There are certain laws that have been put in place in the Bahamas to make sure the Bahamas Company Formation process goes smoothly.
According to the law on Bahamas Company Formation, two or more people can be involved in the incorporation process. This is done when the persons subscribe to a memorandum. This process can only be carried out by a licensed bank of trust company. A company can only be incorporated if it is not involved in any form of criminal activity. The business operations carried out by the company should not be prohibited by the country’s laws.
If there is evidence that indicates that a business is involved in criminal activities after Bahamas Company Formation, the registrar general will remove the company from the list. Before this happens, the company is given a chance to plead its case within 7 seven days.
Bahamas Company Formation also considers personal liability when a company is in trouble. The law indicates that members, directors, agents, officers and company liquidators will not be held responsible for any company problems unless there is evidence to show that they acted in bad faith. The company memorandum will determine the liability the members will be responsible for. The amount of liability will be determined by the number of unpaid shares the members hold or the responsibility each has to contribute to the company assets when it winds up.
Bahamas Company Formation laws also allow companies to be limited by a guarantee or shares and in some cases; they can be limited by both.
The laws also give companies the power to be involved in all the activities that will assist them to achieve their objectives as long as they as they are not criminal. These activities include issuing registered shares, voting shares, non-voting shares, unnumbered shares, no par value shares, common shares, redeemable shares and preferred shares.
The memorandum required in Bahamas Company Formation has to have the company name, site of company’s location in the country, the reason why the company was incorporated, the currency the company will use to issue shares, the authorized capital if the company is limited by shares and a statement indicating the amount each member will contribute to company assets when it winds up.
During Bahamas Company Formation, the Articles of Association have to be subscribed by 2 people and a witness has to be present. The law requires this document to be filed at the registrar general’s office when you are filing the memorandum. A certificate of incorporation will only be used when these two documents are filed. If the company shares do not meet the minimum requirements, the registrar has the power to halt the registration process.
Once a certificate of incorporation is issued by the registrar, the company becomes a corporate body that is limited by the memorandum and the provisions made in the laws related to offshore companies. The certificate will indicate that the company has complied with all the requirements that have been set up by the law.
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