Bahamas Offshore Company
The Bahamas’ role as a financial center became increasingly important to the economic vitality of the Bahamas, which is said to contribute approximately 20% to the Bahamian economy. The Bahamas have aggressively promoted the islands as an international financial center and the business and professional sectors are finely attuned to the needs of offshore sectors.
There is no income tax in the Bahamas, nor are there capital gains, VAT or Sales tax. As such, the Bahamas is an attractive jurisdiction for offshore investors who form Bahamas offshore companies to conduct international business and conduct trade. With a solid reputation, the Bahamas offshore company is globally accepted and highly regarded. In addition to the no tax advantages, there are several other investment boosters in the form of appealing and attractive investment incentives.
Investors choose to conduct offshore/international business through the offshore corporation, more formally known as the Bahamas International Business Company, IBC. There are other Bahamas companies that can be used for offshore activities, but the Bahamas offshore company (IBC) is the most popular and most popular company launching, comparable to Panama company formation. Generally, the Bahamas offshore company takes on the form of a private company (limited by shares).
The current legislation governing the Bahamas IBC is the International Business Companies Act 1989, which was then updated by some Bahamas International Business Companies Amendments (1994, 2001 and 2004).
The requirements for Bahamas offshore companies (International Business Companies)
- one director required (corporate or individual)
- one shareholder required
- shareholder, directors and other Bahamas Company officers may be of any nationality
- No minimum capital requirements
- Shares for Bahamas Company may be issues in any legal tender, and must be registered
- No accounts, no bookkeeping, no requirements for audits
- Director and Shareholder meetings not required
- The incorporation paperwork on file is the Memorandum and the Articles of Association; which does not contain any stakeholder details
All Bahamas offshore companies are exempt from foreign exchange controls, stamp duties and other local taxes.
Bahamas offshore corporations may be managed and operated from within the Bahamas, which is unlike other offshore companies from other jurisdictions. Further, the Bahamas IBC is allowed to invest and own interest in other Bahamas Companies.
There are limitations and restrictions for the Bahamas offshore company are similar to other offshore corporations in that the Bahamas IBC must have a Bahamas registered agent. The Bahamas International Corporation cannot do any business in Bahamas, or with Bahamas residents. The Bahamas Company may not own or have any ownership interest in Bahamas property.
Bahamas offshore company launching, same as Belize companies registration, and maintenance fees are reasonable, and these fees are based on the value of the company share capital upon incorporation. Bahamas companies, especially the Bahamas IBC can be incorporated in as little as 24 hours. These offshore companies can be used for a wide variety of purposes, including import and export trade business on an international level.
Many international and US financial, investment and banking firms use Bahamas offshore companies as part of tax saving, international business plans strategies.