Bahamas
 The
Bahamas are a group of approximately 700 islands located 60
miles east of Palm Beach, Florida in the Atlantic Ocean. Nassau,
the Capital of the Bahamas, is located on New Providence Island.
The official language of the Bahamas is English. The population
is approximately 340,000. The Bahamas have been an independent
member of the British commonwealth since 1973 and have one
of the oldest parliamentary democracies in the Western Hemisphere.
The islands have a political and legal system like that of
the UK and British common law applies. The Caribbean Community
and Common Market (CARICOM) were established in 1973. CARICOM
has three primary objectives: economic integration of the
economies of member states; functional cooperation in areas
which include education, health, air transportation, meteorology
and labor relations; and coordination of foreign policies,
including the sharing of foreign embassy and foreign representative
facilities.
Taxation
Shareholders
Reporting Requirements
Restrictions On Name and Activity
Local
Requirements
Secrecy
Tax
Treaties
Professional
Services
Taxation
An IBC is exempt from taxes. Interest, dividends, rents,
royalties and compensation paid by an
IBC to persons who are not residents in the Bahamas are
exempt from income taxes. Also, capital gains realized by
non-residents with respect to any shares are tax-exempt.
Shareholders
A minimum of one shareholder is required and either registered
or bearer shares may be issued.
If shares are issued in registered form, the shareholders
do not need to disclose their identity to
the Registrar of Companies. However, the company must keep
a register known as a Register of
Shares in its registered office. Directors The Bahamian
IBC requires one director. The director does
not need to be a shareholder. In addition, corporate and
non-resident directors are permitted. Details
of directors are not required to appear in public files.
Reporting
Requirements
An IBC is not required to file any financial reports or
tax returns in the Bahamas. In addition, the books
and records may be maintained in any manner desired and
in any part of the world.
Restrictions On Name And Activity
Names must end with one of the following words, or abbreviations
thereof- Limited, corporation,
incorporated, societe, anonyme, or sociedad anonima. The
following words, and their associated
activities, cannot be used: Assurance, Bank, Building Society,
Chamber of Commerce, Chartered,
Cooperative, Imperial, Insurance, Municipal and Royal.
An IBC may not conduct business
with persons resident in the Bahamas, nor own an interest
in real
estate situated in the referred jurisdiction, nor carry
on banking, trust or insurance business or the
business of providing the registered office for companies.
Local
Requirements
The local company law requires that an IBC maintain a registered
office address within the Bahamas
and must also appoint a Bahamas resident as a registered
agent.
Secrecy
There are no specific statutory provisions governing secrecy
in relation to companies.
Tax
Treaties
There are no double-taxation treaties, however, a tax treaty
with the United States does permit access
to bank records if tax evasion or drug smuggling is suspected.
Professional
Services
There is a high quality of professionals in the Bahamas.
This is due to a successful and longstanding tax haven industry.
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FINANCIAL SERVICES, INC.
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