Bahamas

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Bahamas

General information about the jurisdiction

The Commonwealth of the Bahamas is the state situated on the islands in the Caribbean which is the symbol of luxury and richness.

The paradise attracts tourists by the soft climate, the diversity of nature and the high service all year long. But tourism is not the only source of state income. After gaining independence in 1973 the Bahamas started developing of financial sector and became one the most important offshore services in the world.  

1. Legislation

The International Business Companies Act, 2000 regulates companies’ activities on the Bahamas.

2. Company formation

2.1 Types of companies

International Business Company (Limited Liability Company).

2.2 International Business Company:           

  • The minimum authorized capital – not established. Payment by the moment of incorporation in not required. The annual state fee depends on the amount of declared authorized capital.
  • Shares –registered, per value or not. Bearer shares are not allowed.
  • Director – at least 1, individual or legal person, no residency required 
  • Members – at least 1, individual or legal person, no residency required. Director and shareholder may be the same person.
  • Secretary – not required.
  • Publicly available information: about directors and shareholders. Nominee service may be used. 
  • Company is not obliged to keep and submit an annual financial report, to be audited.
  • Registered office on the Bahamas is required (it may be agent's address).
  • Annual meetings of shareholders may be hold in any place or by telephone communications. 

3. Taxes

An offshore company is exempt from taxation.

The state fee is

  • $350 per year – if the declared authorized capital is less than $50 000;
  • $1000 per year - if the declared authorized capital is more than $50 000.

4. Currency control

None

5. Agreements on avoidance of double taxation

The Bahamas have no agreement on avoidance of double taxation.

6. Features

The Bahamas are in the tax havens list of Ukraine.