BahamasThe Bahamas was a British colony, and retains its English common law background. Its legislative system is based on the British parliamentary system; its legal system is also firmly British based. It has been stable since long before its independence in 1973. It is a member of the British Commonwealth. Around 400 banks are licensed to operate here, and it is a major offshore banking location. It is in the same time zone as the East Coast of the USA and is a popular tourist location. The national language is English, and company documentation is and must be in English.
Offshore Companies:
The Bahamas has existing and well proven legislation permitting companies to be rapidly and simply incorporated for the purposes of conducting offshore business operations in the form of an International Business Company (IBC).
Setting up an IBC:
The registered agent (supplied by NACS) for the new company being formed files the company's memorandum of association with the company registry (after being signed); the articles of association are to follow within 30 days. The company can be incorporated within 1-2 days.
Buying an IBC:
NACS offers off the shelf companies upon request. Name changes can be accomplished rapidly.
Company name guidelines and restrictions:
The name must be in the Latin alphabet, any name can be chosen provided it is not already in use, it is not obscene, and it does not imply insurance, banking, royal, or governmental related operations or sponsorship. It must end with an approved company designation or abbreviation (Limited, Incorporated, Corporation, Societe Anonyme, Sociedad Anonima, etc.). Names implying or conveying an involvement in banking or insurance operations require consent.
Capital Requirements:
No minimum level required.
Local Registered Office Requirements:
An IBC must always maintain a registered office in the Bahamas, and must appoint and retain a Bahamian resident as the company's registered agent. NACS provides these services for a fee via its Bahamian associates.
Annual Company License:
This is acquired at the beginning and must be maintained annually thereafter. The annual license fees vary with the share capital of the company. Annual license fees not paid on time incur penalties.
Director Requirements:
At least one director must be appointed and maintained (who can be a corporate director ¡V which can be supplied by NACS). There is no residence or nationality requirement.
Shareholder Requirements:
2 shareholders must exist at the beginning; these can be condensed into a single person. A register of the IBC's shareholders must be maintained at its registered Bahamian office.
Company Secretary Requirements:
A company secretary must be appointed for the IBC: either a person or corporate: no nationality or residence requirements. NACS normally will perform this function, for a fee.
Share Types Allowed:
Registered or bearer shares are permissible.
Taxation Requirements:
There is no taxation for an IBC's operations, assets, or profits. No tax treaties.
Exchange Controls:
There are no exchange controls.
Reporting Requirements:
No accounts or annual report are required to be filed.
Secrecy:
No explicit secrecy legislation for IBC's , but English law places a clear and heavy responsibility on professionals to keep their client's affairs confidential.
Annual Tax/Filing Fee:
There is an annual license fee that is based on the paid in capital of the company: it starts at US$ 350.00