Organization : Department of Inland Revenue
Facility : Apply for Temporary Business Licence
Country : Bahamas
Website : http://inlandrevenue.finance.gov.bs/business-licence/temporary-business-licence/
Apply Temporary Business Licence :
All businesses are required to be licenced under the Business Licence Act 2010. A non-Bahamian applying to conduct a specific business in The Bahamas for a period of time is required to apply for a Temporary Business Licence.
Related : Department of Inland Revenue Real Property Tax Payment Bahamas : www.statusin.org/29114.html
Eligibility :
** A non Bahamian Company
** Bahamian company with non-Bahamian partnership
** A foreign person
Process :
** Register online via vat.revenue.gov.bs
** Scan and upload the approvals along with other supporting documents in the online application form in the ‘Supporting Documents’ section.
** Ensure the online Business Registration Application form indicates that it is a Temporary Licence.
Supporting Documents : (scan and upload in the ‘Supporting Documents’ section of the online form)
** Approval from The Bahamas Investment Authority or the Ministry of Finance.
** National Insurance Board Registration Number/Letter of Good Standing
** Certificate of Incorporation along with the annual company registration fee payment receipt or Certificate of Good Standing
** Copy of the contract
** Related Taxes : The tax payable is calculated @ 1.5% of the value of the contract
Once all document requirements are met and approved, the application is then processed within 7 working days. The Department of Inland Revenue will contact the applicant via the online user account for additional information or clarification if needed.
You should regularly check your messages in your online account and the email address you provided for correspondence from the Department.
Requirements :
** Approval From National Economic Council/ The Bahamas Investment Authority
** A Copy Of The Contract (To Confirm Contract Value And Completion Date)
** Tax Payment : One And One Half Percent (1 ½ %) On The Contract Value
** Payment Of Business Licence Fees For All Previous Works Done Within The Bahamas
** A Copy Of The Certificate Of Incorporation And Annual Company Registration Fee Payment Receipt
** National Insurance Board Registration Number And Letter Of Good Standing
** Completed Business Licence Registration Online
FAQ’S – BL :
1. Am I given a grace period?
Yes. All licences expire on 31st December, except for temporary and occasional. The grace period is until 31st January of the following year.
2. Where can I apply for a business licence?
Business Licence applications can be completed online via the RMS-Web system at vat.revenue.gov.bs. (see the link, ‘How To-BL’ located at the top left of this webpage)
3. Is the process simple?
Yes, the process Is relatively simple and more convenient with the new online system
4. After applying for my business licence how long would it take to be granted?
Providing all requirements are submitted, the application should be processed within seven (7) business days.
5. Am I allowed to print my licence online or is there a dedicated processing and pick-up center?
Yes, licences can be printed online.
6. Can a replacement licence be printed online?
Yes, at any time.
7. If I move, can my business licence be transferred or do I have to apply for a new license?
Approval for New Location has to be obtained and a change of circumstances requested. This process is also done online.
8. If I open a business, say mid-year (June) do I pay for the entire year or can my taxes be pro-rated?
Presently, Business licence taxes are not pro-rated. The initial tax for a new applicant is $100; thereafter the taxes are computed on turnover for the prior calendar year.
9. If I have several branches, do I need a licence for each branch or would one (1) license cover all branches?
A licence would be required for each branch.
10. If I have several branches, do I have to submit filings for each branch or do I combine my turnover amounts and submit one (1) filing?
One application is submitted for the combined turnover of all branches.