Bahamas Offshore Company Overview 

Nassau, the capital, is an important commercial centre. Over half of the population of the Bahamas live in Nassau on New Providence. The second largest town is Freeport, an important industrial centre, on Grand Bahama.

Freeport, on Grand Bahama, was developed in the 1950s by American business interests and is now home to a number of US commercial enterprises. (Wallace Groves, the American millionaire, founded the Grand Bahama Port Authority which was granted Crown Land and taxation concessions in return for developing the land, building schools, dredging the harbour and building an airport. The Port Authority, now run by British, Canadian and American investors has gone into partnership with Hutchison Whampoa, the Anglo-Chinese Container/Port company).

Banking and financial services are vital to the economy. Favourable tax laws have made the Bahamas an international banking centre. There is no income tax and no capital gains or inheritance taxes. The government raises revenue through selective taxes such as hotel occupancy tax, restaurant service charges, custom duties and departure tax.

Features

General
Type of entity	IBC
Type of law	Common
Shelf company availability	No
Minimum government fees (excluding taxation):	US$350
Corporate taxation	None
Double taxation treaty access	No
Share capital or equivalent
Standard currency	US$
Permitted currencies	Any
Usual authorised:	US$50K
Directors or Managers
Minimum number	One
Local required:	No
Publicly accessible records	Yes
Location of meetings	Anywhere
Members
Minimum number	One
Publicly accessible records	No
Location of meetings:	Anywhere
Company Secretary
Required	No
Local or qualified	No
Accounts
Requirement to prepare	Yes
Audit requirements	No
Requirement to file accounts	No
Publicly accessible accounts	No
Other
Requirement to file annual return	No
Change in domicile permitted	Yes

General Information

The Bahamas extends in a 1,225 km. arc from 78 km. east of Palm Beach, Florida, to just north of Haiti. The Bahamas consists of an archipelago of nearly 700 islands and 2,000 cays. 

• Infrastructure And Economy

The economy of the Islands is strong, enjoying full employment with most of the revenue being derived from the financial services sector and tourism. 

Miami is one hour away by air and the Island has direct air links with New York, Atlanta, Tampa, Houston and Jamaica. The Islands are a popular cruise-ship stop.

• Language

The official and spoken language is English.
.

• Currency

Bahamas Dollar.

• Exchange Control

None for IBC's

• Type of Law

Statute Law and Common Law based on English Common Law...

• Principal Corporate Legislation

International Business Companies Act 2000, as amended..

Company Information 

• Type of Company for International Trade and Investment

International Business Company.

• Restrictions on Trading

Cannot trade within the Bahamas or own real estate there. Unless government permission is granted, cannot undertake the business of banking, insurance, assurance, reinsurance, fund management, collective investment schemes, trust management, trusteeship, the rendering of investment advice or any other activity that would suggest an association with the banking or insurance industries. Cannot sell its own shares or solicit funds from the Public..

• Powers of Company

A company incorporated in the Cayman Islands has the same powers as a natural person.

• Language of Legislation and Corporate Documents

English.

• Shelf Companies Available

No.

• Language of Name

Names can be expressed in any language using the Latin alphabet, if the Registrar receives a translation thereof. The corporate documents will however be in English.

• Registered Office Required

Yes, must be maintained in the Bahamas at the address of a licensed management company or law firm..

• Name Restrictions

Any name that has already been incorporated, or a name that is so similar as to cause confusion. Names such as royal or imperial. Any name which, in the opinion of the Registrar, is considered undesirable, obscene or offensive, or any name, which suggests the patronage of the Bahamas Government.

• Names requiring consent or licence.

Bank, building society, savings, loans, insurance, assurance, reinsurance, fund management, investment fund, trust, trustees, Chamber of Commerce, university, municipal or their foreign language equivalents or any name in English or a foreign language that may suggest association with the banking or insurance industries.

• Suffixes to Denote Limited Liability

Limited, Corporation, Incorporated, Société Anonyme, Sociedad Anónima, Gesellschaft mit beschränkter Haftung or the relevant abbreviations.

• Disclosure of Beneficial Ownership to Authorities

No.