Foreign Currency Loans – Wholly Bahamian-Owned Businesses
Published: Friday January 28th, 2022
Foreign Currency Loans – Wholly Bahamian-Owned Companies
N.B.: Applicable for loans to be issued by a foreign lender or local commercial bank (for an amount in excess of
$5,000,000.00.
BORROWER
i. borrower’s name, address and registered office;
ii. confirmation of the sector that borrower operates in:
- Agriculture & Fisheries
- Manufacturing
- Transport (land, sea & air)
- Tourism (hotels & restaurants)
- Construction & Reals Estate (residential tourism)
- Energy & Energy Conservation
- Education
- Health
- Telecommunications, ICT & Infrastructure;
iii. copy of borrower’s constitutional documents (e.g., Certificate of Incorporation, Memorandum
and Articles of Association, Partnership Agreement, etc.);
iv. amount, currency and purpose of loan;
v. security offered for loan, if applicable (if Bahamian property or shares in a Bahamian company
are being offered as security to a foreign lender, the Bahamas Investments Board must grant prior
approval in favour of the foreign lender with respect to the proposed security arrangement);
vi. copy of draft/provisional loan agreement/commitment letter or similar document;
vii. copy of the executed Directors’ Resolution authorizing loan (or similar document);
viii. borrower’s tax compliance certificate, business license (and other relevant Government licenses,
if applicable);
ix. name and address of borrower’s ultimate beneficial owner(s) and copy of passport/Certificate of
Naturalization.
LENDER
i. confirmation of the lender type:
- Local Commercial Bank (Application to Central Bank only required for amounts in excess of $5M)
- Regulated Foreign Lender
- Lending Arm of International Development Agency
- Private Lender;
ii. name and address of lender;
iii. private lenders:
(a) confirmation of the lender’s relationship to borrower;
(b) (i) individual lender: financial reference from a reputable source; or
(ii) corporate lender: audited financial statements or latest annual report.
