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If you are thinking about setting up an offshore company, there are several jurisdictions you can choose from. Each one of them has its advantages and disadvantages. Bahamas Company Formation will offer you a variety of benefits that clearly makes this jurisdiction stand out from the rest.

One of the benefits you will enjoy with Bahamas Company Formation is that the official language used is English. This is especially important for those who are running international businesses because you have to deal with different foreign countries. If language is one of your main considerations when you are looking for a jurisdiction for your international business, the Bahamas is a great choice. All the legal and financial documents that you will use for your business will be in English.

Bahamas Company Formation lets you choose any name for your company as long as it is not being used by another business. Some of the abbreviations that you can use in your company name include Limited, Societe Anonyme, Corporation and Incorporated. There are some words that you cannot use in your company name including trust, municipal, bank, and assurance, imperial, royal, insurance, chamber of commerce and building society.

Unlike other countries, Bahamas Company Formation only requires you to have one director for your company. Most jurisdictions require an offshore company to have a minimum of three directors. This does not mean that you cannot have as many directors as you like. Details about the directors in your company will not be accessible to the public therefore you can be assured about confidentiality.

After Bahamas Company Formation you are allowed to issue the shares in registered or bearer form. You will not have to go through any registration process if you choose either of these methods to issue company shares. Information about the shareholders will also be kept away from the public records.

A bank account is an essential element for Bahamas Company Formation and the advantage is that it will be very simple to set one up. All you will need is a reference and a copy of your passport to open an account for your business. One thing that makes banking in the Bahamas different is that the institutions to not divulge any information to third parties. The only time the banks will give out details about your business account is if you provide consent. The bank can let a third party know that you have an account with them but the law does not allow any more details to be divulged.

Another aspect that sets Bahamas Company Formation apart from other jurisdictions is that your offshore company will not be allowed to engage in any business in the country. Owning real estate is also not allowed for international business companies in the Bahamas.

If you set up a local bank account for your offshore company, you will be able to earn interest on it and not be taxed. Your offshore company will not be required to pay taxes for a period of 20 years.

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Bahamas company formation has grown in the recent past due to the introduction of the new Company’s Act of 1992. However, for any investor, who wants to be incorporated in the Bahamas company formation, is required to produce a memorandum of association. The new company act dictates that the memorandum of association is supposed to be filed in the office of the registrar general. Another document that should be filled is the articles of association which should accompany a memorandum of association or it must be submitted by the promoters of the company within the duration of six months. The articles of association are supposed to be signed and there should be one person to act as a witness. On the other hand, the memorandum of association should be signed by a least number of two subscribers. There should be at least one person to witness the signing.

Bahamas company formation requires that any person who is a subscriber must be ready to subscribe for a minimum of one share. If there is any nonresident subscriber, he must be able to get permission for the exchange control. Another document that must be submitted with the memorandum is a declaration that is fully signed by the attorney together with the counsel regarding the capacity of those people who want to be incorporated. Another very important document that is submitted is the clause that specifies the liability of the shareholders. There should be clear guidelines that show the liability of the shareholders and to what extent is it limited to.

When it comes to foreign companies that want to be incorporated in the Bahamas Company formation, they have to follow some laid down procedures in order for them to be fully accepted to do business. For instance, they are supposed to make a statement file that is in the form of an application approval.  The statement file should be able to give the details about the name of the company together with the area of operation it is incorporated. The statement filed must show the actual date of the company incorporation. The documents must be able to show the way in which it was incorporated and with all the relevant information on the corporate instruments. If there is any fixed period of doing business, it has to be clearly shown.

Another important requirement for the Bahamas company formation by the foreign investors is the specification that shows the extent to which the shareholders of the company are liable in case of any debts that has to be settled when winding up the company. According to the Company Act of Bahamas Company formation, there should be the undertaking of the company on how it will conduct its business. The foreign investors must also be able to show the three categories of capital and these include the authorized, subscribed and the paid up capital of the company. There should also be a clear distinction in terms of the shares that are supposed to be issued and the face value of those shares.

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If you are an entrepreneur who is looking for a way to conduct business without incurring very high taxes, you should consider Bahamas Company Formation. The Bahamas is a great location for international companies that are looking for tax-efficient ways to do business.

Once you are done with your Bahamas Company Formation, the authorities will not require you to file an annual return or even have to go through an audit. The only time these conditions have to be met is when your company’s articles of association make this a requirement.

The Bahamas Company Formation legislature requires an international business company to have a registered office but the advantage is that the office does not have to be located in the Bahamas. There are several companies that can help you to set up a virtual office during Bahamas Company Formation.

Opening a global corporate account during Bahamas Company Formation is very easy. Some of the global banks that you can open an account with include Citibank, HSBC and Standard Chartered.

Bahamas Company Formation does not require you to provide information about the company’s shareholders and directors. If this information is provided, it will no be available to the public.

It is possible to have one director and one shareholder for your company and they do not even have to be residents in the Bahamas. Bahamas Company Formation also allows you to have corporate directors.

Setting up an international business is not expensive and the authorities will not even require a specific amount of capital to allow you to start the company. This means that the amount of time that it will take you to set up will be short.

When you set up a company in the Bahamas, you will not be required to pay any corporate tax. This means that you will conduct your business legitimately and still not pay tax. The Bahamas is recognized as one of the best places to set up a business because of the freedom and flexibility that is available.

The corporate structure that is provided in the Bahamas makes it a perfect location for your company. The law used is similar to English law. It has a good reputation when it comes to conducting business and its economy is stable. If you are interested in incorporating a company in the Bahamas, the process will take about 20 days.

The company meetings you hold do not have to be held in the Bahamas but the minutes and registers from the meetings have to be in a registered office in the area.

To enjoy these benefits after your Bahamas Company Formation, there are certain things that you have to keep in mind. If you are setting up an offshore company, you are not allowed to get involved in any local businesses. Interest in real estate property is also not allowed for international business companies. There are certain businesses that offshore companies may be interested in Bahamas Company Formation and should avoid. These include insurance, banking, company management and re-insurance.

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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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Bahamas is not only popular for its exciting holiday options; it is also one of the most ideal business environments in the world. Many international companies go to Bahamas when they want to form a company that will give them maximum returns. Bahamas company formation allows you to enjoy huge profit returns without having to worry about over taxation. There are many types of companies that can be formed in the Bahamas.

Bahamas Domestic Limited Company

This is the type of company that is formed for the sole purpose of carrying on preexisting local business. It is limited by shares and it requires not less than two directors. The company is also required to submit its annual returns, which must include a list of all the members. An annual audit is not a necessity, but can be conducted if all shareholders agree to it. The financial statements do not need to be filed. The shares of the company do not need to be paid per value and neither do they have to have distinctive numbers.

Bahamas International Business Company

Most offshore business owners normally use this company formation. This company is a private company that is limited by shares. The companies need to submit the identities, names and addresses of all the directors and owners to the registrar General. The other requirements are quite flexible. For instance, only one registrar and one shareholder are required when registering the company. None of the company’s directors, shareholders and officers needs to be residents of the Bahamas, or any other country in particular.

The minimum capital that is required is not stipulated in any of the Bahamas Company formation rules and regulations. The only documents required for public record are the Memorandum and Articles of Association. This kind of company formation is also exempted from stamp duty, the Bahamian Exchange Control and other estate duties during its first 20 years.

Bahamas Company Limited by Guarantee

The requirements for this kind of company include at least two members and a Memorandum of Association. The Memorandum contains a clause that stipulates the amount of the company’s debts that are guaranteed by all the members. The advantages of this type of company include an exclusion of the members’ names on the annual return. The company can have control over its assets even without shares.

Bahamas Public Company

This type of company is also limited by shares. As a requirement, the company has to have a minimum of three directors. Another requirement is an annual audit at the end of its financial year. The audit must contain all the names and addresses of the directors, officers and managers and this should be sent to the Registrar General.

Bahamas Limited Partnership

Among the requirements of this type of business is one general partner who should have unlimited liability. The company’s limited partners are not allowed by law to engage in the management of the company. All limited partnerships in the Bahamas need to have the legal business license.

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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

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Are you a new investor who wants to register higher returns from your earnings within a short while? Try out your luck in Bahamas which will not only guarantee you conducive environment for your business to thrive but has repealed obsolete laws which previously made it impossible to incorporate there.

To incorporate in Bahamas, you will only need to acquire a business license which may range from an affordable $ 350 in case you will allow Bahamians to enjoy up to 60 percent of your company ownership. The fee will however spiral to $ 1,000 if more than 60 percent is owned by foreigners.

New companies will be required to pay a License fee to be allowed to run their business. The Business License Act includes all types of manufacturing and commercial undertakings and covers professions such as law, accounting and medicine in business category. The law makes it a criminal offense to fail to obtain a business license and all new applications are forwarded directly to the Business License and Valuation section of the Ministry of Finance.

Companies will still pay an annual fee which may be based on the gross profit as a percentage of turnover. The annual will be calculated based on annual receipts and after deducting the cost of producing that turnover. Companies which are unable to register any profits during the year are not required to pay the annual fee. But companies which register higher returns can pay up to $ 500,000 as annual fee. However, companies registered a non resident under the Exchange Control Regulations Act will pay an annual fee of $ 100.

The license renewal fee is payable on or before the last day of April of each year. The government will only issue the license after the investor provides evidence showing payment of real property tax. The Business License Act can allow for automatic renewal for Bahamian businesses provided companies seeking such privileges have fulfilled all other statutory requirements.

New companies are also required to declare share capital and the number of shares into which it is divided prior to formation. Further, the law requires that all companies be managed by two directors. However public companies can be managed by three companies. Also persons who register as directors at the time of incorporation are allowed to serve in that position until such a time the company will convene a members meeting to elect directors.

Such meetings may be held at any time but after a notice is issued in reference to provisions in the articles of association. Companies are at liberty to hold the meetings through telephone or other electronic gadgets which may allow the recognition of voice of each director. During such meetings, directors are required to present financial statements and audited reports.

New companies can reserve a name of their choice once an application is filed on an approved form which is available at the Registrar General’s Office. The registry will always guarantee a 24 hour company name reservation service. The Bahamas Company’s law further makes it compulsory for all companies to retain the word Limited as the last word in the name of each company.

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There are several benefits you can get when you set up a company in the Bahamas but there are certain requirements you will need to fulfill.

The first thing you need to have for Bahamas Company Formation is a Memorandum of Association. This document has to be filed at the registrar general’s office. Articles of Association are also required but you can file them about 6 months after you present your Memorandum of Association. These two documents have to be signed and two subscribers and a witness have to be present during the signing. One of the subscribers should not be a Bahamas resident. When presenting the memorandum, make sure you include the number of people who are incorporating.

If your Bahamas Company Formation involves a merger or consolidation, you have to produce documents detailing this. To start a public company, you have to allocate shares and ensure that each director pays for his shares. A director or company secretary will be required to sign a statutory declaration stating that the first shares have been allocated.

Bahamas Company Formation also allows foreign companies to be incorporated in the country. To do this, you must provide the name of your business, the jurisdiction it is currently incorporated in and when it happened. Documents that indicate how the members’ and shareholders’ liability is limited have to be provided. Bahamas Company Formation also requires you to state the kind of business that your company is going to be involved in. Make sure you also let the authorities in Bahamas know when you are going to start operating. Details about the capital shares and par value of the shares should also be made available. Bahamas Company Formation also necessitates that other details including the names, occupations and addresses of the officials in the company be provided before the business is set up. If you have any offices outside the country, you should provide their addresses.

Bahamas Company Formation for a non-profit organization requires a memorandum to be provided. This memorandum should include certain details about the company including the use of company profits, the lack of authorized capital, the fact that members do not benefit from the company, the restricted operations carried out by the company and addresses of buildings that the company maintains.

All the companies have to have a minimum of two directors to manage the company and if you have a public company, they should be three. The directors that are chosen Bahamas Company Formation should only hold office until the first company meeting is held. This meeting will allow new directors to be elected by the members. The meetings can take place at any time when the directors decide. If the directors are not in the same location, the meeting can be conducted over the phone or other forms of media as long as there is voice recognition.

Directors are supposed to provide financial statements and audit reports at the annual company general meetings. The directors hold office until they resign or removed after a resolution by the members.

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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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Bahamas company formation is another new and emerging international business that many people have found to be very efficient in tax system. Another factor that has facilitated the development of Bahamas company formation is the new and revised companies act. The new companies act has given the investors some motivation that has made them to invest in the business industry.

To start with, in the new companies act there is no rule for companies to act in the law of ultra vires which means that the companies should do business in the areas that they specify during the process of forming the company. This has given the companies some powers to decide and take part in any business that they are willing to undertake.

Another benefit that the investors enjoy is the easy and very simple process of Bahamas company formation. This is because it is now very easy to start the company with a minimum number of people being two and not five as it used to be in the previous company laws. There is also another development in terms of the requirements that are needed when you want to form the Bahamas Company. For instance, the introduction of the articles of association in standard form has made it cheap and at the same time it can be used as a reference item.

Another benefit that the investors are enjoying on Bahamas company formation is that when it comes to conducting meetings, the members are flexible to conduct it in any place that they may decide. Attending of the meetings can also be possible through the use of electronic and telephone technologies of communication.

For purposes of building security and giving the members confidence on the investment they make at public companies, the shareholders are given the powers of ensuring accountability. This makes the shareholders to be actively involved and monitor the progress of the companies. The Bahamas company formation allows the investors to be able to do international business with the benefit of not paying the corporation tax.

Another benefit that the investors enjoy in Bahamas company formation is that it is possible to start the company by a minimum of one member as a shareholder and on the side of directors it is also possible to start with one director. It is not a must that the directors of Bahamas company formation must be members or residents of Bahamas. They also give a chance for corporate directors to be incorporated in the company.
Under the new regulations of Bahamas company formation, there is no public viewing of the details of the shareholders and the directors. All the information regarding the shareholders and the directors is very confidential and it is kept secret.

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