Establishing a company in the Bahamas
The Bahamas are in fact an archipelago that includes over 3,000 islands, reefs and islets located in the Atlantic Ocean, southeast of Florida and to the north of Cuba. Its total area is around 13,000 km2, and despite the large number of islands and reefs, the majority of the population is centered on only twenty islands. The official language is English and the major religion is Christianity. The banking system is extremely advanced and allows foreign companies to conduct business there. The country gained its independence in 1973.
The Bahamas enjoy a subtropical to tropical climate, alleviated by the cooling breezes of the Gulf Stream. Temperatures do not drop below 0°C but can go as low as 2°-3°C, and every few years the islands suffer a particularly harsh hurricane season. Most of the Bahamas are low, flat islands, almost none elevated beyond 15m above sea level. The highest point is Mount Alvernia on Cat Island, with an altitude of no more than 63m.
- Much of the film “Thunderball” (1965), the fourth spy film in the James Bond series, was shot in Nassau, the capital of the Bahamas.
- The College of the Bahamas offers academic degrees, includes three campuses, a research centre and is now undergoing the accreditation process to become a university.
- Despite the islands’ warm climate, during January of 1977 the islands experienced some snow (the Miami area was also snowed at the time).
The islands exist primarily on a highly developed tourism sector, constituting roughly half of their GNP and providing for about 60% of jobs for residents, and a financial services sector. The country encourages offshore company establishment through attractive tax policies.
As stated, foreign companies registering in the Bahamas enjoy 0% corporate tax, no requirement of submitting annual reports, and company confidentiality, apart from names of company directors and shareholders.
General
Type of company |
IBC – International Business Corporation |
Relevant Companies Law |
International Business Companies (Amendment) Act 2004 |
Offices |
Local law requires companies to provide a local office address |
Language of original incorporation documents |
English |
Finance and Taxation
Currency |
Bahamian dollar (BSD) |
Corporate tax rate |
0% |
Standard share capital |
50,000 USD in nominal value shares of 1 USD |
Office Holders
Company Secretary (Secretary) |
|
Obligation to appoint company secretary |
Not required – companies may choose to appoint their own secretary |
Obligation to appoint local secretary |
Not required |
Type of entity that may function as company secretary |
Individual and/or company |
Director |
|
Obligation to appoint company director |
Required |
Obligation to appoint local company director |
Not required |
Minimum number of directors |
1 |
Type of entity that may serve as company director |
Individual and/or company |
Shareholders |
|
Obligation to register shareholders |
Required |
Obligation to register local shareholders |
None |
Minimum number of shareholders |
1 |
Type of entity that may register as shareholder |
יחיד ו/או חברה |
Type of shares |
Registered shares |
Accessibility of Information
Company registrar |
Information regarding office holders is not accessible to the public |
Annual Assembly and Reporting
Obligation to hold annual assembly |
Not required |
Obligation to prepare financial reports |
Required |
Obligation to submit financial reports |
Not required |
Accept
