Population

The population of the Bahamas is about 310,000 people.

Political structure

In July 1973, the Bahamas becqme an independent nation and a member of the Commonwealth. The British Government is based on the constitutional pattern with a prime minister, Cabinet of Ministers, an appointed Senate and a House of Representatives elected by the people to control and administer the day to day affairs in the Bahamas. The Head of State is HM Queen Elizabeth II and she's represented by a Governor General. The law of the Bahamas is based on English Common Law and the court is modelled on that of the United Kingdom with Magistrates Courts and a Supreme Court.

Infrastructure & Economy

The Bahamas has excellent communications. There are direct flights from Europe as well as many U.S. Cities. Miami is located just thirty minutes away and New York is less than 3 hours away.

Language

The official and spoken language is English.

Currency

Bahamian Dollar is on par with the U.S. Dollar.

Exchange Control

Residents are subject to Exchange Control, but International Business Companies are exempt.

Nature of Law

Statute & Common law based on English Common Law.

Principal Corporate Legislation

International Business Companies Act 2000 & International Business Companies (Amendment) Act 2004.

Procedures to Incorporate

Registered Agent prepares the memorandum of association, which after being signed by the two subscribers is delivered to the Registry. The articles of association can either be submitted at the same time as the memorandum of association or within thirty days from the date of incorporation.

Restrictions on Trading

IBCs may engage in business with Bahamians & Bahamian real estate, but local exchange control and stamp duty will apply in these cases. Unless government permission is granted, they can not undertake the business of banking, insurance, assurance, reinsurance, fund management, collective investment schemes, trust management, trusteeship, the rendering of investment advice or other activity that would indicate a connection with the bank or insurance industries. Unable to sell their own shares or solicit funds from the public.

Powers of the Company

A International Business Company has all the powers of a natural person.

Language of Legislation & Corporate Documents

The legislation & corporate documentation is in English.

Registered Office Required

Yes, must be maintained in the Bahamas at the address of a licenced management company or law firm with a registered agent.

Shelf companies available

Yes.

Time to incorporate

Two days, but a further five working days are required by the Registrar for the production and release of the Certificate of Incorporation and certified copy of the Memorandum & Articles of Association.

Name Restrictions

Any name that's already incorporated, or a name so similar it can cause confusion. Names such as royal or imperial. Any name that in the opinion of the Registrar is considered undesirable, obscene or offensive, or a name that suggests the patronage of the Bahamas Government.

Language of Name

The name can be in any language using the Latin alphabet. The Registrar may require an English translation to ensure that the proposed name isn't on the list of restricted names.

Names Requiring Consent or a Licence

Bank, building society, savings, loans, insurance, assurance, reinsurance, fund management, investment, trust, trustees, Chamber of Commerce, university, municipal or their foreign language equivalents or any name in English or a foreign language that may suggest association with the banking or insurance industries.

Suffixes to Denote Limited Liability

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

Disclosure of Beneficial Ownership of state government

Details disclosed to the registered agent but isn't available to the public.

 Authorized and Issued Share Capital

The normal authorised share capital is $50,000, divided into 50,000 shares of U.S. $1, which is the maximum capital for minimum duty payable at the time of formation and maximum share capital for the minimum licence fee is paid annually. Share capital may be expressed in any currency. Minimum issued capital is either 2 shares without nominal or 2 shares of nominal value.

Classes Permitted

Registered shares, no par value, preference shares, redeemable shares and shares with or without voting rights.

Taxes

The Bahamas is a pure tax haven and has no direct taxation in the form of income tax, capital gains tax, gift tax or inheritance tax.

Double Taxation Agreements

The Bahamas is not a party to any double tax treaties.

License Fees

Companies with a share capital, with a nominal value up to U.S. $50,000 to pay the sum of U.S. $350 per year.
Companies with a share capital by a nominal value of more than U.S. $50,001 to pay the sum of U.S. $1000 per year.

Accounting Required

Although there is no requirement to file audited accounts with the authorities, a company is required to keep accounts, which reflects the financial situation of a company.

Directors

The minimum number of Directors is one. Board may be natural persons or legal persons. They can be of any nationality and need not be a resident in The Bahamas. Details of the directors and officers of an IBC must be filed with the Registrar of Companies.

Company Secretary

The International Companies Act 2000 makes no specific reference to a company secretary, but one is normally appointed to facilitate signing obligations.

Shareholders

The minimum number of shareholders: Two subscribers, but the shares can be transferred to a single person. A register of members must be maintained at the registered office but is not open to the public.

How can I get more information on company formation in the Bahamas?

Please contact us if you wish to open a company in the Bahamas and we will be pleased to discuss your Bahama company formation matters in greater detail.

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