Jurisdictions
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Fact File
- General
- Tax
- Tax Information Exchange Agreements
- Share Capital
- Entity
- Directors
- Shareholders
- Accounts
- Other
Fact File Supplied By:
Bahamas Financial Services Board.
Location:
Archipelago of islands in Atlantic Ocean, 80 km off the southeast coast of Florida.
Time Zone
Eastern Daylight Time (observed from the second Sunday in March to the first Sunday in November).
Population
403,337.
Capital
Nassau, New Providence.
Airport(s)
Lynden Pindling International Airport.
Language
English.
Currency
Bahamian dollar.
Political System
Constitutional parliamentary democracy; bi-cameral legislature.
International Dialing Code
+242.
Legal system
Based on English Common law.
Centre's expertise
Leader in private wealth management (PWM) services; banking and trust; investment funds; securities advisory; corporate services.
Personal income tax
No.
Corporate income tax
No.
Exchange restrictions
Resident: Some.
Stamp duty
Yes (Upon the incorporation of the entity).
https://www.taxreporting.finance.gov.bs/
Permitted Currencies
No restrictions. B$1=US$1.
Minimum authorised capital
No minimum capital required.
Minimum share issue
None. (in practice, one).
Shelf companies
No.
Timescale for new entities
Two working days with new RGD eServices.
Incorporation Fees
Non-Resident: Capital not exceeding $50,000: B$2,152.20 (US$2,163.00); Capital exceeding $50,000 but less than $100,000: B$2,952.20 (US$2,967.00). Resident (prices are VAT inclusive): Capital not exceeding $50,000: B$2,320.20 (US$2,332.00); Capital exceeding $50,000 but less than $100,000: B$3,120.20 (US$3,136.00). If express service/incorporation is needed, the Registrar will issue the Certificate of Incorporation within 1 business day at an extra cost of US$450 in addition to the incorporation fee stated payable to the Registrar.
Annual fees
For IBCs, the fee payable is BS$350 where the authorised capital is not over BS$50,000 and BS$1,000 where the share capital is over BS$50,000.
Minimum number
One.
Residency Requirements
Generally, a director/ Secretary need not be resident. However, residency requirements may be stipulated by the Commercial Entities (Substance Requirements) Act, 2018. (See Substance Requirements note below.)
Corporate Directors
Yes.
Meetings/ Frequency
Discretionary.
Disclosure
Register of directors and officers. Disclosure of Beneficial Ownership may be stipulated by The Register of Beneficial Ownership Act, 2018.
Bearer shares
Not allowed.
Minimum number
Minimum of one shareholder.
Public share registry
No.
Meetings/ Frequency
AGMs are not required and can be held anywhere or by telephone.
Annual return
No.
Audit requirements
None, unless required by the IBC's Articles of Association, but company required to ensure that reliable accounting records are kept as required by the IBC Act.
Registered office
Yes.
Registered Agent
Yes.
Domicile issues
Change of domicile permitted.
Company naming restrictions
IBC Prohibited Names: 'assurance', 'bank', 'building society', 'chamber of commerce', 'chartered', 'cooperative', 'imperial', 'municipal', 'royal', 'trust', etc. Names must end with an appropriate suffix such as 'incorporated', 'limited', 'corporation', 'gesellschaft mit beschrankkter haftung', 'sociedad anonim' or respective abbreviations.
