Organisation : Bahamas Ministry of Finance, Value Added Tax Department
Facility Name : Renewing A Business Licence
Country : Bahamas
Website : https://inlandrevenue.finance.gov.bs/business-licence/renewing-business-licence/
How To Renew Business Licence in Bahamas?
Turnover is the total revenue from business activities (in money and money’s worth, e.g. all cash, credit sales, and commissions) without any deductions.
Related / Similar Facility : Bahamas VAT Registration
All businesses with turnover of $250K + are required to submit an independent accountant’s report. Businesses with turnover of $250K – $4.99M are required to submit a review report and business licence return reviewed by a BICA member. Businesses with turnover of $5M + are required to submit financial statements and business licence return audited by a BICA member.
The Business Licence Annual Actual (BLAA) for 2023 is the actual turnover for 2023. It determines any outstanding tax owing based on the estimate supplied for 2023 (i.e. turnover for 2022).
The Business Licence Annual Estimate (BLAE) permits you to trade in the current year, from January to December. The Business Licence Annual Estimate for 2024 is the actual turnover for 2023.
Renew Business Licence Here : https://vat.revenue.gov.bs/
FAQ On Bahamas Business Licence
Frequently Asked Questions FAQ On Bahamas Business Licence
1. Do I need a licence to do business in the Bahamas?
Yes. Every person conducting business within The Bahamas is required to have a business licence (Business Licence Act, 2010 3(1)).
2. What are the requirements for a New Annual Business?
** Proof of Bahamian Citizenship (Valid passport) or permanent residency with right to work.
** Approval from the Bahamas Investment Authority for non-Bahamian and foreign owned companies.
** Certificate of Incorporation (with proof that shares are 100% beneficially owned by Bahamians); receipt of current company registration or Current Certificate of Good Standing.
** National Insurance Board (N.I.B.) letter of good standing along with copies of owner’s personal N.I.B. cards.
Lease/rental agreement or proof of ownership of property (copy of conveyance) for office Space along with approvals from:
a. Department of Physical Planning (zoning).
b. Ministry of Works/Building Control Section (inspection) and;
c. Department of Environmental Health.
d. Police approval (for sale of alcoholic beverages and music & dance activities).
NB: It should be noted that the above requirements are needed for all businesses; however, additional requirements are needed for regulated businesses, for example attorneys and custom brokers.
3.Can I operate any type of business from my home, i.e. (within a residential area)?
No. Only business activities that are zoned for residential areas can be conducted provided approval is obtained from the Physical Planning Department. Businesses that are deemed industrial in nature are not allowed.
4. Are there any penalties for operating a business without a licence and what are the penalties for not renewing my licence by the due date?
(i) A fine of five thousand dollars and
(ii)In addition to any fine, a sum of one hundred dollars for each day the offence continues subsequent to the date to which the conviction relates. (see Business Licence Act, 2010 26(2)(a))
The penalty for late renewal filing is $100.00
5. 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)
6. Is the process simple?
Yes, the process Is relatively simple and more convenient with the new online system
7. 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.
8. Am I allowed to print my licence online or is there a dedicated processing and pick-up center?
Yes, licences can be printed online.
9. Can a replacement licence be printed online?
Yes, at any time.