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The Bahamas, officially the Commonwealth of The Bahamas, is located in the Atlantic Ocean consisting of  700 islands and around 2000 cays that form an archipelago. The capital is Nassau. The size is about 14 thousand sq. km.  Estimated population - 330 thousand of which 65% are urban and 35% rural population. Density of population - 19 people on 1 sq. km. The highest point in the country is Mount Alvernia, formerly called Como Hill, with an altitude of 63 meters on Cat Island. Official language is English. Religions - Christianity (Baptist, Protestant). Official currency - Bahamian Dollar which is divided into 100 cents.

 

On July 10, 1973, The Bahamas became a free and sovereign country, ending 325 years of peaceful British rule.

Bahamas


The Bahamas is a member of the Commonwealth of Nations, with Queen Elizabeth II as head of state (represented by a governor-general). Parliament constitutes of Legislative Branch, which is made up of a Senate and a House of Assembly. Subject to the provision of the Constitution, Parliament may make laws for peace, order and good government.

Based on the twin pillars of tourism and offshore finance, the Bahamian economy has prospered since the 1950s. In 200 the GDP was 4,5 billion dollars or 15 thousand dollars per capita population. Real GDP growth in the 1980-84 period averaged 3 per cent, but declined in the late 1980s. In 1999 the proportion was 60% of GDP for tourism, facilities and service - 30%, industry - 7%, agriculture - 3. The GDP growth was 0.3 per cent in 1995 and accelerated to 3 % in 1998, 6% in 1999 and 4,5% in 2000. The government is financed largely by customs duties and import taxes and licensing fees. Bahamas is now more commonly known as a popular destination amongst the rich and powerful business families.

The Bahamas government actively promotes the Bahamas as an offshore financial center, and can be expected to regularly update its statutes to keep near the forefront of offshore jurisdictions. The Central Bank manages the Bahamas' monetary system, with the assistance of the Bahamas Institute of Bankers. Bahamas Banks follow the rigid Code of Conduct of the Association of International Banks & Trust Companies.

The Bahamas is really a tax heaven as there are no income taxes, estate or inheritance taxes, gift taxes, or any other taxes of any type. There are also no withholding taxes on dividends, royalty or payroll. That's why the Bahamas is in top ten of the biggest offshore financial centers in the world.


Characteristics of an offshore company registered in the Bahamas

 

Corporate Law

Company Act 1992, The International Business Companies Act 2000 (&Amendments) The Segregated Accounts Companies Act 2004; The Foundations Act 2004 (& Amendments) The Exempted Limited Partnerships Act 1995 (& Amendments)


Types of registered companies 

IBC – preferred company for international transactions.

Both the Companies Act 1992 and the International Business Companies Act 2000 provide for the incorporation of companies (without shares) limited by guarantee.

Capital requirements

No minimum capital required, but usually the minimum capital declared in the amount of USD 50 000

Shares

Shares must be registered and may be issued in any currency;

Bearer shares are no longer permitted


Requirements for the company:

  • Only one director, who may be corporate, and one shareholder are required.
  • Shareholders, directors and officers need not be resident in the Bahamas and there is no stipulation as to their nationality;
  • Corporate directors are allowed
  • A local registered office is required for all companies
  • A registered agent is required
  • Accounts need not be kept; however, if they are kept there is no requirement for an audit.
  • A share register needs to be kept; it is unclear whether nominee shareholders are still permitted;
  • Shareholders and directors meetings need not be held in the Bahamas and can be held by telephone;
  • The Memorandum and Articles of Association are the only documents to be held on the public record;
  • The legislation contains asset protection clauses against actions emanating from without the Bahamas; it also contains provisions for the protection of minority shareholders;
  • An IBC is exempt from Bahamian Exchange Control, from stamp duty and from other taxes and estate duties for 20 years from the date of incorporation;
  • an IBC can be managed, controlled and operated from the Bahamas.


Taxation

The IBC pays no tax in the Bahamas / offshore companies are completely free from taxes

Tax on offshore profits is not taxable


Annual fees paid to authorities:

If company has a share capital of USD 50 000, it requires USD 350 annual company tax paid to the Registrar General. If share capital is over USD 50 000, it requires USD 1000 annual company tax paid to Registrar General.


Confidentiality

The details of the shareholders are not required to be kept on public record, however a copy of Register of directors and officers are kept with the company Registry.


IBC status is granted subject to certain conditions:

  • No business may be transacted with residents in the Bahamas;
  • No ownership interest in real property in the Bahamas is permitted; property may be leased for office use only;
  • Banking, insurance or re-insurance business is not permitted;
  • Engaging in the business of company management or providing registered facilities for Bahamian incorporated companies is not permitted.

IBC are permitted to own shares in other Bahamian companies, maintain bank accounts in the jurisdiction and employ the services of local professionals.


Company names

The IBC name must have a suffix which denotes limited liability, commonly: Limited, Corporation, Incorporated, Sociedad Anonima, Gesellschaft mit beschraenkter Haftung, and like terms.

The following suffixes cannot be used without permission: Bank, Assurance, Building Society, Chamber of Commerce, Chartered, Cooperative, Imperial, Insurance, Municipal, Royal, Trust, and the like.

 

International business company (IBC) - Standard order

 International business company (IBC) 

US$ 1,550.00

 US$ 2,450.00

Standard order

 The documents/services which are provided to the client are:

  • Certificate of Incorporation 
  • First Resolution of Director
  • Memorandum and Articles of Association
  • Share Certificate
  • Courier services
  • Corporate seal                     

       Price - US$ 1,550.00 includes:

  • Payment of government duties for registration of offshore company
  • Services of the registered office & registered agent in Bahamas for first year
  • Services of registered office for first year.
  • Courier

Standard order with Nominee Services:

The documents/services which are provided to the client are:

  • Certificate of Incorporation
  • Memorandum and Articles;
  • First resolution of the Directors
  • Appointment of First Directors;
  • Share Certificate;
  • Deed of Trast
  • Register of the Directors and Shareholders;
  • Letter of the acceptance of the Director;
  • Power of Attornay;
  • Apostille Bound Set in the country of registration;
  • Agreement for the provision of nominee services
  • One round rubber company stamp

Price - US$ 2,450.00 includes:

  •  Payment of government duties for registration of offshore company;
  •  Services of the registered office & registered agent in Bahamas for first year;
  • Services of registered office for first year;
  • Nominee services for first year;
  • Courier.


Ready-made (shelf) companies

We have specially registered some companies for your convenience if you require the company immediately or if you require company with older incorporation date. You can sign the bank account opening forms as soon as you have purchased the shelf company which let's you to receive the account number and IBAN number straight away.
All these companies have not traded or entered into any dealings or obligations whatsoever. Since their incorporation, their documents have been kept motionless on the shelf in our office.
Please note that due to the fact that these are "shelf" companies they are without Apostille and most probably, you will need it so it will take 1-2 business days to arrange for it. And if you are a new customer it will take some time to fill out all the necessary forms due to our companies "know your customer" policy.
The Price for the shelf company varies depending on the incorporation date of the company.

For more detailed information about company formation in the Bahamas or "shelf" companies please contact us and our experts will be glad to help you in any question you may have. Our telephone number is + 357 22 680602 and e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it..