The Bahamas is a series of islands comprising 5,358 square miles, positioned 40-50 miles east of Florida, it has a population of 300,000. Most Bahamians live in two major urban centers: Nassau (its capital) and Freeport.
The Bahamas is a member of the British Commonwealth, but maintains absolute independence in government matters (Government of the Bahamas). It’s well served by International Accountants, International Banks, and long established Law Firms, and a complicated telecommunications service.
Aside from tourism, the Banking and Finance sector is the second most significant aspect of the Bahamian economy. The Bahamas is one in every of the most important offshore financial centers within the hemisphere with over 400 banks, trust corporations and other licensed financial institutions. It’s renowned for its tax haven status and banking secrecy. Because the International Business Firms Act 1989 got here into effect in 1990, The Bahamas has turn out to be one of the popular areas for registering an I.B.C. (Banks and Trust corporations within the Bahamas).
Benefits of Bahamas Offshore Firms (IBC’s)
The IBC: The International Business Firms Act established a company entity, which requires the minimum of administration. Total secrecy and anonymity is maintained, and there isn’t any need to reveal the useful owners of the Company. There isn’t any requirement to file annual returns or financial statements, or to carry annual general meetings of the shareholders or directors. Meetings of shareholders and/or directors could also be held in any country and same may attend meetings by proxy or by electronic means (telephone, facsimile etc.).
Proposed Names
The word “Limited” could also be utilized in a Company’s name. Nevertheless, use of the next words is restricted: “Assurance”, “Bank”, “Constructing Society”, “Chamber of Commerce”, “Chartered”, “Cooperative”, “Imperial”, “Insurance”, “Municipal”, “Royal”, “Trust”, or any word conveying an analogous meaning. Endings similar to “Limited”, “Incorporated”, “Société Anonyme”, or “Sociedad Anónima” or its abbreviations could also be used.
Shelf Firms
There may be a lot of existing offshore corporations on the market. These offshore corporations have never traded or engaged in any transaction in anyway.
Capital
The usual capital is $50,000.00 USD, divided into 50,000 shares of $1.00 USD each which could also be issued as Bearer or as Registered shares, on the discretion of the Directors. Capital as much as the equivalent of $50,000.00 USD attracts the smallest license fee – $250.00 USD.
Directors Meetings could also be held in any a part of the world. There are not any limitations as to their number or nationality of shareholders.
Shares
Bearer, Nominative, par or no par value shares, as desired.
Shareholders Meetings
Shareholders’ meetings could also be held in any a part of the world. The format will depend upon what is about forth within the Articles of Association.
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 because the Registered Agent of the IBC in The Bahamas.
Taxation
Income of IBCs is exempt from income tax in The Bahamas. This includes all dividends, interest, rents, royalties, compensations, capital gains realized with respect to any shares, debt obligations or other securities, and every other amounts paid to the corporate. Along with this, no estate, inheritance, succession or gift tax, rate, duty, levy or other charge is payable with respect to shares, debt obligations or other securities of an organization incorporated under the IBC Act.
Prohibitions
An IBC, being an offshore company, is an organization that can’t:
- Carry on business with residents of The Bahamas;
- Own an interest in real property situated in The Bahamas or a lease of real property aside from a lease of property to be used as an office from which to speak with members or where books and records of the corporate are prepared or maintained;
- Carry on banking and/or trust business;
- Carry on business as an insurance or reinsurance company; or
- Carry on the business of providing the registered office for corporations
