Banks in The Bahamas: who offers business accounts?

The commercial banks

Commonwealth Bank is Bahamian-owned. Its business products include Business Chequing, small business and commercial lending, overdraft facilities and merchant services.

Bank of The Bahamas is also Bahamian-owned. It offers corporate chequing accounts, term deposits, business loans and credit lines, corporate credit cards, letters of credit for international trade, payroll services and merchant services.

Fidelity Bank (Bahamas) is the third Bahamian-owned bank. It serves personal and corporate customers and publishes a fee guide for its business accounts.

RBC Royal Bank (Bahamas), part of the Royal Bank of Canada group, offers day-to-day business accounts, business savings, certificates of deposit and term deposits. It also offers accounts for International Business Companies in a wide range of currencies, and notes that opening them can be rigorous.

CIBC Caribbean, part of the CIBC group, offers business chequing, interest-bearing accounts, fixed deposits and corporate banking.

Scotiabank (Bahamas), part of the Scotiabank group, offers chequing and savings accounts for business, term deposits and online business banking through ScotiaConnect.

International banks and trust companies

Alongside the commercial banks, the Central Bank of The Bahamas licenses a large number of international banks and trust companies that serve clients from around the world. Many International Business Companies bank with these institutions, especially when they hold US dollars or other foreign currencies and do business outside The Bahamas.

Which account a company can hold

The type of account depends on the company’s exchange control status, set by the Central Bank. Companies designated “non-resident”, which includes most IBCs, hold US dollar and other foreign currency accounts. Companies designated “resident”, including those trading locally, can hold Bahamian dollar accounts too.

What banks typically ask for

Requirements vary by bank, but for a company they usually include the certificate of incorporation, memorandum and articles, registers of directors, officers and shareholders, a certificate of good standing, a board resolution to open the account, proof of address for the business, and identification and proof of address for each director, shareholder and signatory. Many banks also ask for a business plan or recent financial statements, and reference letters.

FAQ

Which bank is best for a new business? It depends on what the business does, where its customers are and which currencies it uses. It is worth speaking to more than one bank.

Can an IBC open an account with a local commercial bank? Some local banks offer accounts for IBCs, such as RBC’s International Business Corporation accounts. Others focus on resident businesses.

How long does it take to open a business account? Usually weeks rather than days, depending on how quickly the bank’s checks are completed.

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This article is general information, not financial advice. Banks set their own requirements; contact them directly for current products and criteria.

Sources

• Commonwealth Bank: Business banking
• Bank of The Bahamas: Business banking
• Fidelity Bank (Bahamas): Products, services and fees
• RBC Royal Bank: Business accounts (Bahamas)
• CIBC Caribbean: Business accounts
• Scotiabank (Bahamas): Required documentation for opening business accounts
• Central Bank of The Bahamas: Frequently asked questions
• Central Bank of The Bahamas: Guidelines for opening and classification of bank accounts, effective February 2018