The Bahamas has been exponentially growing as one of the best offshore grounds. Be it incorporating an offshore office or offshore financial services; the location has been industry veterans.
The tax and high-end secrecy are the critical parameters of the location that grab the attention of the industrial experts and business owners.
Since the Bahamas do not levy corporate taxes, the strong impact on the IBCs outside of the Bahamas is that they will now be required to acquire a business license and pay a similar annual fee on specific instruments as stamp duty.
So, what are you wondering about?
Opening an offshore company in the Bahamas is one of the best moves that you can make today to secure your wealth.
Offshore Company Formation Bahamas
An international business company is one of the highly preferred business entities by business investors to safeguard their wealth.
The region of Bahamas allows business investors to incorporate a business entity based on different business entity forms, which includes:
- The Special Purpose Vehicle (SPV)
- Trust Company
- Fund Company
- Limited Liability Company
- Public Company
- General Partnership
- Limited Liability Partnership
- Exempted Limited Partnership
- Undisclosed Partners
- Unlimited Liability Company
- Joint Ventures
- Sole Proprietorship
- Bahamian Foundation
- Bahrain International Business Company (IBC)
A Bahamas International Business Company can be used for holding firms, including bank accounts, financial and commercial names, international trade, possession of the moveable and immoveable property, wealth protection and protection of assets and inheritance.
As per the rules, the IBCs in the Bahamas is registered under the International Business Companies Act 2000 and the International Business Companies (Amendment).
Characteristics of a Bahamas Offshore Company
A few of the features of Bahamas offshore company formation include the following:
- The high degree of confidentiality and privacy
- It is mandated to register the company accounts and are not freely accessible
- Low tax on foreign earned income
- Presence of one director and shareholder
- Presence of one auditor
- Allowance of nominee director and shareholder
Tax Scenario in the Bahamas
When it comes to Bahamas offshore company setup, one of the major concerns of the business investors is the tax scenario. The tax break-up for Bahamas offshore formation is:
- Corporate tax-0%
- Personal income tax-0%
- VAT rate- (7.5%-12%)
- No inheritance, capital gains and estate tax
Requirements to Open an Offshore Company in the Bahamas
While incorporating an offshore company in the Bahamas, the following documents are to be submitted to the registered authorities:
- Filled application form stating the complete details of the shareholders and business owners
- Certificate of incorporation
- Memorandum and articles of association
- A registered physical office
- Notarized copies of shareholders and business owners passports
- Proof of residence
- Minutes of the meetings
- Share certificates
- Shareholders and directors register
What is the Process of Registering an Offshore Company in the Bahamas?
To register an offshore company in the Bahamas, the following steps are to be followed accordingly:
- Fill out an application form with the respective details
- Attach the relevant set of papers along with the company form
- Map out the business activities in a sequence
- Submit the documents to the appropriate government authorities
- Gather the respective approvals
- Open an offshore bank account (in the same or other jurisdiction)
- Commence the business activities
One of the most straightforward moves to incorporate business activities in the Bahamas is getting in touch with a business consultant.
Registering a business with the help of professional experts not only speed up the process but also creates a hassle-free procedure.
Since they are well-equipped with market information, they can guide you through setting up their dream business and capture the market at ease.
Business Setup Worldwide is one of the top ten business consultants in Dubai who has been helping business investors to set up a business globally. Our expert’s team is well-versed with the company proceedings and can help you incorporate the same at ease.
For more information, feel free to have a word with our experts. Contact us today-we’d be glad to assist!
1. Do we need to prepare final annual reports?
Yes, it is essential to prepare the financial statements as they will be accessible for inspection.
2. What are the different types of shares permitted in the Bahamas?
The different types of shares permitted in the Bahamas include Ordinary, Preferred, Voting, Non-Voting and Redeemable shares.
3. Is the beneficiary information accessible to the public?
No, the beneficiary information is not accessible to the public.