The ISO code of Bahamas is BS according to the ISO 3166 standard. The local name of the country is the same as its English name. Bahamas capital city is Nassau. People in Bahamas speak the English language. On 10 July 1973, Bahamas emerged as a sovereign political entity. In the year 07/10/1973, Bahamas emerged as a sovereign political entity. The largest cities in Bahamas are Nassau, Lucaya, Freeport, West End.
Bahamas is located in the UTC -05:00 time zone, which is also called Eastern Standard Time or EST. The internet country code top-level domain (ccTLD) for Bahamas is .bs. The International dialing code for Bahamas is 1242. People in Bahamas drive on the left side of the road. Total land area of Bahamas is 13,880 km² (approx. 5,359 mi²). Bahamas is not a landlocked country. It means that is is bordered by at least one major body of water.
Bahamas is located in North America. Bahamas is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Bahamas faces various issues, including coral reef decay, solid waste disposal.
Doing business in Bahamas
We offer various corporate services in Bahamas jurisdiction. These services can serve both, people coming from Bahamas and foreigners. If you plan on doing business in Bahamas you might be interested in contacting us.
To find out about starting your business in Bahamas click on company formation in Bahamas.
To find out how to open a bank account in Bahamas and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Bahamas.
Choose preferred service below or continue reading to find out more about Bahamas.
Demographics of Bahamas
The total population of Bahamas is 399,285 people. In Bahamas, the population density is 23.27 people per square kilometer (61 per square mile). Because of this statistic, this country is considered to be sparsely populated. The ethnic diversity is diverse according to a fractionalization scale which for Bahamas is 0.4228. Bahamas has approximately 59306 foreign immigrants. The median age is approximately 31.2 years. In Bahamas, 71.75 in every 100 people use internet. Bahamas has a Human Development Index (HDI) of 0.789.
The majority religion of Bahamas is Christianity, Bahamas is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Bahamas.
Culture of Bahamas
People in Bahamas speak the English language. According to data on inbound tourists in Bahamas, 1,364,000 tourists arrive in the country each year. The first McDonalds in Bahamas was opened on 4 August 1975, and it was located in Nassau. One of the most popular national dishes of Bahamas is crack conch with peas and rice. To read more click on culture of Bahamas.
Geography of Bahamas
Bahamas is considered to be a large nation because of its total area. Its total land area is 13,880 km² (approx. 5,359 mi²). Bahamas is located in North America. Its capital city is Nassau. Bahamas has no land borders.
The highest point of Bahamas is Mount Alvernia, with its official height being 63 m (207 ft). Including land mass and EEZ, the total area of Bahamas is approximately 668,595 km² (~258,145 mi²). The most notable natural resources found in Bahamas are salt, aragonite, timber, arable land.To read more click on geography of Bahamas.
Economy of Bahamas
The currency of the country is Bahamian dollar. The symbol used for this currency is $, and it is abbreviated as BSD. 12.6% of population in the country are unemployed. The total number of unemployed people in Bahamas is 50,310. Each year, Bahamas exports around $0.96 billion and imports roughly $3.24 billion. The Gini Index of the country is 57. Bahamas has a Human Development Index (HDI) of 0.789.Bahamas is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are tourism, banking, oil bunkering, maritime industries, transshipment, salt, rum, aragonite, pharmaceuticals.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Bahamas is $11 billion. Each year, consumers spend around $4,874 million. The ratio of consumer spending to GDP in Bahamas is 61%, and the ratio of consumer spending to the world consumer market is 0.0141. The corporate tax in Bahamas is set at 0%. Personal income tax ranges from 0% to 0%, depending on your specific situation and income level. VAT in Bahamas is 7.5%. To read more click on economy of Bahamas.
Infrastructure of Bahamas
Infrastructure quality in Bahamas is rated to be at 2.74. It indicates a satisfactory quality - roads, railroad, ports and other facilities are able to handle significant traffic at all times and are also suited to various types of transport vehicles and vessels.
In Bahamas, 100% of the population has access to electricity. There are 20,661 internet hosts in Bahamas. Bahamas has 61 airports nationwide.
The logistics performance index of Bahamas is 2.91. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.
Tracking possibilities for shipments are rated at 2.64. It indicates a satisfactory performance - the tracking systems provide all the basic information as well as additional data about shipments; most of the times it also has a weel established cooperation with foreign and international tracking systems, as well as usually provides information in multiple languages.
The number of road motor vehicles per 1000 inhabitants in Bahamas is 537. To read more click on infrastructure of Bahamas.
Politics of Bahamas
Bahamas, is a unitary parliamentary constitutional monarchy. With regard to political and civil freedoms, Bahamas is 1. Citizens in Bahamas experience total freedom. The majority of countries in which citizens enjoy expansive civil liberties and political freedoms are representative democracies, in which officials are directly elected by citizens to advocate for their needs and desires. Free countries are often bolstered by healthy economies and high-functioning governments. The head of the government is Elizabeth II.
According to the World Bank Group, the government effectiveness index of Bahamas is 0.72. This indicates that the government of Bahamas is effective. Citizens enjoy well-organized public and civil services, and government efficiency is high. While some services may be lacking in certain areas, the overall environment fostered by government legislation is favorable.In Bahamas, the legislative power is vested in a Parliament. The strength of legal rights index for Bahamas is 6. Overall, it is considered to be rather adequate - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available. Bahamas is a member of the United Nations (UN). On 18 September 1973, it joined the UN as a full member state. Bahamas is a member of the World Bank. To read more click on politics of Bahamas.
Environment of Bahamas
Bahamas emits 5.2 metric tons per capita of CO2. 5150 km² of Bahamas's territory is covered in forests. and forest land comprises 37% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Bahamas is 537. To read more click on environment of Bahamas.
Company formation in Bahamas
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Bahamas.
When establishing a company in Bahamas, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Bahamas that will affect the establishment and growth of one's business. Contact us or click on company formation in Bahamas to read additional information when setting up a business.
Bank account opening in Bahamas
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Bahamas. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Bahamas, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Bahamas or contact us.