The new Business Licence Act, 2023

Impact on International Business Companies

Effective 1 July 2023, the Government of The Commonwealth of The Bahamas repealed and replaced the Business Licence Act, 2010 and its related amendments and regulations with the Business Licence Act, 2023 (the Act) and the Business Licence Regulations, 2023 (the Regulations).

On 31 January, the Department of Inland Revenue released further guidance on the Business Licence Act, 2023 to Financial Services Entities (FSEe), International Business Companies (IBCs), in addition to providing guidance for international cruise lines operating in The Bahamas. 

For more information on both updates see links below:

• Financial services entities
• Guidance on cruise line operations