The Bahamas is a chain of islands consisting of 5,358 square miles, located 40-50 miles east of Florida, has a population of 300,000. Most Bahamian people live in two large urban centers: Nassau (the capital) and Freeport.
The Bahamas is a member of the British Commonwealth, but retains absolute independence in government affairs (Government of the Bahamas). It is well served by long established International Accountants, International Banks and Law Firms, and state of the art telecommunications services.
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 famous for its tax haven status and banking secrecy. Since the International Business Companies Act 1989 went into effect in 1990, the Bahamas has been one of the most popular areas for registering an IBC (Bank and Trust Company in the Bahamas).
Benefits of Bahamas Offshore Companies (IBC)
KPI: The International Business Companies Act establishes a corporate entity, which requires minimum administration. Total confidentiality and anonymity is maintained, and there is no need to disclose the beneficial owners of the Company. There is no requirement to file annual returns or financial reports, or hold an annual general meeting of shareholders or directors. Meetings of shareholders and/or directors can be held in any country and the same can attend the meeting by proxy or electronic means (telephone, facsimile, etc.).
Proposed Name
The word “Limited” may be used in the name of the Company. However, use of the following words is restricted: “Guarantee”, “Bank”, “Building Society”, “Chamber of Commerce”, “Renting”, “Cooperative”, “Empire”, “Insurance”, “City”, “Royal” , “Trust”, or any word that has a similar meaning. Suffixes such as “Limited”, “Included”, “Société Anonyme”, or “Sociedad Anónima” or their abbreviations may be used.
Shelf Company
There are a number of offshore companies that exist for sale. This offshore company never trades or engages in any transactions.
Capital
The standard capital is $50,000.00 USD, divided into 50,000 shares of $1.00 USD each which may be issued as Bearer or as Registered Shares, at the discretion of the Directors. Capital up to the equivalent of $50,000.00 USD attracts the smallest license fee – $250.00 USD.
Board of Directors meetings can be held anywhere in the world. There is no limit to the number or nationality of shareholders.
Share
Bearer, Nominative, shares with par value or no par value, as desired.
Meeting of Shareholders
Shareholder meetings can be held anywhere in the world. The format will depend on what is stipulated in the Articles of Association.
Registered Agent/Registered Office
The IBC Act requires that each offshore company (IBC) has a Registered Office and a Registered Agent, qualified to do so, in the Bahamas. In our standard Memorandum of Association, our own office is a Registered Office and we act as an IBC Registered Agent in the Bahamas.
Taxation
IBC income is exempt from income tax in the Bahamas. This includes all dividends, interest, rent, royalties, compensation, capital gains realized in respect of shares, debt obligations or other securities, and other amounts paid to the company. In addition, no inheritance, inheritance, succession or gift taxes, tariffs, duties, levies or other fees are payable in respect of the shares, debt obligations or other securities of companies incorporated under the IBC Act.
Prohibition
IBC, as an offshore company, is a company that cannot:
- Doing business with residents of the Bahamas;
- Have an interest in real property located in the Bahamas or lease real property other than rental property for use as an office for communicating with members or where books and company records are prepared or maintained;
- Running a banking and/or trust business;
- Running a business as an insurance or reinsurance company; or
- Carrying out the business of providing a registered office for companies
