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
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 a Remote expert now for more details).
Note that we are busy developing our EOR product to legally operate in Bahamas and provide you with the best possible experience for your team, but we are not yet ready to employ in Bahamas.
Companies hiring in Bahamas are typically required to either own a legal entity in the country or work with a global employment solutions provider to employ on the company's behalf. 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, using a global HR platform like Remote makes it easy to hire workers in full compliance with all local legislation. In the countries where we do offer our Employer of Record product, Remote takes on responsibility for compliance 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 Bahamas: Take the Tour
Competitive benefits package in Bahamas
At Remote, we’re passionate about helping you craft the best possible employee experience for your team. We are leading the way in developing globally competitive benefits programs. This means making sure employees everywhere have access to both the required and supplemental benefits they need to thrive, and that your company has the localized expertise needed to attract and keep the best global talent.
Although we don't yet have our own legal entity in Bahamas, our benefits packages for all countries are tailored to fulfill the local needs of 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, localized 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
Support: Personalized assistance with a dedicated team and specialists
Accuracy: Test runs and parallel pay runs before implementation
Compliance: Adhere to local labor laws in every country
Timeliness: Accurate and on-time payroll with labor 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