Bahamas
NEWS
FACT FILE
Location Archipelago of islands in Atlantic Ocean, 80 km off the southeast coast of Florida.
Time Zone Eastern Daylight Time (observed from the second Sunday in March to the first Sunday in November).
Population 347,000.
Capital Nassau, New Providence.
Airport Lynden Pindling International Airport (Nassau).
Language English.
Currency Bahamian Dollar
Dialing Code +242.
Centre's Expertise Leader in private wealth management (PWM) services; banking and trust, investment funds, securities advisory, corporate services.
Political System Constitutional parliamentary democracy; bi-cameral legislature.
Legal System Based on English common law.
Personal Income Tax No.
Corporate Income Tax Yes, (Annual Business Licence Tax for Companies carrying on business in The Bahamas).
Exchange Restrictions Resident: some.
Tax Treaties For full details, please go to www.ifcreview.com/TIEA
Permitted Currencies No restrictions. B$1=US$1
Minimum Authorised Capital No minimum capital required.
Minimum Share Issues None. (In practice one).
Shelf Companies No.
Incorporation Time Scale 5-7 working days.
Incorporation Fees For IBCs the fee payable to the Companies Registry on Incorporation is BS$330 where the authorised capital is not over BS$50,000 and BS$1,000 where the share capital is over BS$50,000. A separate fee of BS$30 is levied for each certified copy of M&A.
Annual Fees For IBCs, the fee payable is BS$350 where the authorised capital is not over BS$50,000 and BS$1,000 where the share capital is over BS$50,000.
Minimum Number One.
Residency Requirements A director/ secretary need not be resident.
Corporate Directors Yes.
Meetings/Frequency Discretionary.
Disclosure Register of directors and officers.
Bearer Shares Not allowed.
Minimum Number A minimum of one shareholder.
Public Share Registry No.
Meetings Frequency AGMs are not required but can be held anywhere or by telephone.
Annual Return No.
Audit Requirements None, unless required by the IBC’s Articles of Association but company required to ensure that reliable accounting records are kept as required by the IBC act.
Registered Office Yes.
Domicile Issues Change of domicile permitted.
Company Naming Restrictions IBC prohibited names: ‘assurance’, ‘bank’, ‘building society’, ‘chamber of commerce’, ‘chartered’, ‘cooperative’, ‘imperial’, ‘municipal’, ‘royal’, ‘trust’, etc. Names must end with an appropriate suffix such as ‘incorporated’, ‘limited’, ‘corporation’, ‘gesellschaft mit beschrankkter haftung’, ‘sociedad anonima’ or respective abbreviations.
ARTICLES
Offshore: The Leaders, the Trends and the Opportunities
  Dan Wise looks at why certain IFCs prosper. He discusses regulation and investment opportunities, and opines on the implementation of public registers of beneficial ownership in the British Overseas Territories. (01/09/2018)
Why the Bahamas Remains the Clear Choice
  The Bahamas continues to pursue its vision to be a globally competitive international business centre for wealth management, residency, capital investment in the Americas and emerging markets. Its ability to realise this vision has much to do with a (29/06/2018)
Bahamian Tax Policy: Strategic Considerations
  Industry participants recognise that carefully planned, sweeping changes to the tax system may impact The Bahamas’ competitiveness vis-à-vis other international financial centres, and the long-term success of the financial services sector will depend (29/06/2018)
The Bahamas: Clearly Focused
  "We have to be in a state of continuous improvement to ensure that we remain aligned with international standards. The work does not stop,” explains Tanya C. McCartney. (01/06/2018)
What May the Trump Presidency Mean for the Future of International Financial Centres?
  Simplification of the US tax code, FATCA, De-regulation, Immigration: Alicia Nicholls discusses the various implications of US Tax Reform for IFCs. (01/12/2017)
The Bahamas: Compliance and Innovation in Lockstep
  Tanya McCartney discusses the evolution of the Bahamas cornerstone product and service offerings, including trusts and funds and reveals her views on regulatory change. (01/11/2017)
Considering the Future of The Bahamas as an IFC: Adapting to Change
  International financial centres such as The Bahamas find themselves balancing the demands for transparency and disclosure of information against compliant clients’ legitimate concerns about the attendant loss of privacy and personal safety. (29/08/2017)
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FURTHER BACKGROUND INFORMATION
  The Bahamas Tax Treaties
  The Bahamas currently has 30 tax agreements in place comprising of 30 TIEAs. - read more...
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