Bahamas

An independent nation since 1973, The Commonwealth of the Bahamas is an archipelago of over 700 islands covering an area of 256,000 square kilometres to the east of Florida. It is a member of the Commonwealth of Nations and the United Nations and has observer status in the World Trade Organisation.

With a Gross Domestic Product of some $5 billion, it maintains the third highest per capita income among independent states in the Western Hemisphere, following only the United States and Canada.

Until 2001 there was no need to register details of beneficial owners, directors or officers, but under the International Business Companies Act 2001, which came into force at the start of 2001, International Business Companies are required to submit their identities, addresses and names of directors and owners to the Registrar General’s Department.

Other features of a Bahamian IBC:

• The minimum number of shareholders is one. However, two subscribers are required to subscribe to the Memorandum and Articles of Incorporation
• The minimum number of directors required is one and there are no residency requirements. Directors may be individuals or corporate entities
• The company must maintain a registered office and registered agent in the Bahamas
• Directors and shareholders need not be resident in the Bahamas and may be of any nationality
• Meetings of directors/shareholders or annual general meetings do not need to be held within the islands
• No minimum capital requirements
• Shares must be registered, bearer shares are not permitted
• There is no requirement to have audited accounts and accounts do not need to be filed
• Once incorporated, a Bahamian IBC is exempt from income tax, corporation tax, capital gains tax, estate or inheritance tax, succession or gift tax
• Asset protection against actions emanating from other jurisdictions
• Provisions for the protection of minority shareholders are contained within the legislation
• Exemption from Bahamian Exchange Control, stamp duty and estate duties for 20 years from the date of incorporation
• A company seal is mandatory