The Bahamas -- Forward, Upward, Onward Together
The Atlantic paradise and financial centre deserves an ERP that understands its unique fiscal landscape: VAT 10%, NIB, NHI, zero income tax, and BSD/USD payroll.
Request Free DemoThe Atlantic Paradise
The Bahamas is an archipelago of 700 islands with a population of 400,000 and one of the highest per-capita incomes in the Caribbean. Nassau is a major international financial centre with thousands of private banks, investment funds, and insurance companies. The economy rests on tourism (50%+ of GDP) and financial services.
The Bahamas' tax system is singular: no personal or corporate income tax. Government revenue comes from the 10% VAT (introduced 2015), import duties, business licences, and NIB contributions. The Bahamian Dollar (BSD) is pegged to USD at 1:1.
cifraHQ, made in Panama -- also a financial hub with no corporate income tax -- delivers full compliance with the Bahamas' Dept. of Inland Revenue, NIB, and IFRS standards adopted across the islands.
The Atlantic business paradise
VAT, NIB, NHI, Business License, and IFRS
Our Philosophy
cifraHQ was born in Panama -- also a financial hub with no corporate income tax -- with the mission of bringing world-class ERP to every island in the Caribbean. We understand the Bahamas because we share its philosophy: a business-friendly environment that attracts investment from around the world.
"A paradise that moves forward, upward, and onward together deserves software that accompanies every step. -- The cifraHQ philosophy"
VAT, NIB, and Business License
Value Added Tax at 10% on taxable goods and services. Monthly filings with the Dept. of Inland Revenue, handling exempt supplies (basic food, medicines, financial services) and VAT refunds for exporters.
NIB (National Insurance Board): employer 5.9%, employee 3.1% on weekly wages up to $710 BSD. NHI (National Health Insurance): contributions for universal health coverage -- bi-weekly remittances to NIB.
Annual Business License calculated on turnover -- tiered rate based on gross revenues. Mandatory registration with the Business License Board and renewal each fiscal year.
ERP for the paradise economy
Atlantis, luxury resorts, marinas: POS, reservations, costs.
Private banking, funds, insurance: IFRS, multi-currency, audits.
Marinas, charter: costs, maintenance, reservations.
Duty-free Nassau, POS, inventory, automatic VAT.
Residential and resort projects: costs, contracts.
Leases, property sales, IFRS 16 lease accounting.
Resort and Nassau restaurants: POS, food costs, VAT.
Legal, accounting, wealth management: projects, IFRS.
The ERP that understands the Bahamas' unique tax landscape
The Bahamas has no income tax. cifraHQ optimises its architecture for this environment: VAT management, Business License, NIB/NHI, and IFRS financial reports -- without unnecessary income tax modules.
The fixed BSD:USD parity simplifies operations. cifraHQ handles both currencies seamlessly -- ideal for international resorts, yacht operators, and financial services firms with global clients.
The Bahamas as a nexus between the Caribbean and global markets: a multi-company ERP for groups with operations in Nassau, the Family Islands, and offices in Miami, London, or Geneva.
Investment funds, private banks, and family offices in the Bahamas require IFRS. cifraHQ generates IFRS 9 (financial instruments), IFRS 10 (consolidation), and IFRS 13 (fair value) reports.
cifraHQ ERP in The Bahamas
"Made in Panama. For the Bahamas and the Americas."
Discover how cifraHQ simplifies VAT, NIB, Business License, and IFRS in the Bahamas.
cifraHQ is available across the Americas. Explore the local-compliance pages for nearby markets.
