Tourism and Economics in the Bahamas

A popular tourist attraction, Bahamas is made up of 700 islands and more than 2000 quays and rocks spread over 100000 square miles. The country has beautiful beaches, allowing for a thriving tourism industry, as well as a successful hotel and services industry. The culture of Bahamas has developed over generations from a mixture of African, American, and British influences. The people of Bahamas are known for being friendly and hospitable. English is the official language, with Creole spoken by most of the Haitian immigrants.

Bahamas has the second largest GDP in the Caribbean islands, with an economy primarily dependent on the tourism and the banking industries. Tourism constitutes 70-80% of the country’s GDP, employing more than half of its workforce. With beautiful beaches and an inviting economic climate, Bahamas can be a good place to work and invest.

2021
April 2Good Friday
April 5Easter Monday
May 24Whit Monday
June 4Randol Fawkes Labour Day
July 10Independence Day
August 2Emancipation Day
October 11National Heroes Day
December 25Christmas Day
December 26Boxing Day
December 27Christmas Day observed
  • Limited Liability
  • Corporation
  • Partnership
  • Corporate Tax: 0%
  • Income Tax (Lowest Marginal Rate): 0%
  • Income Tax (Highest Marginal Rate): 0% + 8.8% social security tax
  • VAT/GST/Sales Tax: 12% (standard rate)
  • Hottinger Bank (Local Bank)
  • Bank of The Bahamas International Ltd (Commercial Bank)
  • Commonwealth Bank Ltd. (Commercial Bank)
  • Fidelity Bank (Bahamas) Ltd (Commercial Bank)
  • Citibank N.A. (Commercial Bank)
  • FirstCaribbean International Bank (Bahamas) (FCIB) Ltd. (Commercial Bank)
  • The Finance Corporation of The Bahamas (FINCO) (Commercial Bank)
  • Royal Bank of Canada (Commercial Bank)
  • Scotiabank Bahamas Limited (Commercial Bank)
  • Bank of the Bahamas Limited (State Bank)
  • Ansbacher (Bahamas) Ltd (Private Bank)
  • Credit Suisse ltd (Private Bank)
  • Guaranty Trust Bank Limited (Private Bank)
  • Lombard Odier Darier Hentsch Private Bank (Private Bank)

Aadmi can support you with your expansion to Bahamas. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns.  Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.

Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.

June 10, 2021
Are you planning a business expansion but are unsure of where your next location should be? We get it! Making such a huge decision is no joke because your next business loc...
June 09, 2021
When choosing a new job, there are many factors that need to be taken into consideration. For some, these may include a shorter commute, while for others, the benefits that...
June 08, 2021
Brazil is the ninth-largest economy in the world and is growing in appeal for foreign investors. While payroll compliance in Brazil is complex, you can get a good general i...
June 05, 2021
Setting up new operations in a new country can be a very exciting time for your organization’s growth; It can also be incredibly challenging. Here are a few best practices ...