Flipping Grand Bahama

Research, research, research. I was wondering about business and doing business in The Bahamas. There is still a lot of thought on getting investors in but for Bahamians I came across this list from "tripod" of businesses that are reserved for Bahamians only. These are: Wholesale and Retail Operations. Commission agencies engaged in the import/export/trade. Real estate and domestic property management agencies. Domestic advertising and public relations firms. Nightclubs and restaurants, except specialty, gourmet and ethnic restaurants, restaurants operating in a hotel, resort complex or tourist attraction. Security services. Domestic distribution of building supplies. Construction companies, except for special structures for which international expertise is required. Personal cosmetic/beauty establishment. Shallow water scale-fish, crustacea, mollusks and sponge-fishing operations. Auto and appliance service operations and Public transportation. International Investo...

Last week we looked at the being able to start up a business in 10 days in Grand Bahama/The Bahamas, but we were talking about Bahamians. So, what does it take for a foreigner to set up a business? Here is what I found from the World Bank - International Finance Corporation: 1 Search for a Company name and reserve the proposed name online  The online name search system has been in place since 2004 and it is estimated that less than 50% of all applicants use it while the rest still request the search in person. Since the majority of people cannot search it, it is mainly done by lawyers and service providers who include the name fees in their fees. The name reservation expires after 90 days.   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).  Legally, only the memorandum has to be filed at the moment of the incorporation. Standard Ar...