Question 1

How is the annual Business Licence Fee calculated in the Bahamas under the Business Licence Act 2023?

Accepted Answer

The fee is assessed on gross turnover: businesses with turnover up to $100,000 pay $0 (exempt); $100,001 - $500,000 pay 0.5%; scaling up to 2.5% for financial institutions.

Question 2

When is the annual Business Licence renewal application due to the Department of Inland Revenue (DIR)?

Accepted Answer

Applications for business licence renewal must be submitted online via the DIR portal by January 31, with fees paid by March 31.

Question 3

What certified financial documentation is required for companies with turnover over $250,000?

Accepted Answer

Enterprises earning over $250,000 must submit certified financial statements reviewed by a licensed chartered accountant (BICA).

Question 4

Are international commercial companies operating from the Bahamas subject to business licence fees?

Accepted Answer

Yes, corporate entities conducting domestic and international commercial operations must hold valid business licences and verify economic substance.

Question 5

What penalties apply for late submission or unpaid business licence fees in Nassau?

Accepted Answer

Late renewal incurs a statutory fine of $100 plus 1.5% monthly interest on unpaid fee balances.

Turnover Bracket	Statutory Fee Rate	Bracket Slice (BSD)	Fee Amount (BSD)
Up to BSD$100,000	0.0% (Exempt)	BSD$0.00	BSD$0.00
BSD$100,001 to BSD$500,000	0.50% of turnover	BSD$0.00	BSD$0.00
BSD$500,001 to BSD$5,000,000	0.75% of turnover	BSD$0.00	BSD$0.00
Exceeding BSD$5,000,000	1.25% of turnover	BSD$0.00	BSD$0.00
Total Statutory Licence Fee Payable to DIR			BSD$0.00

Bahamas Business Licence Fee Calculator

Business Licence Assessment Summary

📊 Bahamian Statutory Payroll & Tax Breakdown Matrix

Engr. Muhammad Shahzad