Bahamas Offshore Company Incorporation Overview

Prices in U.S. Dollars (Prices below do not include Nominee Director. Please refer to our Nominee Service Price List for fees.)

 

Incorporation$1,400
Hong Kong Bank Account$800
Bank Account in Singapore, Latvia, Austria, British Virgin Islands, St. Vincent & The Grenadines, Mauritius, or Belize$750

 

Nassau, the capital, is an important commercial centre. Over half of the population of the Bahamas live in Nassau on New Providence. The second largest town is Freeport, an important industrial centre, on Grand Bahama.

 

Freeport, on Grand Bahama, was developed in the 1950s by American business interests and is now home to a number of US commercial enterprises. (Wallace Groves, the American millionaire, founded the Grand Bahama Port Authority which was granted Crown Land and taxation concessions in return for developing the land, building schools, dredging the harbour and building an airport. The Port Authority, now run by British, Canadian and American investors has gone into partnership with Hutchison Whampoa, the Anglo-Chinese Container/Port company).

 

Banking and financial services are vital to the economy. Favourable tax laws have made the Bahamas an international banking centre. There is no income tax and no capital gains or inheritance taxes. The government raises revenue through selective taxes such as hotel occupancy tax, restaurant service charges, custom duties and departure tax.

 

 


 

Key Corporate Features

 

General

Type of Entity IBC
Type of law Common
Shelf Company Availability No
Minimum Government Fees (Excluding Taxation) USD 350
Corporate Taxation None on Foreign Profits
Double Taxation Treaty Access No

Share Capital or Equivalent

Standard Currency USD
Permitted Currencies Any
Usual Authorized US$ 50,000
Minimum Paid-up Capital US$1.00
Directors or Managers
Minimum Number One
Local Required No
Public Access to Records Yes
Location of Meetings Anywhere
Members
Minimum Number One
Public Access to Records No
Location of Meetings Anywhere
Company Secretary Required No
Local or Qualified Not Required
Accounts
Requirement to Prepare Yes
Audit Requirements No
Requirement to File accounts No
Public Access to Accounts No
Other
Requirement to File Annual Return No
Change of Domicile Permitted Yes

 


 

General Information

The Bahamas extends in a 1,225 km arc from 78 km east of Palm Beach, Florida, to just north of Haiti. The Bahamas consists of an archipelago of nearly 700 islands and 2,000 cays.

 

Infrastructure & Economy

The economy of the Islands is strong, enjoying full employment with most of the revenue being derived from the financial services sector and tourism.

 

Miami is one hour away by air and the Island has direct air links with New York, Atlanta, Tampa, Houston and Jamaica. The Islands are a popular cruise-ship stop.

 

• Language

  • The official and spoken language is English.

 

• Currency

  • Bahamas Dollar (BSD).

 

• Exchange Control

  • None

 

• Type of Law

  • Statute Law and Common Law based on English Common Law

 

• Principal Corporate Legislation

  • International Business Companies Act 2000, as amended.

 

 

Company Information

 

• Type of Company for International Trade and Investment

  • International Business Company

 

• Restrictions on Trading

  • Cannot trade within the Bahamas or own real estate there. Unless government permission is granted, cannot undertake the business of banking, insurance, assurance, reinsurance, fund management, ollective investment schemes, trust management, trusteeship, the rendering of investment advice or any other activity that would suggest an association with the banking or insurance industries. Cannot sell its own shares or solicit funds from the Public.

 

• Powers of Company

  • A company incorporated in the Bahamas has the same powers as a natural person.

 

• Language of Legislation and Corporate Documents

  • English

 

• Shelf Companies Available

  • No.

 

• Language of Name

  • Names can be expressed in any language using the Latin alphabet, if the Registrar receives a translation thereof. The corporate documents will however be in English.

 

• Registered Office Required

  • Yes, must be maintained in the Bahamas at the address of a licensed management company or law firm.

 

• Name Restrictions

  • Any name that has already been incorporated, or a name that is so similar as to cause confusion. Names such as royal or imperial. Any name which, in the opinion of the Registrar, is considered undesirable, obscene or offensive, or any name, which suggests the patronage of the Bahamas Government.

 

• Suffixes to Denote Limited Liability

  • Limited, Corporation, Incorporated, Société Anonyme, Sociedad Anónima, Gesellschaft mit beschränkter Haftung or the relevant abbreviations.

 

• Disclosure of Beneficial Ownership to Authorities?

  • No

 


 

If you are a lawyer, accountant , tax advisor or financial consultant and require services for your clients, please contact us for further options.

 

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