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.  

LEGISLATION 

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

COMPANY REGISTRATION IN BAGAM 

Types of companies

An international business company, which is essentially a limited liability company. The name may end with Limited, Ltd, Corporation, Corp., S.A., Inc, GmbH, etc.

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. 

TAXES 

Businesses that do not operate in the Bahamas are not subject to any taxes or fees. The only requirement is the annual payment of the license fee:

  • $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.

CURRENCY CONTROL

None.

AGREEMENTS ON AVOIDANCE OF DOUBLE TAXATION

The Bahamas have no agreement on avoidance of double taxation.

FEATURES

The Bahamas is a classic offshore zone, therefore, when registering a company in the Bahamas, it should be borne in mind that the Cabinet of Ministers of Ukraine has included this jurisdiction in the list of offshore companies.

If you are planning to open a company in the Bahamas, please contact our lawyers for advice:

+38 (098) 737-88-88

We will help you buy an offshore company in the Bahamas or in any other jurisdiction on the most favorable terms.