Bahamas companies are formed under the company act of 1992 which gives the stipulation for the formation of both the private as well as the public companies. The private companies are limited by either shares whereby the shares of the company cannot be sold to the members of public or by guarantee. In order to effect the Bahamas company formation, it is important that the articles of Association as well as Memorandum of association be filed with the registrar of companies in Bahamas. The Articles of Association contains information which details the internal functioning of the company whereas the Memorandum of Association gives information on the kind of company which is formed as well as the company’s share capital.
For a company to be incorporated in Bahamas, it must have a minimum of two members who are the shareholders or the directors of that particular company. The company must also have a registered physical office in Bahamas where the operations of the company are done as well as the official communication is done. In order start the operations of the company, the owners must ensure that they get an appropriate business license which will make their operations legal. This license goes for $50 and it requires the names of the businesses to be registered in the Registration of Business names Act of 1989.
The Bahamas Government is widely involved in the business activities in this city. It has legislations which control and limit the kind of businesses which are established. The small scale enterprises enjoy several incentives and are reserved primarily for the residents of Bahamas. The large scale companies are allowed if they follow shared equity basis. These are companies formed to engage in such activities as manufacturing, farming and transportation.
The Domestic limited companies in Bahamas are incorporated with the intention of carrying out local businesses. These companies must be headed by two directors. They are not required to file the annual returns of the company with the public registrar. The shareholders are given the option of conducting an annual audit if they so wish. Since these companies are limited with shares, the shares issued need not have a par value. Bearer shares which have exchange control can also be issued.
The public companies in Bahamas are similar in formation as the private companies. They are however required to undertake a compulsory audit of their records on annual basis. The public companies should also be headed by at least three directors. The limited partnership companies in Bahamas can be either general partnerships or limited partnerships and they follow the stipulated guidelines of the English Law.
The offshore operations in Bahamas are effected through the International Business companies which are mostly private companies. To form these companies, one shareholder who can also add up as the director of the company is required. They could also be individuals or corporate entities who are either residents of Bahamas or not. The IBC can have their management and control done in Bahamas but no business should be transacted with the residents.
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