|General Information||The Bahamas comprise of over 700 Islands off the South East Coast of Florida in the Caribbean. The Bahamas were a British Colony until 1973 when they became independent. Accordingly, the Islands follow the British Common Law system. The Bahamas modelled its International Business Companies Act on British Virgin Islands ' IBC legislation and therefore its Memorandum and Articles of Association very much parallel those of a BVI company. However, previously Section 65 of the Bahamas IBC's Act stipulated that Minutes of Shareholders' Meeting must be kept in Bahamas. This has since been amended but unfortunately this impediment has hindered the growth of Bahamas companies and gave BVI's a headstart.|
|Company Name||A name search can be carried out within 48 hours by fax and a Company can be incorporated within 5 days. The original incorporation documents will arrive in Hong Kong within three weeks from incorporation.|
|Taxation||Bahamas IBC companies are exempt from income tax.|
|Filing Requirement||There is no need to file Annual returns nor Accounts with the Tax Authorities or the Companies Registry.|
|Confidentiality||No details of the shareholders appear on the public file at Companies Registry but a register of shareholders must be kept at the registered office of the Company in Bahamas. This Register of Shareholders is not available for public inspection. Register of Directors has to be filed with Companies Registry in Bahamas. However the government has requested that the beneficial shareholders must be revealed to the local agent.|
One director would be sufficient, the director need not be a resident of Bahamas. Corporate directors are also permitted. One shareholder would suffice. Again, the shareholder need not be a resident shareholder and the shareholder can also be a corporation.
|Registered Office||Bahamas IBC companies must maintain a Registered Office and Agent within the Bahamas.|