The most commonly incorporated type of companies in the Bahamas is International Business Company (IBC), which has a status of a private company with a limited liability.
For managing a company in the Bahamas at least one director must be appointed. The minimum number of shareholders is one. Directors and shareholders may be natural or legal persons of any reside. It is not required by the law to appoint a secretary. Information on directors and shareholders is entered into the Corporate Registry and it is not publicly available.
The name of a company in the Bahamas shall contain one of the following words: “Incorporated”, «Corporation», «Limited» or the abbreviations such as «Inc.», «Corp.», «Ltd.», «GmbH», «SA». Word «Bank», «Insurance», «Trust» are not allowed to use unless the company has a specific license.
Each Bahamian company must have a registered agent and registered office in the Bahamas.
Standard authorized share capital of such companies is 50 000 dollars. There are no requirements for the paid-in capital.
The minimum number of shares issued by offshore company in the Bahamas equals to one share with or without par value. Bearer shares are not allowed.
It takes approximately 6-7 weeks to incorporate a company in the Bahamas and up to 5 weeks to receive a full set of corporate documents.
Taxation of Bahamian companies
The Bahamas is a pure tax haven and has no income tax, capital gains tax, gift tax or an inheritance tax.
The Bahamas is not a party to any double tax treaties.
Accounting and audit of offshore companies in the Bahamas
Accounting of an offshore company in the Bahamas may be conducted in the arbitrary form, i.e. owner or director of a company can manage the accounting process. The accounting records and underlying documentation must be kept in the Bahamas or in another jurisdiction. If the documentation is kept outside the Bahamas, a company must update its Bahamian registered agent upon new address, where the documentation is kept.
In the Bahamas it is allowed to appoint nominee directors and shareholders.
Opening a bank account for Bahamian company
It is advisable to open a bank account in a local bank in the Bahamas; however, it is possible to open a bank account in any of our partner banks.
It is important to keep in mind that every bank account opening procedure is individual and depends on the accuracy and timeliness of information and documents provided by the client.