The Bahamas has long-standing fame as a premier destination and a world-leading centre for offshore company formation services. A Bahamas International Business Company is known for its financial privacy laws giving clients a secure jurisdiction with nominal fees and minimal regulations.
With nearly 30% of the Bahamian economy is from its offshore market, the government has continually taken part to ensure the stability and longevity of its offshore financial markets.
The Bahamas is an ideal location for individuals and corporations seeking to gain tax advantages with confidentiality. A Bahamas Offshore Company can be used for asset protection, tax mitigation and privacy, estate planning.
The path toward attaining these advantages is by forming an international business company commonly referred to as a Bahamas IBC (International Business Company).
Located off the south coast of Miami, the Bahamas islands have been a prime location for the formation of offshore companies. Since the passing of the IBC (International Business Companies) Act in 1990, thousands of Bahamas IBC's have been created to help manage and protect assets.
A Bahamas IBC enables the principal/individual to transact business globally with complete anonymity and privacy. In addition to this key benefit, forming a Bahamas Company Offshore means complete freedom from tax.
Top Uses of a Bahamas IBC
An offshore company provides a lot of benefits for an investor. Multiple jurisdictions provide different benefits. Assessing your business's needs and requirements is very important to choose the most suitable jurisdiction. Bahamas Offshore Company formation should be done after understanding the needs of your business.
- Asset Protection
- Estate and inheritance security
- Marketing of products and services
- Management of international business transactions
- Hold bank accounts, financial or commercial titles
- Own company shares or other legal entities
Bahamas Offshore Company Corporate Details
Anonymity, Confidentiality, and Disclosure
The address and name of the directors or officers are filed with the Registry and open to the public. However, shareholders need not submit to the Registry.
Registered shares, voting, and non-voting shares, preference shares, redeemable shares, and shares with or without voting rights are permitted. Bearer shares are not allowed.
Normal authorized share capital is U.S. $50,000, which is the maximum capital for the minimum duty and license fee payable (the U.S. $350) at the time of incorporation and annually.
There is no requirement to file a statement of accounts. Yet, a company must keep accounting records detailing all transactions to remain in the registered office, or maybe maintained at another address outside of the Bahamas, but must inform the registered agent of the physical address.
Only one Director required may be an individual or corporate entity from any nationality and not be a resident in the Bahamas.
The company secretary is not required, though one is usually appointed to facilitate assigning the necessary documents.
An IBC cannot conduct business in banking, insurance, fund management, collective investment schemes, trust management, or any other activity, suggesting an association with the banking or insurance industries unless the government obtains the appropriate license.
Bahamian IBC's are allowed to conduct business within the Bahamas, including doing business in real estate, but stamp duty and local exchange controls will apply in these cases.
Registered Office Required
Yes, it is required to keep a register and meeting (if any), and a company seal. Along with a registered office, it is also mandatory for an offshore company to have an offshore bank account. In most jurisdictions, to start business operations, an offshore bank account is a must.
So, there can be a lot of benefits of Bahamas company formation with a bank account.
Language of Name
The name can be in any language using the Latin alphabet, though the register requires an English translation.
Permitted Limited Liability Suffixes
"Limited," "Corporation," "Incorporated," "Societe Anonyme," "Sociedad Anónima," or its abbreviations "Ltd.," "Inc.," or "S.A.," must be used at the end of the company name.
Any name that is already in use, obscene or offensive, or any name suggests patronage with the Bahamian government may not use.
Names of Company Requiring a Special Licence
An IBC must obtain a special license with any word that includes a bank, building society, insurance, assurance, fund management, investment fund, trust, trustees, Chamber of Commerce, municipal, or foreign language equivalents.
Advantages of a Bahamas Offshore Company
- Absence of exchange, currency, and capital controls
- An English Common Law System
- Lack of double tax treaties
- IBC's can conduct business with Bahamians directly and own Bahamian real estate but will be subject to exchange controls, local tax laws, and stamp duty.
- No financial reporting requirements
- Zero corporate tax
- Political and economic stability
- Modern and simple incorporation laws and procedures
- Non-disclosure of shareholder information
How Can We Help?
Business Setup Worldwide is a platform to guide you through setting up an offshore company in the Bahamas. We provide services like bank account opening, business formation, intellectual property services, accounting and bookkeeping, and much more. Everything can arrange and complete online with the help of our experienced team. To start your offshore company in the Bahamas, contact us today-we'd be glad to assist.