Bahamas


General Introduction

Bahamas is an independent English-speaking country located in the Atlantic.

Its economy is based mainly on tourism, which represents 60% of the GDP.

Advantages that Bahamas may offer you:

  • Financial services constitute the second-most important sector of the Bahamas’ economy.
  • It has a tropical climate and several beaches around.
  • It has a strong international banking system.

WCS can assist You to organize and manage Companies of International Business in Bahamas, under a modern and creative legislation that began in this jurisdiction in 1990.

BAHAMAS CORPORATIONS 

Company Law.

The International Business Act , 2000;

The Financial and Corporate Service Providers Act , 2000 (came into force on December 29, 2000) .

Incorporation of an IBC.

The Law requires a minimum of two incorporators.

When the company is registered, control of the company is passed over to the interested party by appointing as first directors (individual or corporate) those indicated by the client.

The directors, in turn, arrange, the issuance of shares and take the other decisions to commence business.

Incorporation Cost.

The incorporation cost of a Bahamas offshore corporation with a standard capital of US$50,000.00 covers the following:

  • Professional fees for the incorporation,
  • Duties payable to the local Government for the incorporation of the company,
  • Certificate of Incorporation,
  • Memorandum & Articles of Association,
  • First Minutes,
  • Corporate Register,
  • Printed share certificates,
  • Resignation letter,
  • Corporate seal,
  • Providing Registered Offices and serving as Registered Agent for the first year
  • Proving Nominee Secretary/Director and Shareholder/s services for the first year.

Annual License Fee.

There is an Annual License of US$350.00 for a company with a standard capital of US$50,000, and it could increase to a maximum of US$1,000.00, depending on the authorized capital of the corporation.

Shareholders/Beneficial Owner.

Registered Agents shall keep a record of the name and address of the beneficial owners of all IBC’s and the details of the client ’s principal place of business , business address, telephone, facsimile, telex numbers and electronic address of the principals or professionals concerned with the client and two sources of reference to provide adequate indication of the reputation and standing of the client .

Issuance of Shares.

IBC’s may issue only Registered Shares.

Directors /Officers.

  • The board of Directors of a company shall consist of at least one person who may be individual or a company.
  • The names and addresses of the directors and officers must be noted on the Directors’ and Officers’ Registers. This document shall be filed with the Registrar and shall be open to inspection by members of the public during official hours.
  • The name of an alternate director, if any, shall be disclosed and notified to the Registrar.

Authorized Capital.

There is no minimum authorized capital for IBC’s nor a minimum capitalization requirement.

The maximum authorized capital permitted for the minimum annual License fee payment is $50,000.

Registered Office.

Every IBC may appoint a Registered Office.

Amendments.

IBC’ s can amend their Memorandum and Articles of Association by shareholders’ resolution or, where permitted by the Memorandum and Articles, by a resolution of directors.

Changing the name of an IBC, increasing or decreasing authorized capital, dividing or combining shares and changing the maximum number of directors ,among other things, requires amendment of the Memorandum and Articles.

Amendments must be filed with the Registrar for public inspection and become effective on registration.

IMPORTANT NOTE: In accordance with regulatory and legal provisions, our firm maintains internal policies related to the processes of “Due Diligence” and “Know your Client ” , as routine to avoid the occurrence of illicit activities , protecting our clients and our business.

For incorporation queries in this jurisdiction, please complete and return to us our Company Formation Questionnaire.

For further information on our services provided in this jurisdiction and for the list of our currently available self-companies in this jurisdiction, please Contact Us.

JURISDICTION INFORMATION CHART

GENERAL INFORMATION BAHAMAS
Company Law IBC Act 2000, (as amended 2001).
Type of Company International Business Company(IBC)
Language of Legislation and Corporate Documents English
Taxation of Foreign Profits None
Exchange Controls None
Length of Time to incorporate 2 to 3 working days
Shelf Companies available No
CORPORATE NAMES
Name Restrictions Names identical or similar, offensive words
Endings and Abbreviations Required Limited/Ltd., Corporation/ Corp. Incorporated/Inc., Sociedad Anonima/S.A.
Length of Time to Verify Name Availability 1 day
Reservation of Names Permitted Yes
Language of Name Any language using the Latin alphabet
Name of Banks, Insurance, Investment Fund, Trust Company or their equivalent require consent and/or licence Yes
CAPITAL AND SHAREHOLDERS
Minimum Number of Shareholders One
Local Shareholders Required No
Corporate Shareholders Permitted Yes
Disclosure of Shareholders No
Minimum Authorized Capital Required No minimum
Authorized Capital/Number of shares that the company is allowed to issue US$50,000
Bearer Shares Permitted No
Registered Shares Permitted Yes
No Par Value Shares Permitted Yes
DIRECTORS AND OFFICERS
Minimum Number of Directors One
Qualifications of Directors Legal age
Officers Required No
Corporate Directors/Officers Permitted Yes
Nominee Directors/Officers/Shareholders Permitted Yes
Appointment of Subsequent Directors/Officers Memorandum and Articles of Association
MEETINGS
Annual General Meeting of Shareholders Required No
Annual General Meeting of Directors Required No
Location of Directors and Shareholders Meetings Anywhere
Adoption by Consent Permitted Yes
Quorum required for purposes of meetings As established in the Memorandum and Articles of Incorporation
LOCAL REQUIREMENTS  
Local Qualified Registered Agent/Office Yes/Yes
Filing of Register of Shareholders Optional
Filing of Register of Directors/Officers Yes
Filing of Register of Charges Optional
Register of Directors/Officers to be kept at Registered Office Yes
Company Seal Required Yes
Copy of Minutes to be kept at Registered Office Optional
Copy of Share Register to be kept at Registered Office Yes
ANNUAL REQUIREMENTS
Minimum Annual License Fee or Franchise Tax US$350.00
Annual License Fee or Franchise Tax Due Date January 1st
Applicable Surcharges for late payment and Restoration fees  10% (Feb 1 – Oct 31)50% (Nov 1 – Dec 31)1styear restoration fee US$300 – Jan 12nd year restoration fee US$300 – Jul.
Requirement to File Annual Returns No
Requirement to Submit Annual Audited Accounts No
OTHER RELEVANT INFORMATION
Member of Apostille of the Hague Convention Yes
Increase or Reduction of Capital Directors’ resolution
Re-domiciliation/Continuation Allowed Yes
Reinstatement at Registry Yes
Dissolution/Striking-off for not payment of annual license fees Compulsory or voluntary winding up and dissolution; or striking-off for non-payment.

Our New Offices

Latest News