BAHAMAS OFFSHORE INFORMATION

Well established financial centre with highly flexible legislation. The Bahamas IBC can be used as a holding company or an investment company. The Bahamas has a well developed banking sector and is soon to offer its own stock exchange.

ADVANTAGES	Flexible legislation which allows operation of the company's affairs in the way most desired by the beneficial owner, very cost effective and once incorporated a Bahamian IBC is guaranteed exemption from Bahamas taxes for twenty years
DISADVANTAGES	Because of the lack of public registers ownership can be difficult to prove. Not recommended for high profile trading operations. IBC's are not permitted to deal or trade in securities as an agent or to provide securities investment advice.
CORPORATE LEGISLATION SOURCE	Common Law - International Business Companies Act 2000
COMPANY STATUS	International Business Company
USUAL MINIMUM CAPITAL	No minimum but authorised share capital usually US$50,000
COMPANY NAME	Certain words are prohibited, eg Assurance, Bank, Building Society etc. Names must end with an appropriate suffix such as 'Incorporated', 'Societe Anonyme', 'Limited' etc
TIME TAKEN TO INCORPORATE	1 - 2 days
ARE SHELF COMPANIES AVAILABLE	Yes
CAPITAL DUTY	US$350
MINIMUM NUMBER OF SHAREHOLDERS	One
ARE BEARER SHARES / SHARES OF NO PAR VALUE POSSIBLE?	No / Yes
DIRECTORS: MINIMUM NUMBER / CORPORATE DIRECTORS ALLOWED / LOCATION	One / Yes / No restriction
SECRETARY: MANDATORY / CORPORATE SECRETARY ALLOWED / LOCATION	No / Yes / No restriction
IS THERE A REQUIREMENT FOR A REGISTERED OFFICE / REGISTERED AGENT	Yes / Yes
IS THERE A REQUIREMENT BY THE AUTHORITIES PRIOR TO INCORPORATION OR PRIOR TO TAX STATUS BEING GRANTED	None
INFORMATION AVAILABLE ON PUBLIC FILE	Registered Office / Registered Agent / Register of Directors and/or Officers / Memorandum and Articles of Association
DOCUMENTS TO BE KEPT AT REGISTERED OFFICE	Share register, Register of Directors and other Officers and member share register with an impression of the seal
CORPORATE BOOKS AND SEAL	Company must have a seal, and the above registers
ACCOUNTS REQUIRED / FILED	No / No
ANNUAL RETURN REQUIRED	No
WHERE ARE MEETINGS TO BE HELD	No restrictions
ANNUAL FEES PAYABLE TO THE GOVERNMENT: TAX / ANNUAL RETURN FILING FEE	US$350 / Nil
ARE THERE ANY EXCHANGE CONTROLS	Yes, but not applicable to International Business Companies
DOUBLE TAX TREATIES	None
GOVERNMENT DUTIES PAYABLE	US$350 Government duty due 1st January. Late payment penalty: April 1-October 31: 10% - US$385, November 1 - December 31: 50% - US$525. Companies unpaid on 31 December of the same year will be struck off.