The Bahamas Payment Service Provider License
Located a mere 80 kilometers southeast of Florida, The Bahamas has historically been a hub for U.S. and European asset managers. The stable, democratic island-nation hosts a cadre of the world’s largest financial services firms. An estimated $800 billion is managed through The Bahamas and assets under management continue to grow as financial professionals find solace in the country’s flexible regulatory scheme. Moreover, The Bahamas is well known in the payments industry, especially the Bahamas Payment Service Provider License.
The Bahamas continues to be an attractive offshore jurisdiction today as it shed its previously well-earned reputation as a tax haven. However, The Bahamas nevertheless offers zero income tax and no capital gains tax. Voluminous banking options combined with membership in the British Commonwealth makes The Bahamas an attractive locale for obtaining financial service licenses that give the holder near-global access.
The Bahamas is an ideal location for obtaining a payment service provider license. A Bahamas Payment Service Provider License grants the operator wide latitude to offer an array of services, including money remittance and payments. The Bahamas Payment Service Provider License is recognized worldwide in the payments and remittance industry.
Advantages of a Bahamas Payment Service
In recent years, payment service providers based in traditional financial hubs such as the United States and European Union have faced near untenable amounts of regulatory scrutiny. In reaction to this, payment service providers have become increasingly limited in the industries they serve, foregoing not only traditional high-risk markets but also more traditional, conservative businesses. An offshore payment service provider license provides a respected platform for operating a payments-related business free from the encumbrances faced by operators in larger jurisdictions.
The Bahamas Payment Service Provider
License at a Glance
|License||Payment Service Provider|
|Time to License||5 to 6 Months|
|Tax Structure||Zero (0%) Tax on Offshore Profits|
Bahamas Payment Service Provider License
- Incorporation of Bahamas offshore corporation
- Arrange for local registered officer and local directors, if required
- Draft corporate bylaws, minutes and owner share issuances
- Establishment of corporate bank account suitable for forex operations
- Establishment of merchant service account for accepting credit and debit cards
- Draft requisite business plan, financial statements and financial projections
- Draft requisite Anti-Money Laundering & Know-Your-Customer policies
- Arrange for requisite surety bond
- Prepare and process application for The Bahamas Payment Service Provider License
- Representation before licensing regulatory authority, banks and liquidity providers
Contact the Bahamas Payment Service Provider
Trust our over fifty year’s combined experience in creating innovative solutions for our clients. Contact the securities
licensing experts at FinLaw to begin the process of obtaining your Bahamas Payment Service Provider License today.
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