SOCIAL AND ECONOMIC
INDICATORS
Location: |
40 - 60 miles
east of Florida (U.S.A.) |
Area: |
700 islands
comprising 5,358 square miles. Most Bahamians live in
two major urban centres: Nassau and Freeport. |
Population: |
340,000 |
Climate: |
Tropical |
Official
Language: |
English |
Government: |
Parliamentary
Democracy. Member of the British Commonwealth
recognizing Queen Elizabeth II as head of state. |
Living
Standard: |
High |
Banking: |
Worldwide
banking facilities available |
Legal
Tender: |
Bahamian
dollar, which is on a par with the U.S. dollar. |
Industry: |
Tourism,
financial services and small industries. |
Uses of Bahamas Business Companies
Holder
of bank accounts, fixed deposits, investment plans and any other
financial or commercial title.
Owner
of the shares of other companies or legal entities.
Owner
of apartments, houses, buildings, vessels and any other movable or
immovable property or goods.
Manager
and promoter of business transactions.
Leasing
of vehicles, machinery, vessels and others.
Borrowing
or lending money, paying or receiving commissions’, royalties or
others.
Marketing
and promotion of products and services.
Other
commercial and financial activities.
Features of
the Bahamas International Business Companies
BUSINESS TRANSACTIONS
-
IBC’s may engage in any
lawful business in any country and may carry on
transactions in whatever currencies they choose.
TAXATION
-
Full exemption from taxation
for any business activity or transaction carried
out outside The Bahamas.
AUTHORISED CAPITAL / SHARES
-
Only nominative shares are
allowed.
-
No paid-in capital is
required.
-
No minimum or maximum capital
requirements.
DIRECTORS / OFFICERS (SECRETARY) AND SHAREHOLDERS
-
Shareholders, directors
and/or officers can be either corporate entities
or natural persons.
-
Initial or ongoing changes in
directors and/or officers need to be updated in
the Register of Director(s) and Officer(s) of
the
-
The directors may grant
special or general powers of attorney.
-
Companies are allowed to have
a sole director.
-
Neither the directors nor the
officers need be shareholders.
-
Shareholders, directors and
officers may be of any nationality and may be
resident of any country.
-
Shareholders and directors
may hold their meetings in any country and may
attend such meetings by proxy or by any
electronic means (phone, fax, etc).
ANNUAL FILING
-
No requirement to file annual
returns or financial statements; no requirement
to hold annual general meetings of shareholders
or directors.
INCORPORATION AND ADMINISTRATION
-
Excellent availability of
company names for incorporation.
-
Familiarity of incorporation
documents (Memorandum & Articles of Association,
Certificate of Incorporation) because The
Bahamas belongs to the British Commonwealth.
-
The words "Limited",
"Corporation", "Incorporated", "Société Anonyme",
or "Sociedad Anónima", or the abbreviations
"Ltd.", "Inc." or "S.A.", may be used in a
company's name.
-
Incorporation documents may
be drafted in Spanish or any other language
together with an English translation.
-
Speedy incorporation
procedures and simple ongoing administration.
-
Incorporation procedure takes
7 days.
-
The Bahamas Registry is
equipped with modern sophisticated computer
equipment, which heightens speed and efficiency
in the processing of documents in a timely
manner.
-
Shelf
companies available.
RECORD KEEPING
-
The accounting books, records
and minutes of the company may be kept in any
place or country at the directors' choice.
-
Annual accounts are neither
required nor be filed.
REGISTERED OFFICE, CORPORATE SEAL AND LEGALISATION
-
Registered Office in The
Bahamas is required.
-
Corporate seal is mandatory.
-
Use of Apostille should
documentation need to be legalised. Legalisation
via a Consulate is also available for some
countries.
REDOMICILIATION
-
Foreign companies can be
speedily redomiciled to The Bahamas.