Features of Bahamas’ International Business Companies (BAH IBCs)
INTERNATIONAL BUSINESS COMPANIES (IBCs)
- IBCs may engage in any lawful business in any country and may carry on transactions in whatever currencies they choose.
- Full Exemption from taxation for any business activity or transactions carried out outside the Bahamas.
AUTHORISED CAPITAL / SHARES
- Only nominative/registered shares are allowed.
- No minimum or maximum capital requirements.
DIRECTORS, OFFICERS AND SHAREHOLDERS
- Shareholders, directors and/ or officers can be either corporate entities or natural persons.
- Initial or ongoing changes in directors and / or officers need to be filed with Bahamas Registry.
- The directors may grant special or general powers of attorney.
- Companies are allowed to have a sole director.
- Neither the directors nor the officers need to be shareholders.
- Shareholders, directors and officers may be of any nationality and may be residents of any country.
- Shareholders and directors may hold their meetings in any country and may attend such meetings by proxy or by any electronic means (phone, fax, etc.)
- No requirement to file annual returns or financial statements, no requirement to hold annual general meetings of Share holders or directors.
INCORPORATION AND ADMINISTRATION
- Excellent availability of company names for incorporation.
- Familiarity of incorporation documents (Memorandum & Articles of Association, Certificate of Incorporation) because the Bahamas belongs to the British Commonwealth.
- The words “Limited”, “Corporation”, “Incorporated”, “Société Anonyme” or “Sociedad Anónima” or the abbreviations “Ltd.” “Inc.” or “S.A.” may be used as a company’s name ending.
- Incorporation documents may be drafted in any language and submitted together with an English translation.
- Speedy incorporation procedures and simple ongoing administration.
- Incorporation procedure takes 3 to 4 days.
- The Bahamas Registry is equipped with modern sophisticated computer equipment improving speed and efficiency in the processing of documents in a timely manner.
- Shelf companies are available.
- The company’s accounting books, records and minutes may be kept in any place or country chosen by the director
REGISTERED OFFICE, CORPORATE SEAL AND LEGALIZATION
- Registered Office in the Bahamas required.
- Corporate seal is mandatory.
- The apostille is normally used to legalize documentation. Legalization via a consulate is also available for some countries.
COSTS AND FEES
- Reasonable formation and maintenance costs and fees.
- Foreign companies can be speedily continued to the Bahamas.
USES OF BAHAMAS INTERNATIONAL BUSINESS COMPANIES (IBCs)
- Holder of bank accounts, fixed deposits, investments plans and any other financial or commercial title.
- Owner of the shares of other companies or legal entities.
- Owner of apartments, houses, buildings, vessels and any other movable or immovable property or goods.
- Manager and promoter of international business transactions.
- International leasing of vehicles, machinery and others.
- Borrowing or lending money, paying or receiving commissions, royalties or other.
- Marketing and promotion of products and services.
- Other commercial and financial activities.
HIGHLIGHTS OF BAHAMAS
- Excellent corporation law.
- Flexible company law.
- No taxes levied on international and banking transactions.
- No exchange control regulations.
- Political and economic stability.
- Serviced by major world airlines.
- Excellence hotel accommodations.
- Excellent worldwide communication facilities.
- Skilled personnel.
- No capital gains, income or other kinds of taxes.
DOCUMENTS REQUIRED TO BE KEPT AT THE REGISTERED OFFICE (BAHAMAS), IN ACCORDANCE WITH THE LAW
- The following information/documents are required to be kept at the registered office of the company.
- Appropriate character references and other due diligence documents, as required.
- Complete and updated Share Register shall be kept at the Registered Office of the company, containing information of the name(s) and address (es) of the shareholders.
- Complete and updated Register of directors and officers shall be kept at the registered office of the company and a copy of this document to be filed at the registrar of companies of the Bahamas.
- Adoption of corporate seal is mandatory. An impression of same must be kept at the registered agent’s office.
SOCIAL AND ECONOMIC INDICATORS
|Location:||40 – 60 miles east of Florida (U.S.A)|
|Area:||700 islands comprising 5,358 square miles, Most Bahamians live in the two major urban|
|Centers:||Nassau and Freeport.|
|Population:||307,451 (2009 Est.)|
|Government:||Parliamentary Democracy. Member of the British Commonwealth recognizing Queen Elizabeth II as head of state.|
|Banking:||Worldwide banking facilities available|
|Legal Tender:||Bahamian dollar, which is on a par with The U.S dollar|
|Industry:||Tourism, Financial services and small industries|