Immigration is one of the primary concerns for anybody hoping to start working in Bahamas. Permanent employees will find it easy to get their Bahamas work permit because they’ll receive “sponsorship” for their entire stay from their prospective employer. The Bahamian work permit is dependent on this sponsorship because it confirms that you’ll be earning money during your stay in the country. Contracting in Bahamas is more difficult because the work permit is tied to one employer, so you have to change it to suit each new contract. Thankfully, umbrella companies provide a convenient and effective solution to this issue.
What is a Bahamian Umbrella Company?
Umbrella companies in Bahamas “employ” contractors, but don’t make any decisions about your workload, clients or anything to do with your day to day operation. They simply process your payments by billing and collecting money from your clients, calculating your taxes and sending you a net wage. This is equivalent to the PAYE (pay as you earn) system employed by many companies, and it makes handling your tax in Bahamas a lot simpler. The fact that they technically become your employer helps you get your working visa in Bahamas with minimal fuss.
How Can Umbrella Companies Help You Get a Bahamas Work Permit?
As your permanent employer, umbrella companies are able to sponsor you for your Bahamas work permit provided they’re on the register of approved sponsors. Many different companies offer this service, because it makes contracting in Bahamas infinitely simpler and saves you the hassle of continuous paperwork. Instead of changing your work permit every time you get a new contract, you can just work how you ordinarily would under the same permit. They protect you from the bureaucratic “rain” of legal compliance with the Bahamian immigration authorities. They can even deal with the Bahamian Embassy directly.
Through their service you may be able to use a business visa to get started quickly and then transition to a work visa in Bahamas. It depends on your specific Bahamas visa requirements. Be aware you may have to register for a residence permit in Bahamas.
Can Umbrella Companies Also Assist You with Bahamas Taxation?
Some umbrella companies are specialists in the Bahamian tax system. They constantly stay up to date with the legislation and ensure that you get to keep the biggest proportion of your earnings possible. The PAYE system is ideal for most workers because you don’t have to complete any paperwork (aside from submitting your timesheets to the umbrella company) or worry about your taxes in any way (you’ll receive documentation for your records, though). You have a team of experts ensuring that you’re paid promptly and the various requirements for tax in Bahamas are met.
How We Help You with Contracting in Bahamas
We work closely with numerous umbrella companies in Bahamas and we have a thorough knowledge of the different services they provide - especially regarding immigration to Bahamas. If you’re a business analyst, IT project manager, software developer, tester, telecommunications contractor or an oil and gas worker, we can help you get sponsorship for your work permit and keep more of your earnings by setting you up with an umbrella company. We’ll also answer any questions you have about Bahamian visas or the country’s tax law, and we’ll contact the experts directly to guarantee 100 percent accurate advice. This all comes at no charge whatsoever to you and you’re not obligated to take on the services of any company. We’re just here to make your move as stress-free as possible.