in The Bahamas
In January 1990 the Bahamas introduced the International Business Companies Act which allows for companies to be quickly and easily incorporated for the purpose of transacting offshore business. Please click here for an overview of the key corporate features, or read the following explanations regarding Bahamian IBCs:
Taxation
IBCs pay no taxes in Bahamas, except for an annual licence fee (currently US$ 250 per annum).
Shareholders
A minimum of one shareholder is required and either registered or bearer shares may be issued. No details of the shareholders appear on the public file but a register of shareholders must be kept at the registered office address of the company in Bahamas.
Directors
A minimum of one director is required and corporate directors are permitted. Details of the directors do not appear on the public file.
Annual Reporting
No annual return or accounts need be filed. It should be noted that penalty fees of up to 50% of the annual licence fee will be incurred if the licence fee is not paid when due.
Restrictions on Name and Activity
Names must end with one of the following words,
or abbreviations thereof - Limited, Corporation, Incorporated, Societe Anonyme
or Sociedad Anonima.
The following words, and their
associated activities, cannot be used: Assurance, Bank, Building Society,
Chamber of Commerce, Chartered, Cooperative, Imperial, Insurance, Municipal
and Royal. Local Requirements Local company law requires that
the company maintains a registered office address within the Bahamas and
that the company appoints a Bahamas resident as registered agent. We provide
these services as part of the domiciliary fee. Secrecy There are no specific statutory
provisions governing secrecy in relation to companies but there is a common
law duty on professionals to keep the affairs of their clients confidential. Timescale for Incorporation Incorporation can be achieved
within 24 hours but usually takes approximately 1 week. We do, however,
keep ready-made companies available for immediate purchase. Costs Please have a look at our overview
of corporate features. Further Information Through its offices in the Bahamas,
Henley & Partners assist foreign individuals in obtaining residence
status, and advise corporations and investors about all aspects of investing
and doing business in the Bahamas, including comprehensive and efficient
company incorporation and management. Please contact us for more information
or to arrange for an initial personal consultation.
