Since the enhancement of the International BusinessCompany [ IBC ] Act, 1989, The Bahamas has experienced a phenomenal number of IBC registrations. There have been over 36,000 IBC's incorporated in The Bahamas since 1990. The International Business Company Act was created with the intention of producing a modern facility to provide for a natural person or group of people to do or wish to do. Reservation of company names may be facilitated by facsimile transmission through a local agent (lawyer or accountant, or Trust Company). A Bahamian IBC may be incorporated within 24 hours; this may be done by the local agent, as required by relevant legislation.
IBC's are used for a variety of purposes e.g. tax reasons, confidential matters etc . . .
Benefits of An IBC:
- There is no fixed limit on the amount of the authorized capital.
- An IBC can have a minimum of two subscribers.
- The company can us fractional shares, registered shares or bearer shares.
- No public records are maintained as to the identity of shareholders or directors. An IBC is not required to file with the Registrar Generals' Office, names of its Directors and shareholders.
- It may have at least one director who may be an individual, corporate or corporation (of any nationality). <
- Meetings could be held by telephone or another electronic means.
- The corporate domicile of an IBC may be changed from The Bahamas to another jurisdiction.
- An IBC could merge with a foriegn company.
- Bahamian IBC's are exempted from small business license fees and do not require a license under the Businesss License Act.
- Shareholders are exempted from all income taxes, capital gains taxes and corporate taxes.
- Bahamian IBC's could be registered within twenty-four hours.
An IBC can not:
- Carry on business with persons residing in The Bahamas.
- Own an interest in real property situated in The Bahamas or lease property for any other use than as an office.
- Carry on banking, trust, or insurance business.
- Provide a registered office for companies.
An IBC is allowed to do the following:
- Transact foreign exchange business without Exchange Control restrictions.
- Issue options, warrants or rights, or similar instruments.
- Issue convertible sucurities.
- Purchase, redeem, or otherwise acquire and hold its own shares.
Form an IBC in The Bahamas
Bahamas Capital Management also offer the following services:
Fully Managed Company:
- Formation of an IBC (share capital US$50,000.00).
- Opening of a Brokerage Account.
- Opening of a Bank Account.
- Opening of a Credit Card Account.
- Maintaining Bank Account.
- Maintaining Trading Account by advise.
- Nominee Director.
- Nominee Shareholder.
- Officers.
- Courier Charges.
- Mailing Services.
- Certified copies of corporate documents.
- Telephone & facsimile service.
Bare bone Company :
- Incorporation and Registered office only (share capital US$50,000.00).
Other Services and Fees :
- Preparation of a Trust Agreement.
- Act as Trustee 1% of total assets (minimum of US$100,000.00).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.