Government Agencies

After reviewing the major general changes to the legislation related to the business environment in The Bahamas, we would also like to introduce you to some government agencies and their functions. This is helpful to monitor by yourself any change in the legal framework or conditions surrounding your business or even your life in the Bahamas in case you are considering living there as an ex-pat.

1. Ministry of Finance: Its main responsibility is the management of the government's financial resources. This responsibility includes planning, supporting, and making consultations on the most appropriate economic tax policy with the aim of sustainable economic growth and development. The development and management of the government budget is also an important aspect of the function of this Bahamian institution.

A. Under this ministry, you will find the Department of Inland Revenue which is a union of a number of The Bahamas’ primary tax and revenue agencies namely Business Licence, First Homeowners Exemption, Real Property Tax, and Value Added Tax.

B. Customs Department: Their main function is the collection and protection of the Revenue of The Bahamas. For doing so, this department assesses and collects customs duties, fees, and penalties due on imports, among other things. The scope of responsibility under the Department is vast and stretches across the archipelago of the Bahamas. 

2. Registrar Generals Department, under the scope of the Office of the Attorney General & Ministry of Legal Affairs, has among its main duties the registration of companies, Likewise, this institution is in charge of the registration of Deeds, and documents certification and registration. Finally, it also has an Intellectual Property Office, related to the registration of patents, trademarks & copyright

3. The Ministry of Financial Services, Trade & Industry, and Immigration is the Bahamian authority in charge of Work and Residency Permits. Also, and according to its official website, it “is the entity responsible for providing vision, strategic direction, policy, and information related to the movement of financial resources, goods, and people”.

As you can see, the Bahamian government has a well-organized network of websites that can provide you with all the information you need when first approaching the legal framework of The Bahamas. Even though it is always good to review the primary source of information, our experts are more than willing and prepared to make it even easier for you. Business, expats’ lifestyle, investment opportunities, registration documents, and any doubt you may have: do not worry, we’ve got you covered.

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Новости по теме - Багамы
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3 МАРТА 2022
15:00 GMT
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