Bahamas, The

Ease of Doing Business in

Bahamas, The

This page summarizes Doing Business 2014 data for the Bahamas. The first table lists the overall "Ease of Doing Business" rank (out of 189 economies) and the rankings by each topic. It also lists the economy's distance to frontier (DTF)** measure. The rest of the tables summarize the key indicators for each topic and benchmark against regional and high-income economy (OECD) averages.

Economy Overview

Region Latin America & Caribbean
Income Category High income
Population 371,960
GNI Per Capita (US$) 22,833
City covered Nassau
Doing Business 2014 Rank Doing Business 2013 Rank*** Change in Rank
84 76 down -8

Doing Business 2014 DTF** (% points) Doing Business 2013 DTF** (% points) Improvement in DTF** (% points)
65.46 65.13 down 0.33
Positive=Doing Business reform making it easier to do business. Negative=Doing Business reform making it more difficult to do business.
 

Starting a Business

Info

The challenges of launching a business are shown below. Included are: the number of steps entrepreneurs can expect to go through to launch, the time it takes on average, and the cost and minimum capital required as a percentage of gross national income (GNI) per capita.

DB 2014 Rank 83 DB 2013 Rank*** 78 Change in Rank down-5
DB 2014 DTF** (% points) 83.01 DB 2013 DTF** (% points) 83.02 Improvement in DTF** (% points) down-0.01

Information on new business density and number of newly created firms with limited liability can be found at Entrepreneurship Database.

Indicator Bahamas, The Latin America & Caribbean OECD

The total number of procedures required to register a firm. A procedure is defined as any interaction of the company founders with external parties (for example, government agencies, lawyers, auditors or notaries).

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Procedures (number)
7 9 5

The total number of days required to register a firm. The measure captures the median duration that incorporation lawyers indicate is necessary to complete a procedure with minimum follow-up with government agencies and no extra payments.

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Time (days)
23.5 36.1 11.1

Cost is recorded as a percentage of the economy’s income per capita. It includes all official fees and fees for legal or professional services if such services are required by law.

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Cost (% of income per capita)
10.4 33.1 3.6

The amount that the entrepreneur needs to deposit in a bank or with a notary before registration and up to 3 months following incorporation and is recorded as a percentage of the economy’s income per capita.

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Paid-in Min. Capital (% of income per capita)
0.0 3.6 10.4
No. Procedure Time to Complete Associated Costs
1 Search for a Company name and reserve the proposed name online Less than one day (online procedure) no charge (included in procedure 2)
2 A lawyer prepares and notarizes the company documents (memorandum and articles of association). 1-2 days Usually about B$610 = B$100 to public treasury +B$510 register of company
3 Stamp duty on the Memorandum paid to the Public Treasury 1 day USD 100 stamp duty is payable on the first USD 5,000 authorized capital of the company and USD 5 for every additional USD 1,000 authorized capital
4 File the company documents at the Companies Registry 10 days USD 300 for the Memorandum + USD 30 for the Articles of Association + USD 4 (per page) for a copy of the Memorandum and the Articles.
5 Obtain the National Insurance Number for the Company from the National Insurance Board 1 day no charge
6 Register the company for a business license at the Valuation/Business License Department of the Ministry of Finance. 10 days USD 100 (flat fee)
* 7 Company Seal 2-3 days (simultaneous with previous procedure) USD 35
* Takes place simultaneously with another procedure.

** The distance to frontier (DTF) measure shows the distance of each economy to the "frontier," which represents the highest performance observed on each of the topics including Getting Electricity across all economies included in Doing Business. An economy’s distance to frontier is indicated on a scale from 0 to 100, where 0 represents the lowest performance and 100 the frontier. Read more...

***Last year's rankings are adjusted: they are based on 10 topics and reflect data corrections.

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