Bahamas
With localized contracts, easy invoice management, and best-in-class compliance, you can grow your team in Bahamas with confidence. Currently, you can hire and manage contractors in Bahamas through Remote, but our EOR services are not yet live.
- Capital City
Nassau
- Currency
Bahamian dollar ($, BSD)
- Languages
English
- Population size
385,637
Facts & Stats
- Capital City
Nassau
- Currency
Bahamian dollar ($, BSD)
- Languages
English
- Population size
385,637
- Ease of doing business
Medium
- Cost of living index
85.85 (2021)
- Payroll frequency
N/A
- VAT - standard rate
12%
- GDP - real growth rate
1.2% (2019)
The Bahamas has been continuously inhabited since the 9th century AD when the Lucayans migrated to the island paradise from nearby Cuba, roughly seven centuries before Columbus arrived in the Caribbean. Flash forward two centuries later and the archipelago gained independence from its British colonial owners in 1973.
In modern times, the nation of just under 400,000 boasts one of the strongest economies in the Carribean, buoyed by a flourishing tourism industry that welcomes over 7 million globetrotters each year.
The Bahamas remains popular among corporate professionals and companies looking to reduce taxation levels, as well as a growing group of digital nomads looking to explore the world.
Grow your team in Bahamas with Remote
You can pay contractors now in Bahamas with Remote in some currencies (talk to an expert now for full details).
Note that we are busy building our own entity in Bahamas to provide you with the best possible employment solutions for your employees, but our employer of record service is not yet live in this country.
To employ in Bahamas, companies must own a local legal entity in the country or work with a global employment solution. Developing the processes required to manage payroll, benefits, taxes, and onboarding in countries like Bahamas can get complicated fast, especially without localized expertise.
If you're looking to start hiring in a country like this, partnering with a global employment solution like Remote makes it easy for your company to employ workers quickly, cost-effectively, and in full compliance with all local legislation.
In the countries where we do offer our EOR services, Remote takes on the responsibility and legal risks of international employment so you can focus on hiring great talent and growing your business.
Risks of misclassification
Bahamas, like many other countries, treats self-employed individuals or contractors and full-time employees differently. Misclassification of contractors in Bahamas may lead to fines and penalties for the offending company.
Employing in Bahamas
Provisions for employee protections and workers’ rights are spelled out in the Bahamian Constitution as well as several government statutes, such as the Employment Act of 2001, the Fair Labor Standards Act, and the Health and Safety at Work Act of 2002.
Employees in the Bahamas generally enjoy protection against discrimination based on age, sexual orientation, gender, and race.
Common questions that could come up during the hiring process include the minimum wage, overtime rates, and guaranteed paid time off. Remote can help you offer a complete, competitive, and compliant benefits package to your employees in the Bahamas.
Minimum wage
The minimum wage in the Bahamas is currently fixed at $5.25 per hour, $42 per daily, or roughly $210 per week.
The Bahamian dollar is pegged to the US dollar so those figures represent what a Bahamian would earn in U.S. dollars.
Effortless HR in Bahamas: Take the Tour
Competitive benefits package in Bahamas
At Remote, we’re obsessed with helping you craft the best possible employee experience for your team. We are leading the way in practicing “fair equity”, which means making sure employees everywhere have access to both the required and supplemental benefits they need to thrive (and that will allow you to attract the best local talent).
We are still busy building our own entity in Bahamas, but our benefits packages for all countries are tailored to fulfill the local needs of your employees. Typically, our packages contain some or all of the following benefits:
Health Insurance
Dental Insurance
Vision Insurance
Mental Health Support
Pension or 401(K)
Life and Disability Insurance
Types of leave
Employees are entitled to a base allowance of two weeks paid vacation after working an entire year with an employer.
Employees who have been employed for at least seven years are entitled to three weeks of paid vacation, while those with tenures of 90+ days but under a year usually receive their annual vacation on a prorated basis.
Employment termination
Termination process
Bahamian labor legislation permits employers to let workers at will, as long as severance benefits are paid out.
Notice period
Employees who’re terminated for any reason other than misconduct are entitled to various terms of prior notice and severance pay, depending on their position and tenure.
Non-managerial workers employed for less than 90 days are not entitled to prior notice or any severance pay;
Similarly, non-managerial employees who have worked anywhere from 91 to 179 days are entitled to payment in lieu of any accrued vacation;
Non-managerial staff who have been employed for more than a year are entitled to two weeks’ notice or two weeks’ wages in lieu of notice, as well as two weeks’ wages for every year worked, up to 24 years;
Employees engaged in managerial or supervisory roles are entitled to at least an entire month’s prior notice or payment in lieu of notice, with a month’s pay for every year worked, capped at 48 years’ compensation.
Probation periods
Probation periods last anywhere from six to 12 months.
Fair Pricing in Bahamas
Top features
Only pay for contractors you actively work with
Work with contractors in 200+ countries
Create, edit, and sign tailored, localized contracts
Approve contractor invoices with one click or auto-pay
Transparent payments with complete visibility
Remote Payroll
Consolidate your multi-country payroll
$50
per employee/month
Top features
Reduce costs by centralizing payroll management
Ensure local compliance for every country
Direct support from in-house local payroll experts
Accurate, on-time, compliant payroll to level-up your employee experience
Tax and labor authority reporting handled for you
Top features
Guided onboarding and offboarding
Employee profile and document management
Time and attendance (time off and tracking)
Expense management and reimbursement
Employee self-serve on the platform and mobile app