The Bahamas is a chain of islands comprising 5,358 square miles, located 40 to 50 miles east of Florida, with a population of 300,000. Most Bahamians live in two large urban centers: Nassau (its capital) and Freeport.
The Bahamas is a member of the British Commonwealth, but maintains full independence in government affairs (Government of the Bahamas). It is well served by long-established international accountants, international banks and law firms, and advanced telecommunications service.
Apart from tourism, the banking and finance sector is the second most important aspect of the Bahamian economy. The Bahamas is one of the largest offshore financial centers in the hemisphere with more than 400 banks, trust companies, and other licensed financial institutions. It is known for its tax haven status and banking secrecy. Since the International Business Companies Act of 1989 came into force in 1990, The Bahamas has become one of the most popular areas to register an IBC (Bank and Trust Companies in the Bahamas).
Advantages of Bahamas Offshore Companies (IBC)
The IBC: The International Business Companies Act established a corporate entity, which requires a minimum of administration. Total secrecy and anonymity is maintained, and there is no need to reveal the beneficial owners of the Company. There is no requirement to file annual returns or financial statements, or to hold annual general meetings of shareholders or directors. The meetings of shareholders and/or directors can be held in any country and they can attend the meetings by proxy or by electronic means (telephone, fax, etc.).
Proposed names
The word “Limited” may be used in the name of a Company. However, the use of the following words is restricted: “Guarantee”, “Bank”, “Construction Company”, “Chamber of Commerce”, “Collegiate”, “Cooperative”, “Imperial”, “Insurance”, “Municipal” , “Royal”, “Trust” or any word that conveys a similar meaning. Terminations such as “Limited”, “Incorporated”, “Société Anonyme”, or “Sociedad Anónima” or their abbreviations may be used.
shelving companies
There are a number of existing offshore companies for sale. These offshore companies have never negotiated or participated in any transaction of any kind.
Capital
The standard capital is $50,000.00 USD, divided into 50,000 shares of $1.00 USD each, which may be issued to the Bearer or as Registered shares, at the discretion of the Directors. Capital up to the equivalent of $50,000.00 USD attracts the lowest license fee: $250.00 USD.
The Boards of Directors can be held anywhere in the world. There are no limitations regarding the number or nationality of the shareholders.
share
Bearer, registered, par or no par value shares, as desired.
Shareholders Meetings
Shareholders’ meetings can be held anywhere in the world. The format will depend on what is established in the Bylaws.
Registered Agent/Registered Office
The IBC Act requires that each offshore company (IBC) have a Registered Office and a Registered Agent, qualified to act as such, in The Bahamas. In our standard Memorandum of Association, our own office is the Registered Office and we act as the IBC’s Registered Agent in The Bahamas.
Taxes
IBC income is exempt from income tax in The Bahamas. This includes all dividends, interest, rents, royalties, compensation, capital gains realized on stock, debt obligations or other securities, and any other amounts paid to the company. In addition to this, no tax, fee, duty, levy or other estate, estate or gift charge is payable in respect of the shares, debt obligations or other securities of a company incorporated under the IBC Act.
prohibitions
An IBC, being an offshore company, is a company that cannot:
- Conduct business with residents of The Bahamas;
- Own an interest in real property located in the Bahamas or a lease of real property other than a lease of property for use as an office from which to communicate with members or where the books and records of the company are prepared or maintained;
- Carry out banking and/or fiduciary business;
- Carrying on business as an insurance or reinsurance company; Prayed
- Carrying on the business of providing the registered office for companies
