All businesses are required to be licensed under the Business Licence Act 2010, as amended.  . For companies with any non-Bahamian interest, a business licence will not be granted until the necessary approvals from the Bahamas Investment Authority (BIA) have been obtained by that company.
 

The BIA is responsible for approving all Foreign Direct Investment (FDI) in every sector of the Bahamian economy. It also acts as a ‘one-stop shop’ for foreign investors, as it liaises with other government agencies on behalf of those investors. This is done with the aim of reducing the administrative burden that is sometimes associated with acquiring certain approvals.
 

Where applicable, applicants of the cellular competitive selection process are encouraged to apply for BIA approval as soon as possible, in the event that they are selected to be the successful candidate in this process. These applications will be substantially assessed in parallel with Phase I, but approval will only be granted to the successful candidate of this selection process.
 

Before a BIA approval is granted, the BIA must be satisfied that the proposed venture would be beneficial to The Bahamas. The BIA will look for certain key components, including financial capability, business plan, basic information about all proposed shareholders, total capital investment and the source of those funds. The BIA must also ensure the reputations of the persons involved are of clean record. Once a proposal receives the approval of the BIA, it goes before the National Economic Council headed by the Prime Minister for further review and decision. Of special interest are employment opportunities for Bahamians.
 

The holder of a BIA approval must establish operations within the period specified in the approval (anywhere from 12-18 months of the date that it is granted). The approval is also subject to normal due diligence by the following agencies:

• The Department of Physical Planning (Planning Approvals)
• The Department of Immigration (Work Permit Approvals)
• Ministry of Finance (Business Licence and Real Property Tax)
• The Central Bank of the Bahamas (Exchange Control)
• Bahamas Environment, Science and Technology Commission (Environmental Impact Assessment (EIA) and Environmental Management Plans (EMP))

Click here for further details of this process, submission requirements and turn-around times.