BAHAMAS IBC INCORPORATION

International Business Company in Bahamas is one of the best solutions for international companies conducting their business in North America. Bahamas IBC does not require minimum capital, corporate taxes, annual return or audit. High confidentiality level for international business.

Recurring maintenance fees as from 2nd year $1425

Incorporation Package

Package Services $2,695

FORMATION AND MAINTENANCE FEE FOR THE 1ST YEAR

  • Name check and approval
  • Filling incorporation documents with the Registrar of Companies
  • Payment of the Government Fees
  • Provision of registered office and registered agent for one year
  • Provision of company secretary for one year
  • Metal stamp

A standard set of original corporate documents:

  • Certificate of Incorporation
  • Memorandum & Articles of Association
  • Appointment of First Directors
  • Consent Actions of the Board of Directors
  • Share Certificates
  • Register of Directors and Members
Corporate Information

Offshore legislation governing incorporation and management of International Business Companies in Bahamas is International Business Companies Act 1989, updated by the International Business Companies (Amendment) Act 1994, the International Business Companies Act 2001, and the International Business Companies (Amendment) Act 2004.

LEGAL FORM
The existing companies law, most recently re-stated in the Companies Act 1992, which is based on English law and is used to form various types of company used by businesses trading in the Bahamas, and also for certain other special purposes. Companies formed under the Companies Act 1992 can be private companies limited by shares or by guarantee, or can be public companies. The International Business Company is the most widely used vehicle for offshore operations in the Bahamas, it normally takes the form of a private company limited by shares.

COMPANY NAME
Bahamas IBC’ names must end with one of the following words, or their relevant abbreviations – Limited, Corporation, Incorporated, Societe Anonyme, Sociedad Anonima. The following names to be used, require licensing: Bank, Insurance, Assurance, Re-Insurance, Trust, Trustee, Savings, Royal, Asset management, Fund Management, Investment Fund, Building Society, Municipal, Chartered. Names denoting any connection to local, state or national Governments are generally prohibited. Names can be in any language which uses the Latin alphabet.

MEMORANDUM AND ARTICLES OF ASSOCIATION
In order to incorporate private company in the Bahamas, a Memorandum of Association must be filed with the Registrar General. Articles of Association may be filed with the Memorandum of Association or within six months thereafter, and must be signed and witnessed by one other person. Other provisions include: the memorandum to be signed by at least two subscribers in the presence of at least one witness. Each subscriber must subscribe for at least one share. A non-resident subscriber is required to obtain exchange control permission. The capacity of persons incorporating is to be submitted with the Memorandum in the form of a declaration signed by counsel and attorney.

SHAREHOLDERS
The minimum number of shareholders of a Bahamas IBC is 1, which may be an individuals or a corporate bodies. All shares should be registered. Details of the shareholders appear in the public record in Bahamas.

SHARE CAPITAL
There is no specific minimum capital requirement. The standard authorized share capital is US$ 5,000. Shares must be registered and may be issued in any currency. Bearer shares however are no longer permitted. A share register needs to be kept at the registered office of IBC.

DIRECTORS
The IBC must have at least one director, which can either be an individual or a body corporate. Directors can be of any nationality or residence, and can also be shareholders. It is possible to appoint specific alternate directors and officers in the event of the death, resignation, or inability to act of an existing director or officer. A list of directors must be maintained at the registered office. Details of directors and officers are filed with the Public Registry, however nominee directors and officers can be provided by us to preserve confidentiality.

REGISTERED OFFICE, LOCAL AGENT OR SECRETARY
Every IBC must have a Registered Agent and a Registered Office in the Bahamas. The Registered Agent must be qualified to act as such, such as a Lawyer, licensed Management Company, etc.

MEETINGS
The directors and the shareholders meetings need not be held in the Bahamas as there is no requirement or an Annual General Meeting. All meetings may be held outside Bahamas, by telephone or other electronic means. Alternatively, directors and shareholders may vote by proxy. The registers and minutes of meetings must be kept at the registered office. Bahamas IBC must have a company seal, an imprint of which is to be kept at the registered office.

INCORPORATION TIME
Usually it is 3 working days, but we need up to 10 working days for legalization of the documents and delivery by courier.

RECURRING MAINTENANCE FEES AS FROM 2ND YEAR

Provision of registered office and registered address
Provision of company Secretary & registered agent
Annual Government Fee

Taxation

TAXATION
An IBC is exempt from Bahamian Exchange Control, from stamp duty and from other taxes and estate duties for 20 years from the date of incorporation. Business conducted by the Bahamas IBC outside of the Bahamas is exempt. Unlike most other jurisdictions, a Bahamas IBC may do business locally and may own local real estate. Any such local transactions however, are subject to exchange controls and stamp duty.

AUDIT AND FINANCIAL RETURNS
There is no requirement to file audited accounts or annual returns with the authorities. A company shall cause reliable accounting records to be kept in relation to all sums of money received and expended by the company and the matter in respect of which such receipt and expenditure takes place, inclusive of all sales, purchases and other transactions. Records must also be kept in relation to the assets and liabilities of the company. Please note that the above mentioned amendment does not speak about the company’s requirement to prepare financial statements, it only requires companies to maintain all proper and underlying documentation (such as invoices, receipts and contracts) that will correctly explain all of the company’s transactions, enable the financial position of the company to be ascertained at any time with accuracy and, allow the preparation of financial statements to be prepared when necessary. The mentioned accounting records must be maintained for a minimum period of five (5) years as from the date of the transaction to which the records relate.

Our Services

OUR SERVICES FOR THE COMPANY FORMATION IN BAHAMAS INCLUDE:

  • Name check and approval
  • Filling incorporation documents with the Registrar of Companies
  • A standard set of original corporate documents
  • Payment of the Government fees
  • Provision of registered office and registered agent for one year
  • Provision of company secretary for one year
  • Metal stamp

DOCUMENTS REQUIRED FOR THE COMPANY FORMATION
Please provide the following documents for all Directors, Shareholders, Beneficial Owners, Authorized Signatories:

  • Notarized copy of valid passport.
  • Original or Certified copy of utility bill / bank statement (as verification of residential address, dated within 3 months).
  • Original or certified copy of Lawyer’s/Banker’s/Accountant’s reference letter (dated within 3 months).
  • In cases where shareholders and/or directors are corporate bodies, full apostilled set of corporate documents and Certificate of Good Standing (for companies registered more than 1 year).

SHIPPING COST
Shipping of corporate documents or banking kits to your destination requires an extra charge and will be automatically added to the invoice during checkout. Shipping costs for international courier services are set automatically at US$85. The fees depend on the jurisdiction of your ordered company, the country where the bank is based as well as your destination country.