The Bahamas Company formation procedures have been designed with a particular focus on foreign investments. The state has uniquely designed products geared towards attracting more foreign capital. The state has an array of massive tax exemption offers that run from corporate to personal and sales, estate or inheritance tax waivers, all aimed at promoting investments. The presence of an Industries Encouragement Act, which not only allows total exemption from import duties but also scraps all taxes that may be charged on new developments for approved industries, can attest to this fact.
Other great incentives are contained in the Hawksbill Act which guarantees a tax free regime in development of Freeport area. The latest Bahamas Free Trade Zone Act, the Export Manufacturing Industries Encouragement Act, the spirits and Beer Manufacturing Act which has been enhanced to allow duty free importation of construction materials and raw materials.
And the list is endless. Investors intending to incorporate in the hotel industry will enjoy the valuable provisions contained in the Hotels Encouragement Act which has been amended to allow massive tax emption on large new hotels for up to 20 years with reductions for the next 10 years.
Companies incorporating in the agricultural sector will be covered under the Agricultural Manufacturers Act which allows for tax waivers on the machinery and raw materials for setting up an agricultural factory.
Provisions in the newly amended Tariffs Act are highly commendable and will allow new investors to enjoy duty exemptions in the construction of family islands.
Company formation process has been reduced into a one stop shop and investors will need to submit their applications directly to Bahamas Investment Authority which is established under the Foreign Investment Law of 1993.
The government has adopted a policy which favours formation of foreign companies in every sector of the economy. The strategy is already bearing fruit and the country has been able to register over 80,000 new companies, majority being incorporated as International Business Companies (IBCs) for either investment or trading activities conducted in other countries.
Most new companies incorporate in tourism related sector and the banking related services. The enactment of a revised foreign landholding Act in 1993 worked wonders as new companies rushed to incorporate in the area.
To incorporate as an IBC, new companies will need only one person or a judicial officer to serve in the position of a director. Unlike in other areas that may demand three people to act as directors, the Bahamas law favours only one person in the position of a director.
Further, the law allows that shares be issued either in bearer or registered form. Investors will however not be subjected to another process to register the shares nor are they required make a disclosure in the public record.
However companies incorporating as IBCs are not allowed to engage in a business enterprise in Bahamas nor can they own real estate. They are also barred from earning interests from Bahamas Bank Accounts without being subjected to taxation. The tax regime may only be relaxed for twenty years after which it is imposed
We provide the following company formation services, Seychelles Company Formation |Belize Company Formation| Offshore Company Formation | BVI Company Formation | Bahamas Company Formation
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