Bahamas

The Bahamas, full legal name the Commonwealth of The Bahamas. The state is located on small islands north of the Caribbean Sea and Cuba and south-east of the Florida peninsula. The archipelago consists of almost 700 islands of varying sizes. It is worth noting that only 30 of them are inhabited. The capital is located in the coastal city of Nassau. The Bahamas has a tropical, trade wind climate with heavy rainfall in May-June and September-October.

The Commonwealth is a developing state, the economy of which is based on international and tourism services, banking and foreign investment. The industry is mainly related to cement production, oil transportation, salt mining, rum production and argonite mining.
English is the state's official language. The Bahamian dollar is established at the national level as the official currency.
The state has an active international policy aimed at integration and the development of relations with other countries. The policy is expressed through the state's membership in a large number of organisations, as well as the conclusion of international agreements and treaties. Member of international organisations: ACP countries, WIPO, WHO, OAS, OPANAL, etc.

6 simple steps to purchase a company

  1. choosing a country

  2. choosing a bank

  3. payment (by any method)

  4. sending documents

  5. company registration

  6. bank account opening

Main advantages

From all the possible types of advantages that open up to the founders when incorporating a company, it is definitely worth noting:

  1. There is no obligation to file accounting statements in the Bahamas.
  2. The activities of a legal entity shall not be taxable.
  3. All information is strictly confidential and may not be disclosed to third parties.
  4. Lack of currency controls in the Bahamas

Type of legal entity:

Under current legislation in the Bahamas, it is possible to register your business in the following legal form:

The most common legal form is IBC - International Business Company. An IBC has a number of advantages when conducting business activities. One of the most important things that may affect the choice of this jurisdiction for your business is that a registered offshore company can only conduct business outside the borders of the Bahamas. It should be noted that, in accordance with current legislation, it is forbidden to transfer your office address to third parties for possession or use. This legal entity does not have the right to invest in any form of property located on the islands, with the exception of financing its own office.

Legal Entity Features:

Based on an analysis of the current legislation regulating business entities, the following can be said about the company incorporation procedure:

  1. When incorporating a new company in the Bahamas, there are no specific registered capital requirements, however, there is an annual registration renewal fee. In case of non-payment within 12 months after the opening of the offshore company, the company shall be removed from the register and further use of the accounts shall be possible only after 5 years.
  2. When registering a company, you cannot use: names that are identical or very similar to the names of existing companies.
  3. The minimum number of directors as well as shareholders is 1 (natural or legal person).
  4. A secretary is not required.
  5. The company must have a registered address in the Bahamas.

Taxes and fees

The state has the following taxation features:

No tax requirements for offshore companies in the Bahamas. Moreover, there is no need to file tax returns and annual reports.

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