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Obtain Bahamas Dealing in Securities License

Bahamas Dealing in Securities License

Securities Dealer's License
Bahamas Dealing in security license authorizes a company to act as intermediary in the execution of securities transactions for clients, and trade in securities as principal with the intention of reselling these securities to the public.
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Timeframe: within 6 months

Minimum capital requirement: 

  • Investment Dealer and Agent – USD 300 000
  • Investment Agent –USD 120 000


Overview

No company may carry on or has purpose to carry on securities business in or from the Bahamas unless that company is duly registered with the Securities Commission of the Bahamas (hereinafter Commission). The above mentioned Commission is the national body responsible for the licensing of all types of financial dealers in Bahamas.

An applicant for a Forex License is required to submit the appropriate application to the Commission.

Benefits of Bahamas Forex company:

  • Complete Anonymity
  • No Corporate Income Tax
  • No Personal Income Tax
  • Dividend income from foreign investments is not taxable in the Bahamas
  • Royalty income is not taxable in the Bahamas
  • There are no tax returns required
  • No Information Sharing
  • Stockholders are Not Public Record
  • Low Annual Fee


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Licensing Criteria and Procedures for Applying for Bahamas Dealing in Securities License

Notable features
Procedure
Documents Required

General information

Company structure

  • Minimum 1 director* (can be only natural persons, no nationality or residency restrictions)
  • Minimum 1 shareholder(can be natural or legal persons, no nationality or residency restrictions)

Taxation

  • No tax on income and dividends
  • No capital gains and inheritance tax
  • No exchange control restrictions
  • No corporate tax

Accounting & Audit 

  • The Company will be required to file a copy of its audited financial statements with the Commission by not later than 120 days after the end of its financial year
  • The Company will need an engagement letter with an approved auditor and the retainer
  • Audit should be done from Bahamas

Local office - Required

Physical presence

  • Required (at least 4 employees*: CEO, Compliance officer, Money Laundering Reporting Officer* and Trading Representative)

Company name

  • Language: English
  • Names having Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Cooperative, Imperial, Insurance, Municipal, Royal, Trust or a word conveying a similar meaning is prohibited
  • Identical or almost identical names are prohibited
  • Following suffixes may be used to denote limited liability: "Limited", "Corporation", "Incorporated", "Societe Anonyme", "Societe Ananima", or its respective abbreviation "Ltd.", "Inc.", or "S.A."

* It is preferable to appoint 2 Directors

* Shall be approved by the Commission

* If qualified, the Compliance and MLR Officer could be the same person

In order to obtain a license, the following steps will be carried out:

  • Application for reservation of company name
  • Preparation and submission with the Commission for the application of a Dealing in Securities License
  • Preparation and submission of the application and incorporation documents to the Registry
  • Incorporation of the company
  • Opening of the local bank account
  • Obtaining the License

In order to obtain Bahamas Dealing in Securities License, please provide the following documents:

  • Notarized passport copies of all directors and shareholders (2 sets)
  • Notarized address proof of all directors and shareholders (2 sets). Can be utility bills or bank statements
  • Bank reference letter
  • Lawyer’s / auditor/ notary reference letter
  • Bank balance confirmation for a shareholder - letter stating a minimum balance*
  • CV for directors and shareholders
  • Educational qualification certificate for directors and shareholders (highly desirable but not mandatory)

In the case if the shareholder is a company, needs to provide:

  • Passport of an Authorized Person for the Corporate body (to be certified true copy by Commissioner of Oath, Notary Public or Embassy)
  • Utility Bill as proof of residency of an Authorized Person for the Corporate body (to be certified true copy by Commissioner of Oath, Notary Public or Embassy)
  • Latest CV detailing Educational background and Working Experiences of an Authorized Person for the Corporate body
  • M&A to include the clause on the establishment of the Bahamas Company or allowing to do so
  • 2 Referral letters for the Authorized Person that are to be issued by a Professional such as a Lawyer, Accountant, Company Secretary or Bank of an Authorized Person for the Corporate body
  • Registries of Company listing down the name of Director, Shareholder, Auditor, Company Secretary (to be certified true copy by the Company Secretary)
  • Certificate of Incorporation (to be certified true copy by the Company Secretary)
  • Certificate of Registered Address of the Company (to be certified true copy by the Company Secretary)
  • Resolution by the Company to appoint the Authorized Person to act on behalf of the Company (to be certified true copy by the Company Secretary)
  • Resolution of the Company to invest in the Bahamas Company (to be certified true copy by the Company Secretary)

Additional Due diligence may be prescribed by the Commission*:

  • Original documents that prove source of capital
  • Business plan
  • AML manual and policy

All documentation shall be provided in English*

* Additional documents may be requested by the Commission or local Bank at any point to certify specific information

* If documents are not in English, then they must be accompanied by a notarized translation