How to open a business account for
Regardless of what type of business you are operating, it is a golden rule that you should separate your personal and corporate finances. Then, setting up a business bank account is always in need. For Bahamas companies, you may have many banking options to set up a business account:
Application with local banks in Bahamas
Bahamas has been well-known for its privacy and security of the banking system. Recently the country has implemented changes to its long-standing history of international financial services to meet EU and OECD demands. As a result, Bahamas is a member of Tax Information Exchange Agreement (TIEA) with nearly 40 countries.
Financial services, specifically international banking are the second-most important factor to the Bahamas economy, which contributing up to approximately 17% of total GDP. Bahamas has promulgated International Business Companies Act in 1990, and subsequent initiatives to enhance the country’s status as a leading offshore financial center.
The Bahamas has a sound and well-regulated banking system comprised of domestic and large international banks from across the globe, which provides easy access to global capital markets. The central bank of Bahamas, established in 1974, pursues its legal mandate of maintaining the country financial stability.
Be advised that some brick-and-mortar banks don't accept opening a business account online.
Going for offshore bank accounts or fintech solutions
We currently don’t support opening bank accounts in Bahamas. However, a Bahamas IBC can open its account in most offshore banks including Singapore.
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Bank reference letter
Certified copies of passports, proofs of residence of all directors/shareholders
Company business evidence (sales/purchase orders, invoice, etc.)
Certified copies of Anguilla company incorporation documents
Government certification of company good standing status.
Additional supportive documents beyond the listed above might be requested to open your Bahamas company bank account depending on each local regulation, your business fields and on a case-by-case basis. Please contact us to know the exact documents needed for your case.