The Bahamas is a popular jurisdiction for international business because the legislature provides a very friendly environment for business. There are several types of companies you can set up in the Bahamas. The company can either be public or private.
Bahamas Company Formation allows you to set up a limited duration company which is similar to an International Business Company but it is limited to a life of thirty years.
You can also start a domestic limited company which is a good option if you are interested in starting a local business in the Bahamas. To set up this kind of business, you need a minimum of two directors. The company’s returns will have to include details about the members and will be accessible to the public. For this type of company, you do not have to go through an annual audit as long as the shareholders agree to this. Financial statements are not required as well. Unlike other companies that require you to have a par value on your shares, this business does not.
Bahamas Company Formation also allows you to set up a public company. It is also limited by shares but unlike the private companies, you have to go through an audit each year. This type of company requires a minimum of three directors. All the managers, directors and officers in the company will be included in the public records.
Another form of business you can choose from during your Bahamas Company Formation is a company limited by guarantee. You will be required to have at least two members and a statement has to be provided to show how much debt the members will guarantee. The share of the liabilities and shares can vary from one member to another. The advantage of this type of company is that details about the members do not have to be provided in the annual returns. The members can also control the assets even if they do not have shares. If you are interested in setting up this kind of company, you should consult a Bahamas Company Formation professional.
One of the most common types of companies most international businesses settle for during Bahamas Company Formation is an international business company. This kind of company is like a private business that is limited by shares. For this type, you will have to provide details about the company’s officials, beneficial owners and directors. An international business company requires one director and one shareholder. These individuals do not have to be Bahamas residents. No minimum capital required and the shares can be issued in any type of currency. The company does not have to keep accounts and if you decide to keep any, they do not have to be audited. A register of the shares has to be kept and when you have any meetings with the directors and shareholders, you can be in any country. The only documents that will be available in the public records for this type of Bahamas Company Formation are the articles of association and memorandum
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