- Global HR Compliance
- Global PEO and payroll
- Work permit for hiring expats via PEO
- Expand without a company set up
- Contractor vs. employee: which is better?
Global Employer of Record in Bahamas
Global employment services
Businesses in the process of expanding globally often face challenges when it comes to compliantly onboarding employees in foreign countries. In most cases, legal compliance requires the establishment of a legal in-country business entity, a complex, costly and time-consuming process that many employers are not ready to undertake.
To help your organization legally onboard and payroll a workforce in Bahamas, Acumen International offers a global employment solution via our Global Employer of Record / EOR. As a global employment organization, Acumen International serves both end employers and service companies representing international clients. Partner with Acumen International, and let us help you handle your global employment and HR needs.
Spotlight on Bahamas:
The Bahamas, archipelago, and country on the northwestern edge of the West Indies. The archipelagic state consists of fewer than 700 islands, cays, and islets in the Atlantic Ocean, and is located north of Cuba and Hispaniola Island (Haiti and the Dominican Republic), northwest of the Turks and Caicos Islands, southeast of the US state of Florida, and east of the Florida Keys.
- Capital: Nassau
- Population: 394,208
- Industries: Tourism is the country’s largest sector, and economic growth is mainly driven by it. With few natural resources and a limited industrial sector, the economy depends heavily on tourism and, to a lesser degree, on financial services.
- Local currency: Bahamian dollar (BSD) (US dollars widely accepted)
Acumen International offers a global PEO and payroll solution to take care of all the details of payroll while ensuring full compliance with in-country labor and taxation laws. To get more information about Acumen’s Global PEO and payroll service in Bahamas click here.
Global employment in Bahamas
Employ your Selected Workforce in Bahamas via Acumen’s Employer of Record / EOR Solution
Acumen’s Global Employer of Record / EOR solution was designed to help international companies like yours expand your global reach and engage the brightest global talent for your projects.
Acumen’s Employer of Record / EOR service in Bahamas offers an efficient and inexpensive alternative to direct hiring.
As an Employer of Record services provider, Acumen International helps businesses to legally engage and pay their selected highly skilled professionals in Bahamas. Businesses desiring to hire local employees should be prepared to pay competitive salaries, to attract and retain the most qualified candidates.
Acumen is helping you navigate the challenges which global COVID-19 pandemic and market unrest caused. Some areas and procedures have been severely impacted, e.g. visa and travel rules restrictions, migration regulations change, health checks and vaccination policies requirement in case of cross-border travelling, etc. Timely counselling with the Acumen’s team will ensure proper guidance of the client through challenging situations and assist him in resolving complicated situations.
Leave it to Acumen to hire and compensate your employees on your behalf, so you can focus on growing your business.
Legally Onboard and Payroll your Employees in Bahamas with Acumen’s Global Employment Solution
Breaking into Bahamas’s market or engaging local talent companies could face additional tax and penalties.
There are special tax rules around Personal services income (PSI). The PSI rules were introduced to prevent the shifting or splitting of income with other individuals or entities in an attempt to pay less tax. PSI applies to contractors working in Bahamas if their business is generating ‘personal services income’, and does not affect an employee receiving only salaries. But, if you are operating through an entity and are an employee of that entity then the PSI rules may apply.
The penalties imposed for either an individual or employer who is found guilty of hiring an unlawful employee is treated rather seriously under Bahamas law. Companies can be fined up to $66,000 for every illegal worker, who is found to be working within the company, and up to $165,000 for exploiting a migrant worker. Also it’s against the Bahamas’s law for a business to incorrectly treat their employees as contractors. Fine for misclassifying an employee as an independent contractor in Bahamas up to AUD $63,000.
Reduce your risks while expanding your business, without establishing your own legal entity in Bahamas. You can trust Acumen to handle the global employment and HR details of your workforce management in Bahamas, to ensure full compliance with in-country employment laws.
Acumen’s Global employment services are designed to provide our clients with professional assistance to meet their global HR needs, such as:
- Global talent acquisition and retention
- Global expansion, to help you quickly enter new global markets without legal and HR compliance risks
With Acumen, you can rest assured that all legal requirements are met for compliant hiring and compensating of your employees in Bahamas, and in 190 countries worldwide where we serve our international clients.