Bahamas Offshore Company Formation
Setting up a Bahamas offshore company offers investors the opportunity to benefit from the range of advantages available, including exemption from Bahamian Exchange Control. The information outlined below details the requirements for forming and registering a Bahamas offshore company, and serves as a guide to assist you with your Bahamas offshore company formation.
To learn how DeltaQuest can assist you with your Bahamas offshore company, Contact Us. Alternatively, to proceed with your Bahamas company formation, complete our Company Application form.
Requirements for a Bahamas Offshore Company – Bahamas IBC
Offshore legislation governing incorporation and management of International Business Companies (IBC) in Bahamas is the International Business Companies Act 1989, updated by the International Business Companies (Amendment) Act 1994, the International Business Companies Act 2001, and the International Business Companies (Amendment) Act 2004.
Legal form: The existing companies law, most recently re-stated in the Companies Act of 1992, is based on English law and is used to form various types of company used by businesses trading in the Bahamas. Companies formed under the Companies Act 1992 can be private companies limited by shares or by guarantee, or public companies. The International Business Company is the most widely used vehicle for offshore operations in the Bahamas, and normally takes the form of a private company limited by shares.
Name of the company: Bahamas IBC names must end with one of the following words, or their relevant abbreviations: Limited, Corporation, Incorporated, Societe Anonyme, Sociedad Anonima. The following names require licensing: Bank, Insurance, Assurance, Re-Insurance, Trust, Trustee, Savings, Royal, Asset management, Fund Management, Investment Fund, Building Society, Municipal, Chartered. Names denoting any connection to local, state or national Governments are generally prohibited. Names can be in any language that uses the Latin alphabet.
Memorandum and Articles of Association: In order to incorporate a private company in the Bahamas, a Memorandum of Association must be filed with the Registrar General. Articles of Association may be filed with the Memorandum of Association or within six months thereafter, and must be signed and witnessed by one other person. Other provisions include: the memorandum to be signed by at least two subscribers in the presence of at least one witness. Each subscriber must subscribe for at least one share. A non-resident subscriber is required to obtain exchange control permission. The capacity of persons incorporating is to be submitted with the Memorandum in the form of a declaration signed by counsel and attorney.
Shareholders: A minimum of two shareholders are required, who may be individuals or a corporate bodies. All shares should be registered. Details of the shareholders appear in the Bahamas’ public records.
The share capital: There is no specific minimum capital requirement. The standard authorized share capital is US$5,000. Shares must be registered and may be issued in any currency. Bearer shares however are no longer permitted. A share register needs to be kept at the registered office of the IBC.
Directors of the company: The IBC must have at least one director, who can either be an individual or another corporation. Directors can be of any nationality or residence, and need not also be shareholders. It is possible to appoint specific alternate directors and officers in the event of the death, resignation, or inability to act as an existing director or officer. A list of directors must be maintained at the registered office. The names of directors and officers are not made public; however, the Bahamas Registry may require the information in some circumstances, such as if an official certificate is required. Changes in directors or officers need not be registered or reported.
Registered office and local agent/secretary: Every IBC must have a Registered Agent and a Registered Office in the Bahamas. The Registered Agent must be qualified to act as such, such as a Lawyer, licensed Management Company and so on.
Taxation: An IBC is exempt from Bahamian Exchange Control, stamp duty and other taxes and estate duties for 20 years from the date of incorporation. Business conducted by the Bahamas IBC outside of the Bahamas is exempt. Unlike most other jurisdictions, a Bahamas IBC may do business locally and may own local real estate. Any such local transactions however are subject to exchange controls and stamp duty.
Audit and financial returns: Whilst there is no requirement to file audited accounts or annual returns with the authorities, a company is required to keep financial records, which should reflect the financial position of a company.
Meetings: The directors and the shareholders meetings need not be held in the Bahamas as there is no requirement for an Annual General Meeting. All meetings may be held outside the Bahamas, by telephone or other electronic means. Alternatively, directors and shareholders may vote by proxy. The registers and minutes of meetings must be kept at the registered office. A Bahamas IBC must have a company seal, an imprint of which is to be kept at the registered office.
Time needed for a Bahamas company formation: Usually it is 3 working days, but we need up to 10 working days for legalization of the documents and delivery by courier.
In order to proceed with the formation of the Bahamas offshore company (Bahamas International Business Company) please complete our Company Application Form.
Our costs and fees for formation of Bahamas IBC (Bahamas International Business Company)
Bahamas Company Formation cost includes:
- Name check and approval
- Filing incorporation documents with Registrar of companies
- Filing incorporation documents with Registrar of companies
- Payment of the government fees
- Provision of registered agent and address for one year
- Provision of company secretary for one year
- Rubber stamp
Optional services (to be chosen by the client)
- Provision of nominee shareholder
- Provision of nominee director
- Filing incorporation documents with Registrar of companies
- Notarial certification
- Apostille
- Opening a corporate bank account
- Bank card application
- Certificate of Incumbency
- Certificate of Good Standing
- Mail collection, mail forwarding ( please contact us for a quotation )
- Provision of postal address
- Virtual office ( please contact us for a quotation )
- Metal seal
- Extra rubber stamp
Recurring maintenance fees from 2nd year and after
- Provision of registered office and registered address
- Provision of registered agent and company secretary
- Payment of annual government fee
Speak to one of our consultants for a free quotation
For DeltaQuest Corporate Services please contact:
Telephone: +357-25-878480
Fax: +357-25-761160
E-mail: corporate@deltaquestgroup.com
Mailing address: P.O.Box 57216, Limassol 3313, Cyprus
Business address: 14, Louki Akrita Str., Ayias Zonis, Limassol 3030, Cyprus
You can also fill our Contact Form
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