Registration of Company in Bahamas

Registration of a company in the Bahamas

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).

Benefits of Company Formation in the Bahamas

1. Politically stable jurisdiction;

2. Favourable tax jurisdiction;

3. Details of shareholders and beneficiaries are not available to the public;

4. No minimum capital requirements;

5. Minimum requirement of a shareholder and director;

6. No currency control.

Business in the Bahamas: Taxes

1. Corporate tax rate - 0%;

2. Personal income tax - 0%;

3. VAT rate - (7.5%-12%);

4. No inheritance, capital gains and estate tax;

5. No double taxation treaties signed but there are signed tax information exchange agreements with over 27 countries.

Business in the Bahamas: Types of Company

• International Business Company;

• Limited Liability Company;

• Public Company;

• Partnership;

1. General partnership

2. Limited Liability Partnership

3. Exempted Limited Partnership

4. Undisclosed Partners

• Unlimited Liability Companies

• Joint Ventures;

• Sole Proprietorship;

• Bahamian Foundation.

Rights And Obligations Of IBC in the Bahamas

• IBC is not allowed to conduct business with residents of the Bahamas, as well as invest in activities of any form of incorporation located on the islands, except with regards to financing its own registered office.

• Offshore companies in the Bahamas are also prohibited from conducting activities or investing in banking, trust funds, and insurance or re-insurance sectors. Transferring the address of a registered office for use by other companies is not allowed. That is, registering an offshore company in the Bahamas means operating only outside the state.

• An IBC is entitled to open a bank account(s), engage local lawyers in resolving certain issues, carry out the maintenance, documentation, record of financial statements, as well as hold meetings of shareholders and directors.

• IBC can own shares, as well as bonds of other companies registered in the Bahamas. Owners of shares can be Bahamian residents.

Bookkeeping in the Bahamas

• Account filing requirements - No.

• Audit requirements - No.

• Annual return filing requirements - No.

Company Formation Requirements

• Certificate of Incorporation;

• Memorandum and Articles of Association;

• Minimum of one shareholder;

• Minimum of one director. No residence requirements;

• A legal registered office address;

• Standard authorized share capital of US$50,000;

• Notarized copy of your passports;

• Proof of residence (dated not less than 3 months);

• Minutes of first meetings;

• Share certificates;

• Shareholders’ and Directors’ register.

How to Register a Company in the Bahamas: The Registration Process

Step 1. Law and Trust works with the client to get the company’s name and activity approval from the Bahamas Investment Authority;

Step 2. Law and Trust with the client to secure the Memorandum of Association (MOA);

Step 3. Law and Trust collects, prepares and files the necessary incorporation documents on behalf of the client to the relevant authorities for approval;

Step 4. Law and Trust works with the client to open a corporate bank account in the Bahamas;

Step 5. Law and Trust deliver the certificate of incorporation personally to the client or via courier service.

Bahamas Company Formation FAQs

How much does it cost to register a company in the Bahamas?

The cost of registering a company in the Bahamas is $1455. the total cost includes the preparation of legal documents, company registration, payment of all taxes and fees at the time of registration and legal address for the company (a year).

How long does it take to register a company in the Bahamas?

It takes from a week to complete the company registration process in the Bahamas.

Do I need a local address to register a company in the Bahamas?

Yes, it is required to have to a registered local address in the Bahamas to complete the necessary company registration and formation process.

Do I need a local registered agent to register a company in the Bahamas?

Yes, a local registered agent is needed to complete the company registration process in this jurisdiction.

How can I register a company name in the Bahamas?

The registration of a company name begins with the filing of the appropriate documents, Law&Trust helps with preparation and compilation of the necessary documents ensuring it meets the requirements set out by the Bahamas Investment Authority with regards to the approval of a company name.

WHY INCORPORATE WITH LAW&TRUST INTERNATIONAL?

Benefits of company registration, formation, and incorporation services with Law&Trust International in the Bahamas include:

Full range of related services: Provision of a full range of legal, corporate, government, and business intelligence related services in the Bahamas. A detailed overview of our services includes full legal support of the company registration procedure, obtaining a legal address, interaction with the official government authorities of the jurisdiction, state fees, legal address of the company for a year, production and registration of company stamps and advising the client as part of the registration process. Opening a bank account and the cost of these services are discussed during the consultation.

Professionals and expertise of Law: Worldwide registration and legal maintenance of companies, accounting services, and audit, tax planning and optimization, trademark and patent registration. Law and Trust provide clients with the best company incorporation services.

Domestic service: Law&Trust ensure our services cover every region, area or state in the Bahamas. Be rest assured that no matter where the new company intends to incorporate in the Bahamas, we’ve got the location covered.

Free initial advice: Free consultation from the lawyers of Law&Trust International regarding strategies or the provision of services for analyzing and developing a legal position on an issue the client raises in the Bahamas.

Confidentiality: Law&Trust makes use of modern technological features to keep the records and details of every client safe.

Efficiency and productivity: Strategically providing up to date personalized services to help your business succeed.

READY FOR COMPANY INCORPORATION?

If you are interested in registering and incorporating a company in the Bahamas, contact Law & Trust International by simply sending an email or call now to take your business to the next level!