Registration of a Company in the Bahamas

If you’re exploring options for financial services, the Bahamas stands out as an ideal jurisdiction. This offshore destination offers strong confidentiality and favorable tax benefits. Here’s a quick guide to help you understand the process of establishing a company in the Bahamas.

Forms of Legal and Business Presence in the Bahamas

Considering the Bahamas as your business hub? Establish your presence through various business forms:

International Business Company (IBC): Ideal for foreign individuals and entities, an IBC allows liability limited to contributions. With a minimum statutory capital of USD 50,000, this entity is suited for international business operations and managing other entities abroad.

Société à responsabilité limitée (SARL): Designed for local business activities, an LLC requires a business license in the Bahamas. Founders’ liability is limited to their contributions or guarantees.

Entreprise publique: Similar to an LLC but requires an annual audit and three directors. Suitable for large businesses, it offers a more complex operational structure.

General Partnership: Formed by at least two persons with unlimited liability for all undertakings, including personal assets.

Société en commandite: Requires at least one general partner with unlimited liability and one limited partner whose liability is restricted to their contributions.

Trusts: Used for asset protection, including assets in other countries.

Choose the right structure for your business with Fionza Consulting’s expertise.

Registration Requirements and Steps for a Company in the Bahamas

To register an International Business Company (IBC) in the Bahamas, follow these steps:

1. Define Commercial Priorities: Clarify your business goals and structure your IBC accordingly.
2. Gather Information: Collect details about founders and beneficial owners for the IBC’s private registers.
3. Choose and Approve a Name: Select and get approval for your company name.
4. Arrange a Registration Address: Secure a registered address in the Bahamas.
5. Draft Statutory Documents: Prepare the necessary statutory documents and registration forms.
6. Submit to Registrar of Companies: File all documents with the Registrar of Companies.
7. Open a Bank Account: Establish a bank account for your new company

Legal and Regulatory Framework in the Bahamas

The Bahamas offers a favorable legal environment for business. Since 2018, it has emphasized compliance with OECD requirements, ensuring robust confidentiality. Key legal acts governing business include:

• International Business Companies Act
• Register of Beneficial Ownership Act
• Commercial Entities (Substance Requirements) Act

These regulations support a secure and efficient business landscape

Benefits of Forming a Company in the Bahamas

Considering forming a company in the Bahamas? Here are some key advantages you can enjoy:

• Simplified Business Setup:The Bahamas offers a comparatively simple procedure for establishing and running a business.
• Privacy Protection:There is a strong emphasis on ensuring privacy for businesses and their owners.
• Import Opportunities:The jurisdiction provides extra opportunities for conducting import operations in specific markets.
• Thriving Industries:Benefit from the developed tourism and banking sectors in the Bahamas.
• No Currency Control:Enjoy the absence of currency control, providing greater financial flexibility.

Bahamas Tax System: Essential Information for Business Registration

Considering registering a company in the Bahamas? Here’s what you need to know about the tax system:

• Corporate Income Tax (CIT):Not applicable (N/A)
• Personal Income Tax (PIT):Not applicable (N/A)
• Value Added Tax (VAT):0% or 12%
• Impôt sur les plus-values :Not applicable (N/A)
• Withholding Tax for Non-Residents:Not applicable (N/A)

How Fionza Consulting Specialists Can Assist You in the Bahamas

If you’re considering the Bahamas as your target jurisdiction, Fionza Consulting specialists can guide you through the registration process and help you achieve your business goals in this region. Our experts are also equipped to open a bank account for your company and resolve any other potential issues. Contact us today for a detailed consultation.