The Bahamas

Population:

302,000

Currency:

Bahamas dollar at par with US$

Language:

English

Time zone:

GMT minus 5

Centre's expertise:

Well-established flexible centre with strong banking sector; IBC can be holding or investment company

General requirements

Type of entity

IBC, Bahamas Ordinary Company, Exempt Limited Partnership,Segregated Accounts Company

Type of law

Common Law

Shelf company available

Yes

Time to establish a new company

24 hours for IBC

Taxation

Nil 

Double taxation agreements

None

Forex restrictions

None for IBC

Language & name restrictions on companies

Must not be confusing with other names or include "royal" or "bank" or "finance" or " insurance" or similar; must contain "limited" or equivalent

Share capital

Permitted currencies

Any, but US$ is standard

Minimum paid up

US$1

Usual authorized capital

US$50,000

Directors and personnel

Minimum number

1 (for IBC)

Local required

No

Company secretary & qualifications

Yes, no qualifications specified

Shareholders and AGM

Minimum number

1 (for IBC)

Disclosure requirements

No

Publicly accessible records

No

Obligations for annual meetings

Yes

Location of AGM

Anywhere

Accounts

Requirement to prepare

No - subject to the directors' resolution

Audit requirements

No

Account filing obligations

No

Publicly accessible accounts

No

Other

Requirements to file annual return

Yes (IBC - to confirm that 60% ownership in hands of non-Bahamians)

Change in domicile permitted

Yes

Need to registered office

Yes, with registered agent

Number of companies set up in last year

n.a.

Total number of companies on register

n.a.