The Bahamas is an island country which lies in the Atlantic Ocean and consists of Islands, Cays and Islets. It has established itself as a world leading centre for offshore financial and company formation services. An IBC in the Bahamas has access to local markets since the amendment of legislation in 2000. This legislation also enables company directors to reshape corporate structures and change their articles of association.
- An IBC in the Bahamas can conduct with Bahamians and own Real Estate in The Bahamas (Local Exchange Controls and Stamp duty applies if conducting business locally.)
- No Corporate Tax
- No Double Taxation Treaties
- English Common Law System
- Privacy – Non-disclosure of shareholder information
- Memorandum and Articles of Association may be amended
- Financial reporting is no required
- Offshore Savings and Investments
- International Trading Companies
- Use for the management of international business transactions
- Asset Protection
- Financial Activities
- The IBC can hold financial or commercial titles
- The IBC can own property (real estate) and movable or immovable assets
Bahamian IBC may conduct business with the Bahamas, including owning real estate (Local Exchange controls and stamp duty apply in these cases.
The company may not sell its own share or solicit funds from the public. Unless special permission has been sought and granted, by the government of the Bahamas, for the appropriate license the IBC may also not conduct business in banking, insurance, trusteeship, collected investment scheme, trust management, collective investment schemes, as well as offering investment advice or such activities which would suggest association with the banking or insurance.
A few of the requirements are the Name of the company to be incorporated, a physical address, certified copies of valid passports or national ID cards, such as those issued in the European Union. These need to be certified by either a Notary Public, Bank or by the issuing country’s Embassy. A Character reference may also be required.
A local registered office also needs to be maintained.
|Country Law||Common Law|
International Business Companies Act 2000
International Business Companies (Amendment) Act 2004
International Business Companies (Amendment) Act 2011
|Registered Office Required||Yes|
|Local Registered Agent Required||Yes|
|Shelf Companies Permitted||Yes|
|Average Time To Form Company||1 to 2 Business Working Days|
|Minimum Government Formation Charge||$350 USD|
|Recurring Minimum Annual Company License Fee||$350 - $1000 USD - Dependant on Share Capital|
|Annual Return Filing Fee||Not Applicable|
|Access to Double Taxation Treaties||None|
|Minimum Required Directors||1|
|Local Director Required||No|
|Board Meeting Location||Anywhere in the World|
|Corporate Directors Permitted||Yes|
|Privacy - Publicly Available Records||Yes|
There is a minimum requirement of one Director of whom may be an individual or corporate entity from any nationality and need not be a resident in the Bahamas.
|Local or Qualified Position||No|
|Standard Currency||Bahamian Dollar|
|Permitted Share Currency||Any|
|Minimum Paid Up Shares||$1 USD|
|Usual Authorised||$50,000 USD|
|Bearer Shares Permitted||No|
|No Par Value Shares Permitted||Yes|
|Minimum Number Of Shareholders||1 Shareholder - 2 Subscribers but transferable afterwards|
|Corporate Shareholdes Permitted||Yes|
|Meeting Locations||Can be held anywhere in the world|
|Privacy - Publicly Available Records||No|
There must be two subscribers at the time of incorporation, after this shares may then be transferred to a single person or entity.
|Requirements To Prepare||Yes|
|Keep Financial Records||Yes|
|Requirement To File Accounts||No|
|Requirement to File Annual Return||No|
|Accounts Publicly Accessible||No|
All IBC’s must keep reliable account records for all sums of money received and spent and record how this has taken place, including all sales, purchases and any other transactions. A record of all assets and liabilities of the company. These records need to maintained for a minimum of five years from the date of the transactions.
All documentation, invoices, contracts and receipts also need to retained for this period.
These documents may be maintained in the Bahamas or in the case where they are kept outside of the Bahamas, it has to be confirmed in writing by the IBC to the Registered Agent in the Bahamas, the physical address where the records are kept and if at any time the location changes, they need to be notified immediately.
An IBC in the Bahamas is exempt from all taxes, unless business is conducted with any person or entity in the Bahamas, then the relevant duties shall apply.
There is no sales estate tax, gift or inheritance taxes in the Bahamas.
Located in the Western North Atlantic Ocean,
north of the Antilles, and east and southeast of Florida.
|Size||Approximate area of 13,878 sq km - of which is 28% Water|
|Languages Spoken||Main and Official Language is English|
|Currency||Bahamian dollar (BSD), however the US Dollar use is widespread|
|Politics||Unitary Parliamentary - Constitutional Monarchy|
Road - Driving on the Left
Daylight Saving Time is used
EST (UTC−5)EDT (UTC−4)
|International Dialling Code||+1-242|
Contact us today to enquire about the Cost of Formation or if you have further questions regarding the application process.