Company Formation and Incorporation - Bahamas
Background
The Bahamas is known as the Commonwealth of the Bahamas. It consists of about seven hundred islands, it is located on the Atlantic ocean, bordered by Florida, the United States (Northwest), Cuba, Hispaniola island and the Caribbean (south), the British Overseas Territory and Caicos Islands (south-east).
The Bahamas is a parliamentary democracy – Unitary parliamentary constitutional monarchy. The capital of the Bahamas is Nassau, making use of the United States dollar (USD) and the Bahamian dollar(BSD) as its official currency. The official language of the Bahamas is English. The population of the Bahamas is over 300,000 people.
The legislative framework regulating company activities is the International business Act 2000 and Act 2010 (amended). The authority responsible for company formation, registration and other company related activities in this jurisdiction is the Bahamas Investments Authority (BIA).
Incorporation Process and Timeline
| International Business Company (IBC) | Bahamas Fund | Bahamas Trust | Bahamas Foundation | |
| Minimum number of directors | 1 | 1 | 1 | 1 |
| Minimum number of shareholders | 2 | 2 | 2 | 2 |
| Local Presence (director/ shareholder/ officer) | No | No | No | No |
| Maximum Foreign Shareholding | 100% | 100% | 100% | 100% |
| Physical registered office address requirement | Yes | Yes | Yes | Yes |
| Minimum Paid Up Share Capital | USD 50,000 | USD 50,000 | USD 50,000 | USD 50,000 |
| Incorporation Timeline | 1 month | 1 month | 1 – 2 months | 1 – 2 months |
Public Register of Shareholders and Directors | No | No | No | No |
Regulator | BIA | BIA | BIA | BIA |
Taxation and Accounting
| International Business Company (IBC) | Bahamas Fund | Bahamas Trust | Bahamas Foundation | |
| Corporate Tax | 0% | 0% | 0% | 0% |
| Auditor Requirement | No | No | No | No |
| VAT Payable | 7.5% | 7.5% | NIL | NIL |
| Capital Gain Tax | 0% | 0% | 0% | 0% |
| International currency control on remittance | No | No | No | No |
Others
| International Business Company (IBC) | Bahamas Fund | Bahamas Trust | Bahamas Foundation | |
| General Activity | Products and services | Asset management | Taxation planning | Asset management |
| Economic Substance Requirement | Depends on business nature | Depends on business nature | Depends on business nature | Depends on business nature |
Corporate Bank Account
| International Business Company (IBC) | Bahamas Fund | Bahamas Trust | Bahamas Foundation | |
| Corporate Bank Account Available | Yes | Yes | Yes | Yes |
Bank Account Opening Timeline | 2 – 4 months | 2 – 4 months | 2 – 4 months | 2 – 4 months |
Bahamas offers the following benefits:
- An attainable and flexible business environment
The Bahamas provides an overall environment that supports offshore firms. It maintains business facilities, infrastructure, mobility and great communication. Corporate regulations have been especially crafted to meet the business needs of offshore firms. The island country has a competitive market that is consistent with international standards of business. It is also an attractive territory for global investment possibilities.
- Quality privacy protection and confidentiality
The Bahamas have a protected security framework for corporate properties. Many offshore business owners prefer not to reveal any sensitive business information in public records. The Bahamas has a tremendous legal framework that offers asset security and guarantees confidentiality for owners of companies and shareholders, respectively.
- Offers tax benefits
The Bahamas offers low tax rates that benefits small to medium-sized enterprises. The taxation scheme is also well-construed and attracts many foreign national investments. Companies that incorporate here are exempted from sales tax, stamp duty and capital gain tax. Moreover, there is also no dividend withholding tax.
- Swift business registration
It is relatively easy and convenient to set up an offshore business in the Bahamas. Business owners or investors need less time and effort on the part. The country also provides special economic zones that help with the fast-track registration of businesses. It has organized the entire immigration process in a suitable way for foreign nationals looking to grow their business in the country.
Bahamas Company Registration Guide
The government’s proactive economic growth and development policies are guided by the Bahamas Investment Authority (BIA), established to reduce bureaucratic delays for domestic and international investors. Operating from the Office of the Prime Minister, the BIA has been designated a “one-stop shop” designed to simplify investing in The Bahamas. The BIA serves as the administrative arm of the National Economic Council and Investments Board.
Desfran Services in Bahamas
With more than a decade of experience, our team at Desfran is here to meet your business needs beyond just company formation. We also provide the following services in Bahamas:
- Company formation
- Assistance in Business Management
- Corporate Management advisory
- Provision of registered agent and registered address
- Provision of company management, directorship, and shareholding services
- License application assistance
- Onshore/ Offshore bank account introductions and applications
- Virtual office services and other corporate services
- Nominee services
Application Process:
- Submit your interest here
- Our Offshore Formation Specialists will reach out to you for an in-depth discussion
- A customised proposal will be sent to you upon uncovering your needs,
- Upon the proposal confirmation, we will require the of the following information for the application
- Proof of Identity
- Proof of Residence (within the last 3 months)
- director(s),
- shareholder(s) and
- beneficial owner(s)
Once the above has been approved, we will send you an invoice for payment.
The incorporation process will commence upon receiving payment.
Desfran deals directly with the authorities instead of the use intermediaries in your application process. In this way, we are able to ensure our prices remain competitive while you are ensured of utmost privacy and care in your application.