Bahamas

General data
Bahama archipelago includes about 700 islands and 2000 sand banks. The capital city is Nassau. Bahama Islands are the member of the Caribbean Community and Common Market (CARICOM). Official language – English. Legislative drafting of Bahama Islands is based on the law of England. Monetary unit – bahama dollar.

Taxation
No taxes are imposed on income, sales, succession, dividends of an enterprise on Bahama Islands. There is no currency control.

Contracts made to avoid double taxation
Not available.

Legislation related to entrepreneurship
International Business Companies Act, 1990.

Types of companies
International Business Company (IBC).

Fixed capital of a company
Fixed capital of a company must be declared, there are no requirements for obligatory payment of capital and minimum and maximum limit of the capital. Minimum amount of shares issued by a company includes two shares without nominal value or two shares with nominal value. Share capital may be in any currency. Starting from the end of the year 2000 bearer shares are forbidden.

Permitted field of activities
All field of activities, which are not forbidden by law, are permitted. Bank services, insurance services and reassurance services and also offer of trust services is licensed.

Forbidden field of activities
Forbidden activities are the following: performance of transactions with Bahama residents, possession of real estate on the territory of Bahama Islands, to sell shares to inhabitants or take a loan from inhabitants.

State annual fee
Annual registration fee depends on the amount of company’s declared share capital. For the company with fixed capital of 5000 USD it is paid 350 USD annually; for the company with fixed capital of more than 5000 USD it is paid 1000 USD annually. Fine for delay of payment of annual fee is 50% of the rate of annual fee.

Foundation of a company
Presence of real owners upon registration of a company is not obligatory. Registration represents subscription of shares in the presence of a witness. Represented to a registrar should be Memorandum and Articles of Association, which are signed by a registered agent. Remaining undivided shares remain to the property of a company.

Founders of a company
Registered agent, who is entered in Memorandum and Articles of Association, must have a local license. Information about actual owners of a company is confidential (at will).

Requirements to a business name
Business name of a company may be in any language using Latin alphabet. The register may require translation of a name into English. Name cannot be similar to already registered name. For indication of limited liability a name must include the following words: Limited, Corporation, Incorporated, Société Anonyme, Sociedad Anonima, Gesellschaft mit beshränkter Haftung or abbreviation Ltd., Corp., Inc., GmbH, SA. Words Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Cooperative, Imperial, Insurance, Municipal, Royal, Trust Company, Trustee Company or other words or phrases, which have the same meaning, cannot be used in company’s name in case company does not have a corresponding license.

Directors of a company
Minimum required number of directors is 1 (one). Besides, corporate directors are permitted. A director may have any citizenship. Legislation does not forbid the use of nominal directors.

Registered office
Company must have the registered office address on Bahama Islands.

Period of registration of a company
2 (two) weeks.

Presentation and audit of financial and annual statements
No requirements to the presentation of financial statements. No requirements to the presentation of annual statements and audit. Companies are obliged to make accounting notes which would reflect financial status of a company.

Documents kept in a registered office
List of shareholders and directors, impression of the seal.

Information about a company available for the third persons
Memorandum of foundation, Articles of Association, name of registered agent and registered office.