TAXATION

IBC’s pay no taxes in Bahamas.

SHAREHOLDERS

A minimum of one shareholder is required and only registered shares may be issued.  No details of the shareholders appear on the public file but a register of shareholders must be kept at the registered office address of the company in the Bahamas.

DIRECTORS

A minimum of one director is required and corporate directors are permitted.  Details of directors are filed with the Companies Registry and therefore appear on public record.  Please note that where there is only one director that person cannot also be the shareholder.  However, ICSL can provide a nominee shareholder for a fee of $180.00 per annum.

ANNUAL REPORTING

No annual return or accounts need be filed.  It should be noted that penalty fees of up to 50% of the annual licence fee will be incurred if the licence fee is not paid when due.

TIMESCALE

Incorporation can be achieved within 48 hours but it takes approximately 1 week for documents to arrive from the Bahamas.  We do, however, keep ready-made companies in stock available for immediate purchase.

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.

LOCAL
REQUIREMENTS

As a matter of local company law the company MUST maintain a registered office address within the Bahamas and must also appoint a Bahamas resident as registered agent.  We would generally provide these services as part of the domiciliary fee.

In addition, all applications for Bahamian companies must be accompanied by:-

(a) a clear copy of the first four pages of the passport of each beneficial owner, director and shareholder.  The passport must be signed and must be in date;

SECRECY

There are no specific statutory provisions governing secrecy in relation to companies but English Law, which applies within the jurisdiction, does impose a common law duty on professionals to keep the affairs of their clients confidential.