Bahamas |
|
| GENERAL INFORMATION | |
| Location | Atlantic ocean , 50 miles south-east of Florida |
| Population | 305,000 |
| Native language | English |
| Currency | Bahamian dollar, has parity with US$ |
| Political status/Constitution | The Queen of England is the Head of State, represented by a Governor-General. Uses the Westminster model, with an elected House of Assembly. Members of the Senate (upper house) are appointed, by the Governor on the recommendation of the Prime Minister and Leader of the Opposition |
| Banking & professional facilities | Has a full compliment of banking institutions from the major OECD countries |
| Legal system | Judiciary. English common law. Highest local court is the Supreme Court, with Court of Appeal. Final appeals to the Privy Council in London |
| Offshore specialities/expertise | Bahamas offers a full range of financial services and products. Specialises in private wealth management, trusts, asset protection, e-commerce, insurance, and maritime registry |
| | |
| TAX REGULATIONS | |
| Income tax | |
 resident |
Nil |
| non-resident |
Nil |
| Trusts | |
| resident |
Nil |
| non-resident |
Nil |
| Estate duty | No |
| Withholding taxes | No |
| Exchange controls | |
| resident |
Nil |
| non-resident |
Nil |
| | |
| TRUSTS | |
| Are trusts permitted? | Yes |
| Perpetuity period | Yes, one life in being plus 80 years |
| Accumulation period | No |
| Statutory trust law | Trustee Act 1998 |
| Trust duty | No |
| Forced heirship exclusion | Yes |
| Asset protection measures | Yes |
| Trust register | No |
| Resident trustee/s required | No |
| Regulation of trustees | Yes |
| | |
| CORPORATION LAW FACTORS | |
| Type of corporate vehicles | International Business Companies (IBC) and Domestic Companies |
| Incorporation time scale | 5 working days |
| Fees: Incorporation - Government | Domestic Company: a) Stamp Duty: Share capital $5,000 or less - $60; share capital of 55001 and above - an additional duty of $3/1,000; b) registration fees $330 c) certified copies of Memorandum and Articles of Association - $60 IBC: a) registration fees $330; b) certified copies of the Memorandum and Articles of Association - $60 |
| Other | Domestic Company: $750 to $1,200; IBC: $500 to $1,500 |
| Annual - Government | IBC $350; LLC 60% or more Bahamian $350; LLC less than 60% Bahamian $1,000 |
| Fees: Other | N/A |
| Resident directors required | No |
| Min number of directors required | One |
| IBC |
one |
| Domestic Company |
two |
| Directors meetings required | Yes, but can be held by telephone |
| Location | No requirement to hold meetings in the Bahamas |
| Frequency | |
| IBC |
Whenever deemed necessary |
| Domestic Company |
Annually |
| Beneficial ownership disclosure | No |
| Shareholder disclosure | No |
| Minimum number of shareholders | |
| IBC |
one |
| Domestic Company |
two |
| Bearer shares allowed | No |
| No-par value shares allowed | Yes |
| Public share register | No |
| Shareholders meetings required | Yes |
| Location/frequency | |
| IBC |
can be held by telephone, whenever deemed necessary |
| Domestic Company |
once a year |
| Annual return required | |
| IBC |
No |
| Domestic Company |
Yes |
| Audit required | No |
| Foreign currency accounting allowed | Yes |
| Registered office | Yes |
| Registered agent | |
| IBC |
Yes |
| Domestic Company |
No |
| Stamp/capital duty | |
| IBC |
No |
| Domestic Company |
Yes (see above) |
| Naming your company | Prohibited names: Assurance; Bank; Building Society; Chamber of Commerce; Chartered; Cooperative; Imperial; Municipal; Royal; (for IBC Trust' also). Names must end with an appropriate suffix |
| Company mobility provisions/redomicility rules | IBC - provided for under the Act |
