The Bahamas is a well-reputed and premier offshore jurisdiction established as one of the world’s largest offshore centre.
Located across the Caribbean, the Bahamas offshore tax haven has helped numerous business investors to incorporate an offshore business. Politically stabled, the tax-haven jurisdiction is a parliamentary democracy and holds a legislative framework.
One of the wealthiest Caribbean countries, the Bahamas holds a favourable climate for the business investors for the investors to come forward and start an offshore company.
If you have been wondering about starting an offshore company, then you can count on the Bahamas to proceed ahead.
By the end of the article, you will get an idea about the complete essentials required to incorporate an offshore company in the Bahamas.
Bahamian Offshore Company
The Bahamian IBC company is one of the ideal structures widely opted by offshore business investors.
The business entity is governed by the International Business Companies Act of 1990, known for financial privacy with high-end security.
The Bahamas is an international banking centre that attracts foreign financial institutions because of its solid reputation. Bahamas companies are so familiar because of the government's secrecy and privacy and a twenty-year tax exemption.
Over the years, starting an offshore company in the Bahamas has become one of the top choices among business investors.
Here’s a guide on the International Business Company (IBC) that will help you get more insights into the business structure.
Factors that Make Bahamas a Tax Haven
A few of the factors that make the Bahamas a prestigious offshore jurisdiction are as follows:
Tax exemption is an essential factor turning the Bahamas into a tax haven economy. Offshore businesses in, Bahamas are excluded from corporate taxes. Thus the capital resources of the company can be used in the economic expansion of Business.
Tax haven countries raise money by allowing their jurisdiction to engage offshore businesses in their banking and financial institutions. Those countries generally charge their services a nominal fee. It specifies for foreigners that the company and its owners are exempted from tax for twenty years after the incorporation process is complete.
The public records do not disclose confidential details such as personal and financial information about an offshore company. Confidentiality is a vital component of offshore Business because it guarantees that business operations and procedures are entirely confidential. Business owners are attracted to tax havens, mainly due to the high protection standard that helps protect corporate assets. The 1990 Bahamas International Business Companies (IBC) Act guarantees the protection of the companies and their shareholders. This Act forbids the exchange of information between the Bahamas and any other country about its corporations.
3.Absence of Currency Control
Control of currency exchange for transactions to and from Bahamas territories is not prohibited. You can freely send money from the jurisdiction, with no restrictions. The lack of currency regulation adds trust to investors. It ensures that investments are safe and available where necessary. Investing in these jurisdictions with a lack of currency control allows individuals and businesses to avoid uncertainty with each transaction money flow.
Tax haven companies are not supposed to shell off cash. There is also no need to report operating objects involved in businesses. For offshore companies, Bahamas Corporate Policy is versatile. The firm's shareholders and directors have a fixed cap on their company's stake. The company integration process requires less time and money. Accounting and filing for offshore companies are also not compulsory in the Bahamas.
Since you have got an overall idea of the several factors that answers the question “ Is Bahamas a Tax Haven?”, now let’s have a look at the core steps that are required to incorporate a company in the jurisdiction.
How to Start an Offshore Company in the Bahamas?
To incorporate an offshore company in the Bahamas, here are the following steps to be taken into consideration.
- Get in touch with a certified professional
- Enter into a discussion to understand the business details and the processes to be followed
- Submit the essential set of papers that is required for company incorporation
- Duly filled business incorporation application form
- Identity and address proof of the business investors and shareholders
- Passport size photos of the business investors and shareholders
- Memorandum and Articles of association
- Well-drafted business plan
- The documents mentioned above undergo the process of verification conducted by the government authorities of the professionals.
- Obtain the required approvals and proceed ahead with the business incorporation process.
- Additionally, make sure to open an offshore bank account to carry out the business transactions at ease.
Thus, you have got a complete picture of how to start an offshore company in the Bahamas. The ideal way of incorporation is to proceed with a certified consultant.
At Business Setup Worldwide, we take care of the essentials required to incorporate a business in the global jurisdictions.
Our business advisors are well-versed with the onshore and offshore company set up process and can help you start your business by providing tailored solutions.
For more information, feel free to have a word with our experts. Contact us today-we’d be glad to assist!