The Bahamas has many opportunities for companies to expand internationally, with an economy boosted by the tourism and finance industries. There is no corporate tax in the Bahamas, and several types of companies that can be established based on your business needs.
Labor and Payroll considerations in the Bahamas:
- Minimum wage in the Bahamas is BSD 5.25 per hour
- Written employment contracts are recommended
- Employers withhold from employee pay to contribute to the National Insurance Board
- Foreign workers need a work permit in the Bahamas, and must provide documentation from the employer to gain the work permit
- Foreign work permits are only granted when the job opening cannot be fulfilled by a local resident
If you are just getting started in the Bahamas, or would like to simplify your current operations, we can help. Blue Marble has created cloud-based payroll technology with aggregated monthly reporting so you can view your payroll in real-time across all countries and currencies. We have a unique-to-the-industry hybrid service model, with a US-based team and direct access to in-country experts to help when questions come up. Ensure your payroll and compliance is under control and avoid pesky fines and penalties. To learn more about simplifying payroll in the Bahamas, click here