Bahamas
Remote's Bahamas employment guide will guide you through your compliance responsibilities. Note that Remote's employer of record services are not yet live in Bahamas. but you can pay contractors with Remote now.
- 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
3,85,637
- 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 localised 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 Labour 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 practising “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 fulfil 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
Fair Pricing in Bahamas
Contractor Management
Compliantly onboard and pay contractors
$29
per contractor/month
Top features
Only pay for contractors you actively work with
Work with contractors in 200+ countries and territories
Create, edit, and sign tailored, localised contracts
Approve contractor invoices with one click or auto-pay
Transparent payments with complete visibility
Payroll
Consolidate your multi-country payroll
$29
per employee/month
Top features
Simplify: Comprehensive platform that integrates all payroll functions
Support: Personalised assistance with a dedicated team and specialists
Accuracy: Test runs and parallel pay runs before implementation
Compliance: Adhere to local labour laws in every country
Timeliness: Accurate and on-time payroll with labour authority reporting handled
Experience: Seamless payroll with easy access to payslips and expenses
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