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
The Bahamas Continues to be a Model IFC
  Tanya McCartney examines how The Bahamas has consolidated its position as a model IFC. (16/08/2016)
Private Banking – A Bahamian Specialty
  Alain Kunz examines the Bahamas attractiveness for Private Banking services. (16/08/2016)
The Bahamas: An Insurance Gateway to the World
  Peter Strauss examines how The Bahamas insurance offerings attact insurers worldwide. (16/08/2016)
The Bahamas for Family Offices: A Practitioner’s Overview
  Linda Beidler-D’Aguilar examines the attractiveness of The Bahamas for the establishment of Family Offices. (01/06/2016)
Q&A with… Equity Bank and Trust Bahamas Limited
  IFC Caribbean speak to Equity Bank and Trust about the company’s success and the importance of small boutique financial institutions competing with the global giants. (01/06/2016)
The Bahamas: A Balanced Approach to International Initiatives
  Tanya McCartney, BFSB, examines how The Bahamas have reacted to international initiatives on tax transparency with a balanced approach. (01/04/2016)
The Bahamas Chooses the Path of Innovation, Compliance
  Aliya Allen examines how the Bahamas balanced approach to international initatives on tax transparency are beginning to pay off. (02/06/2015)
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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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