 | The Bahamas became an independent country within the British Commonwealth in 1973. Bahamas, which comprises some 700 islands, extends in a 1,225 kilometre arc from approximately 80 kilometres off the Florida coast to just north of Haiti. | The population is approximately 340,000. The official language is English. Bahamas has excellent communications, international flight and sea connections as well as port facilities. The economy is heavily dependent on tourism and financial services. Bahamas has a large offshore banking sector. Bahamas statute and common law are based on English common law.
Bahamas IBCs
Bahamas IBCs are companies incorporated under the Bahamas International Business Companies Act, 2000 (as amended). Bahamas IBCs are primarily designed for use outside of Bahamas and may not carry on business in Bahamas (subject to a number of statutory exceptions or subject to obtaining requisite licence). Bahamas IBCs are commonly used for: - the holding / ownership of investments and assets, such as real estate or shares or other property
- commercial transactions and international trading operations
- asset protection vehicles
- consultancy and personal service companies
Fiscal advantages
- Bahamas taxation on foreign income: No
- Bahamas stamp duty on transfer of IBC shares: No
- Minimum annual Bahamas Government License fee: US$ 350
Directors
- Minimum number of directors: 1
- Corporate directors permissible: yes
- Local director requirement: no
- Publicly accessible records of directors: yes
- Location of directors meetings: anywhere
Shareholder (Members)
- Minimum number of shareholders: 1
- Corporate shareholders permissible: yes
- Local shareholder requirement: no
- Location of shareholders meetings: anywhere
- Publicly accessible records of shareholders: no
Beneficial owners (clients)
- Publicly accessible records of beneficial owners: no
- Shares may be held by a nominee on behalf of beneficial owner client
Company Secretary
- Appointment of Company Secretary requirement: optional
Share Capital
- Standard Authorised Share Capital: Normally US$50,000, this being the maximum for the minimum annual Government licence fee (US$350)
- Standard Minimum Paid up Capital: US$1
- Standard currency: USD
- Permitted currencies: any
- Registered shares (Bearer shares are no longer permitted)
Accounts and returns
- Requirement to file annual Accounts: no
- Audit requirement: no
- Publicly accessible Accounts: no
- Requirement to file annual company return: no
Other
- Migration/redomiciliation of IBCs to or from Bahamas: yes
- Time for us to incorporate new IBC: approx. 5 days (plus allow time for courier delivery)
- Double taxation treaty access: no
- Requirement: registered office and licensed Registered Agent in Bahamas
- Trading restrictions: cannot carry on business in Bahamas (though it can maintain records and a bank account in Bahamas and engage local advisors, etc). Unless Government permission is granted, a Bahamas IBC is prohibited from carrying on the business of banking, insurance, reinsurance, trust administration, fund management, collective investment schemes, etc. A Bahamas IBC cannot offer its shares for sale to the public.
- A Bahamas IBC has the same powers as a natural person, including the right to sue and be sued. It is a separate legal entity with limited liability and has perpetual existence.
- Name restrictions: it is prohibited (or requires consent) for an IBC name to contain words such as "Bank", "Trust", "Building Society", "Cooperative", "Insurance", "Foundation", "University", "Fund" or which suggest the patronage of any Government. It is prohibited to use a name already in use or any names deemed by the Registrar to be undesirable, obscene or offensive.
- Language of IBC name: while normally in English, an IBC name can be in any language using the Latin alphabet, but must be accompanied by an approved translation in English.
- Mandatory suffix to denote limited liability: including "Limited", "Corporation", "Incorporated", "Société Anonyme" or their abbreviations, etc.
- An IBC is not a Bahamas resident for taxation purposes
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