Registering a company in the Bahamas
The Bahamas (full name the Commonwealth of the Bahamas) is a classic offshore jurisdiction. This state has a stable economy and is developing through a tourism, the banking sector and a foreign investment.
Those, who want to register a commercial firm in the Bahamas get a lot of advantages, including:
- no reporting;
- a fixed fee to the budget;
- the ability to maintain confidentiality;
- business in this jurisdiction is not subject to currency control.
What taxes should be paid to those, who decided to register a non-resident company in the Bahamas:
- an obligatory annual duty to the budget (depends on the size of the authorized capital);
- the income tax is not paid;
- no capital gains tax.
If the declared authorized capital is $50,000 (or less), the annual state duty is $350.
If the declared authorized capital is more than $50 000 dollars, the annual state duty is equal to 1000 US dollars.
What is the most popular form for setting up business firms in the Commonwealth of the Bahamas?
Those, who wish to open a firm in the Bahamas, most often choose the International Business Company (IBC). In addition, there is a demand for:
- trusts;
- SPV;
- companies with split portfolios.
The level of a privacy in the Bahamas is considered to be quite high. The information about owners is transferred to the company registry, but the information from the registry is not publicly available.
The standard registered capital of an international business company (IBC) is $5,000.
The name of the company should not coincide/be similar to existing ones. You can’t use words in the name of the company, that are considered an offensive or a simply indecent, as well as the words Imperial and Royal.
You can use the following words in the name like:
- “Incorporation”;
- “Corporation”;
- “Limited”;
- or their official abbreviations.
If you want to register a non-resident company in the Bahamas, then it will take from 5 business days.
As mentioned earlier, non-resident companies do not submit reports and do not pass audits.
According to the law, if you decide to open a company in the Bahamas, then your IBC should have the following structure:
- a director of the company (at least one, a resident/non-resident of the Bahamas, a legal entity or an individual);
- a secretary (optional);
- a shareholder (at least one).
WE WILL ASSIST YOU IN OPENING A FIRM IN THE BAHAMAS AS SOON AS POSSIBLE. TO DO THIS, YOU NEED:
- to complete all necessary documentation;
- to check and to receive a confirmation of the company name in the register;
- to pay registration fees;
- to notarize all documents.
Non-resident legal entities, who want to open a firm in the Bahamas must provide the following documentation:
- a package of registration documents;
- passports of individuals, that are a part of the structure of the company.
If you have any questions during the reading of the article, you can get more information from our experts. We are helping to resolve problems of varying complexity, provide professional support in the registration of a commercial firm in the Bahamas or any other jurisdiction, as well as advice on opening an account in the Commonwealth of the Bahamas, other related services.
Please, check with our specialists for possible solutions for your business.
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