Bahamas

General Information on Bahamas
Bahamas company

General Information on Bahamas:

About Bahamas:

The Bahamas are comrpised of around 700 islands in the Caribbean, off the South East of Florida, U.S.A. and have been an independant member of the British Commonwealth since 1973, although the Queen still remains Head of State. The islands have a population of around 300,000 people and their capital is Nassau. The islands' climate is sub-tropical, hence a very attractive tourist jurisdiction. Bahamas is a favourite location for business due to the absence of corporate, estate, inheritance, captial gains or income taxation.

Legal system in Bahamas:

Independent legal system (Statute Law and Common Law) based on English Common Law.

Infrastructure in Bahamas:

There are excellent airport connections between the islands and most major international airports, and excellent port facilities as well.

Bahamas Economy:

Their economy is heavily dependent on income mainly derived from tourism. Tourism accounts for at least half of the islands' economy and they still retain an important link with the U.K. The Bahamas are very dependent on imports, and there is also a substantial banking sector. Athough the Bahamas was one of the first offshore jurisdictions to offer trust services, its development as a significant Financial services centre has been relatively recent, and still growing in importance.

Currency in Bahamas:

Bahamian Dollar (BSD).

Language in Bahamas:

English is the official language

Time Zone:

(GMT -05:00)

Bahamas company:

Types of a Bahamas company:

International Business Company

Company Law in Bahamas:

International Business Companies Act, 2000

Capital requirement of a Bahamas company:

No minimum or maximum authorised share capital, but standard authorised US $50,000.
Shares can be par or no par value.

Restrictions on activity of a Bahamas company:

IBCs are not allowed to undertake business in banking, insurance and financial services, unless special consent or licence is given. IBCs should trade outside Bahamas and should not own property there.

Taxation of a Bahamas company:

NIL. No direct taxation in the form of income tax, capital gains tax, gift tax, inheritance tax.

Double Tax Treaties between Bahamas & other countries:

No double tax treaties.

Annual Returns of a Bahamas company:

Not required.

Annual Licence Fee in a Bahamas company:

$350 for authorised capital of up to US$50.000.
$1.000 for authorised capital of over US$50.000.

Annual Financial Reporting of a Bahamas company:

Not required.

Registered Office & Registered Agent in Bahamas:

A Registered Office and a Registered Agent must be maintained in Bahamas.

Company Secretary in a Bahamas company:

Optional

Directors in a Bahamas company:

Minimum of one. Can be of any nationality and residence and can be a physical person or a corporate entity.

Shareholders in a Bahamas company:

Minimum of one

Disclosure of Beneficial Ownership in a Bahamas company:

No. A Regiter of Shareholders must be kept at the Registered office, however this is not a public record.

Disclosure of Directors in a Bahamas company:

No. A Register of Directors must be submitted and filed at the Registrar.

Bearer shares in a Bahamas company:

Not permitted.

Exchange controls in a Bahamas company:

None

Language of name in a Bahamas company:

Can be in any language in Latin alphabet.

Restrictions of Name of a Bahamas company:

Any name which the Registrar considers undesirable, obscene or offensive and names such as royal or imperial, or which suggests the patronage of Bahamas government.