About the Bahamas
The Bahamas is an archipelago in the North Atlantic Ocean. It is located north of Cuba and east of Florida. The majority of its islands are within close proximity to the US mainland; at about 100 to 150 miles off the coast of Florida. The Bahamas consists of nearly 700 islands and over 2,000 cays. The Chief of State is the Queen of England who appoints a Governor General as her in-country representation. The head of government in the Bahamas is a Prime Minister.
Bahamas maintains all of the qualities of a true tax haven, where the privacy of clients and investors is highly respected and protected. When incorporating in the Bahamas the names of the owners, directors and the registrants are not made public. The offshore legislation governing the incorporation of Bahamas offshore corporations makes provisions for companies to be incorporated using nominee directors and shareholders. This adds a layer of protection for companies that value privacy.
Bahamas complies with international banking regulations and has strict laws in place regarding secure offshore banking in the jurisdiction. There are no taxes for interest gained by offshore bank accounts in the tax haven of the Bahamas. Account owner details are also highly protected and may only be revealed after a court order from the Supreme Court.
Benefits of Setting up an Offshore Business in the Bahamas
- The Bahamas is one of the wealthiest Caribbean countries with an economy based on tourism and offshore banking.
- The exchange rate from the Bahamian dollar (BSD) to the U.S. Dollar is 1:1.
- The time zone is the same as Washington DC and the financial centers along the East Coast.
- The Bahamas is a member of the Caribbean Development Bank, the International Monetary Fund, and the World Bank.
- The government of The Bahamas has been politically stable since the country achieved independence
- The Bahamas has no income tax, corporate tax, value-added tax or wealth tax for those investing in offshore companies.
Key Corporate Features
| General | |
| Type of Company | IBC |
| Type of Law | Common |
| Shelf company availability | Yes |
| Time to establish a new company | 2 - 5 days |
| Minimum government fees (excluding taxation) | US$350 |
| Corporate Taxation | Nil |
| Double Taxation Treaty Access | No |
| Share capital or equivalent | |
| Standard currency | US$ |
| Permitted currencies | Any |
| Minimum paid up | US$1 |
| Usual authorised | US$50,000 |
| Directors | |
| Minimum number | One |
| Local required | No |
| Publicly accessible records | Yes |
| Location of meetings | Anywhere |
| Shareholders | |
| Minimum number | One |
| Publicly accessible records | No |
| Location of meetings | Anywhere |
| Company Secretary | |
| Required | No |
| Local or qualified | No |
| Accounts | |
| Requirements to prepare | Yes |
| Audit requirements | No |
| Requirements to file accounts | No |
| Publicly accessible accounts | No |
| Recurring Government Costs | |
| Minimum Annual Tax / Licence Fee | US$350 |
| Annual Return Filing Fee | Nil |
| Other | |
| Requirement to file annual return | No |
| Change in domicile permitted | Yes |
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