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 use for asset protection, tax mitigation and privacy, estate planning. The path toward attaining these advantages by the formation of an international business company commonly referred to as a Bahamas IBC.
Located off the south coast of Miami, the islands of the Bahamas 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 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
- 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
For more information: Bahamas offshore company formation
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 submitted 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 authorised share capital is U.S. $50,000, which is the maximum capital for the minimum duty and licence 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 is required to 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 the assigning of the necessary documents.
Only one shareholder is required. Shares may then transfer to a single person or entity. A register of members must keep at the registered office, though it is not open to the public.
An IBC cannot conduct business in banking, insurance, fund management, collective investment schemes, trust management or any other activity suggest an association with the banking or insurance industries unless the appropriate licence obtained by Government.
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.
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 that suggests patronage with the Bahamian Government may not use.
Names of Company Requiring a Special Licence
An IBC must obtain a special licence has any word that includes a bank, building society, insurance, assurance, fund management, investment fund, trust, trustees, Chamber of Commerce, municipal or their foreign language equivalents.
Advantages of a Bahamas Offshore Company
- Absence of exchange, currency and capital controls
- An English Common Law System
- Absence of double tax treaties
- IBC's can conduct business with Bahamians directly and also own Bahamian real estate but will 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
Wondering how a business consultant can help investors to start an offshore company in the Bahamas?
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