Bahamas - Register Business in National Insurance Board

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Procedure

Apply In-Person:

1. To Register Business, interested party must first obtain a business license from the Department of Inland Revenue. The procedure for that is explained here: [Place link to Bahamas - Apply to Become a Consolidated Agency]
2. Then the applicant has to visit any nearest office of the National Insurance Board (NIB) in his/her state of residence. The address and contact details of branch offices across the country can be found in the following link: address details
3. Visit the office and get an application form for registering a business from the concerned officer.
4. Alternatively, you can also download the form by clicking on the following link: Link to Form R1
5. Complete the application form with appropriate information under relevant sections.
6. Attest it with your signature once completed.
7. Once completed filling the application form, make sure that you have attached all the documents listed in the “Required documents” section of this page.
8. Then, submit it in person to the relevant authority at the office.
9. After submission, your application along with the attached documents will be forwarded for further verifications.
10. The applicants will be notified regarding the registration progress.
11. Once registered, the employer/ self-employed are assigned a unique nine (9) digit number.

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Required Documents

• Employer/Owner must provide a National Insurance Card and Passport or Voter’s Card.
• Non-Bahamian Employer/Owner/Self Employed/Secondary must provide a Letter of Authorization from the Bahamas Investment Authority along with a current Work Permit, Passport and National Insurance Card.
• Agent to provide a letter of Authorization from the Employer/Owner along with employer/owner Government issued I.D. and the employer/owner’s Passport and agent’s photo I.D. (Government issued I.D.)
• ‘Limited’ companies (item 7), must provide a copy of the Certificate of Incorporation.
• Name change: Limited company/Corporation needs a name change certificate Private company needs a letter from employer/owner.

Office Locations & Contacts

THE NATIONAL INSURANCE BOARD
Of the Common Wealth of Bahamas
Clifford Darling Complex
P.O. Box N 7508Baillou Hill Road,
Jumbey VillageNassau, Bahamas
502.1654 TEL
Website: Link
Contact: Link

Eligibility

Businesses (employers) and self- employed persons can apply.

Fees

Explain the fees structure which is required for obtaining the certificate/document.

Validity

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to Use

Application Form R1
Link

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

Please explain processing time taken in obtaining the document/certificate.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

Instructions for completing form:
Form R.1 is to be either typed or filled in ink.
The registration number for the company must be entered. Where the registration number is unknown or application is being made for a new registration number, the section item is to be left blank and will be filled in by the Local Office.
When registering as a business, the full company’s name is required in item 1. Item 2 is to be used for the company’s trading name. Item 14 and 15 only relate to Self Employed/Voluntarily insured persons. Items 16 - 18 are to be used only by Secondary Registrants.
‘CONTACT PERSON’ in (item 12a), should be the individual who is directly responsible for submitting National Insurance contributions.
Item 25, requires the signature of either the owner or the manager along with the company’s stamp. For Self Employed/Voluntarily insured persons, the signature and stamp are also required.
Entities with computerized payroll systems are required to electronically submit their monthly contribution statements.
If you employ any staff you are required under The National Insurance Board Act to register your business with the National Insurance Board within ten (10) days of employment. (Failure to register will result in legal prosecution).

Required Information

• Business Details
• Self-Employed/Voluntarily Insured Registrants Only
• Secondary Registrants Only
• Address Information
• Declaration

Need for the Document

Businesses (employers) and self- employed persons are required to register with NIB within 10 working days of commencing operations.

Information which might help

Any person who for the purpose of obtaining an Employer, Self-Employed, Secondary or Voluntarily Insured registration number under the National Insurance Act, for himself or a business, knowingly makes any false statement or false representations or produces any document, etc. which he knows to be false, shall be liable to a fine not exceeding Two Thousand Five Hundred Dollars ($2,500), or to imprisonment for a period not exceeding twelve (12) months or both. You are required to provide NIB with update information if any of the above changes.

Other uses of the Document/Certificate

Once registered, the employer/ self-employed are assigned a unique nine (9) digit number which can be used for payment and recording of contribution payments.

External Links

Link

Others

More information which might help people.