicking here right now.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- How to Open a Business Bank Account in The Bahamas
- Who Can Open a Corporate Account in The Bahamas?
- Benefits of Business Banking in The Bahamas
- Offshore Business Banking Services in The Bahamas
- Frequently Asked Questions
- Ready to Open an Offshore Bank Account?
How to Open a Business Bank Account in The Bahamas
How to open a business bank account in The Bahamas will depend on the type of business you operate, where your business is located, the deposit your business can make, the residency status of all shareholders and directors, the intended purpose of the account, and several other key factors.
Of course, each bank in The Bahamas has its own account opening procedures, document requirements, and deposit requirements that each business (and shareholders and directors) will need to meet.
Additionally, it’s important to note that the opening procedure fees and additional banking costs in The Bahamas will vary greatly depending on the type of company applying for an account
Furthermore, specific documents are often a requirement for foreign and offshore entities. These documents include both business documentation and personal documentation. Business documentation includes company financial statements, bank reference letters, proof of address, and active contracts.
Personal documentation typically includes government-issued identification for all owners and directors and in certain cases it may also include proof of address or residency.
Needless to say, knowing which documents and requirements you and your company need to provide to open a business bank account in The Bahamas is an important step in successfully opening an account here.
In the following sections of the article, we’ll share how you can find the right banking institution and list of banks in The Bahamas that actively accept foreign entities and those that allow remote opening.
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Who Can Open a Corporate Account in The Bahamas?
Who can open a corporate account in The Bahamas varies from bank to bank. That said, in most cases, banks look to open corporate accounts for businesses with a local presence (office and employees) and those seeking investment accounts. In other words, the elite financial organizations and the best banks in The Bahamas are not looking to open low-level transactional accounts for foreign and offshore entities.
Additionally, it’s important to note that not all banks in The Bahamas accept non-resident companies and offshore entities. And, of the banks that do, they typically have very specific operating and risk profiles that they are willing to accept. That said, when banking as a foreign non-resident individual or company, it’s important to also consider the financial liabilities and risks of banking in The Bahamas and the restrictions your account may have before applying. This is because some banks may have restrictions on how you can transfer funds and send money to The Bahamas and how money can be received.
Let’s take a closer look at the types of corporate clients that can open business bank accounts in The Bahamas.
Client Types That Can Open Bahamas Company Bank Accounts
- Bahamas corporate entities
- Bahamas wealth management structures
- Offshore entities & wealth management structures
Of course, it is worth noting that each bank in The Bahamas will have its onboarding process, Bahamas-specific banking requirements, and specific entities and business activities that they accept. With this in mind, it’s important to confirm whether each bank’s requirements match your company before applying to open an account.
Unfortunately, accessing this level of information is extremely difficult. In fact, even when contacting the biggest financial groups or largest banks in The Bahamas, many bankers are unaware of the compliance requirements and restrictions that applicants may face. Not to mention the struggle of getting bankers to respond to you in a timely manner.
Benefits of Business Banking in The Bahamas
The benefits of business banking in The Bahamas ultimately depend on your specific business profile and the corporate financing features and Bahamas banking services your entity requires. In other words, the industry you operate in, where your business is located, if you need access to the country’s legal tender and the currency of The Bahamas, why you want to bank in The Bahamas, and any additional corporate banking services you require.
Of course, not all banks in The Bahamas offer the same corporate banking services and benefits. So, it’s important to consider the exact financial gains and The Bahamas banking benefits you are looking for prior to applying for a Bahamas corporate account.
Additionally, as mentioned above, most corporate entities looking to bank in The Bahamas will be seeking investment accounts or bank accounts to support local business activities. With this in mind, if you are seeking transactional bank accounts for your entity, you should consider other jurisdictions instead.
To review your banking options in The Bahamas and to compare other jurisdictions, you can start by using the information available in the GlobalBanks IQ Database or by accessing bank-specific information from our advanced international banking reports.
Benefits of Business Bank Accounts in The Bahamas
- Highly sophisticated banking jurisdiction
- Home to reputable banks with an established presence
- Account opening is almost always remote
- Foreign and offshore entities can open here
- Banks offer access to a wide range of major currencies
- Wide range of investment opportunities and services
- And more
Offshore Business Banking Services in The Bahamas
Offshore business banking services in The Bahamas include term deposits, investment accounts, multi-currency accounts, and more. Of course, the services available to you and your business will ultimately depend on the bank you choose and your business’ client and risk profile.
Is Online Banking Available in the Bahamas?
Yes, online banking is available in The Bahamas. In fact, some of the most sophisticated international banks operate in the country. In other words, the online banking offered by several banks will be among the best in the world. That said, many of these banks require substantial deposits in order to open accounts. So, in certain instances, it may be worth exploring other jurisdictions for your banking needs.
Frequently Asked Questions
Below are a few of the most common questions we receive from people exploring how to open a business bank account in The Bahamas. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Requirements Do I Need to Open a Business Bank Account in The Bahamas?
The requirements you need to open a business bank account in The Bahamas depend on the bank you apply with and your business’ client profile. Generally speaking, most applicants will need to complete the bank’s application paperwork, provide multiple forms of identification for the shareholders and directors, submit corporate registration documents, company financial statements, and more.
Can I Open a Business Account in the Bahamas?
Yes, you can open a business account in The Bahamas. Of course, whether or not it’s the best jurisdiction for your business will depend on the type of business you have, where it operates, your residency and citizenship, and many other factors. With this in mind, it’s critical to select a bank that caters to similar clients, offers the banking services you need, and has requirements you and your business are able to meet.
Can Foreigners Open a Bank Account in the Bahamas?
Yes, foreigners can open a bank account in The Bahamas. In fact, most foreigners can open private accounts, investment accounts, and personal bank accounts in The Bahamas. In almost all cases, international account opening and offshore banking in The Bahamas is completed 100% remotely. That said, bank selection is an important step as not all banks here accept foreign non-residents, offer high-end financial services like private banking in The Bahamas, offer remote opening, and there is a wide range of account opening requirements to navigate.
Can a Foreigner Open a Business Bank Account?
Yes, a foreigner can open a business bank account in The Bahamas. In fact, it is possible for foreigners to open business accounts in The Bahamas for foreign and offshore entities. However, The Bahamas is not primarily a transactional banking hub. Instead, it is aimed at entities looking to maintain high deposits, invest some of their funds, and access international banking services. That said, not all Bahamas banks accept foreign entities.
Ready to Open an Offshore Bank Account?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…
+ Direct support from a team of banking experts
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And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
Use this link to see how GlobalBanks Insider can help you successfully open accounts.
