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The Bahamas is an island country on the Atlantic Ocean with the area of 13 880 km2. The country consists of around 700 islands, of which only 26 is inhabited.
The Bahamas is a former British colony which enjoys independence from 1973, remaining, however, a member of the Commonwealth. The official head of state is British Queen Elisabeth II. The Bahamas inherited British legal system based on common law principles with efficient judiciary. The country also has extensive legislation regarding companies that is based on the common law of the former colonists.
The official language is English, and the official currency is Bahamian dollar (BSD), but American dollar is commonly used as well.
The Bahamas is a very popular tourist destination as well as a financial centre with long tradition. The Bahamas is an ideal location for entrepreneurs who want to obtain significant financial benefits while remaining full confidentiality.
The legislation of the small country offers over ten different corporate structures such as companies, foundations and trusts. The most popular structure is International Business Company (IBC) which is a model offshore structure.
International Business Companies (IBCs) operate based on the act of 1989 and International Business Companies Act 2000 and Amendment to IBC Act 2004. Bahamas IBCs can do anything a physical person can. In order to make use of the privileges offered by IBCs, companies have to carry out activity abroad and not cooperate with other entities registered in the Bahamas.
IBCs have simple structure. To set up a company, you only need one director and one shareholder. They may be legal or physical persons. There are no restrictions with regard to residents or foreign companies. Information on shareholders does not appear in the business register and data on them is in custody of a licenced agent who is legally obliged to keep the information confidential. Director names do appear in the public register, but nominee services are allowed here which may be used for increased protection of privacy. Bahamas IBCs do not have to have a secretary.
A company has to have Articles of Association that may be easily modified to adapt the company according to one’s needs and changes, if such take place. The structure of Bahamas IBCs is very flexible.
The standard amount of share capital is 50 000 USD but there are no requirements with regard to minimum or maximum share capital. The following types of shares are allowed in IBCs: registered (no bearer shares allowed), with or without par value, privileged, redeemed, with or without voting rights.
Shareholders’ and board meetings do not have to take place in the territory of the country, there is no obligation to submit annual financial reports either, thanks to which the companies are easy to manage and do not generate big administrative costs.
Every company has to have a unique name, an element of which should be one of the words: Limited, Corporation, Incorporated, Societe Anonyme, Sociedad Anonima, Gesellschaft, or abbreviation: Ltd, Corp., Inc., S.A., GmbH. Names with the following words are restricted: Assurance, Bank, Building Society, Royal, Trust Company, Trustee Company, etc.
The lawmaker imposed an obligation for every Bahamas IBC to be established by a licenced agent and have its registered office in the territory of the country, managed by an agent.
Bahamas IBCs are exempt from all taxation, i.e. corporate income tax, capital gains tax, inheritance and donation tax. IBCs are exempt from stamp duty as well. The companies are only obliged to pay annual licence fee in the amount of 350 USD (if share capital does not exceed 50 000 USD) or 1000 USD (if share capital exceeds 50 001 USD).
Bahamas IBCs should keep accounting books, yet they are not subject to audit and financial information regarding the company is not made public. Accounting documents may be kept anywhere in the world.
The Bahamas is a country with stable economic situation, where the most important sectors of the economy are tourism (bringing half of the total income), banking, and clothing, jewellery and perfume manufacturing. Extraction of oil, salt (obtained from seawater) and aragonite and processing of the raw materials are also of significant importance to the economy.
The Bahamas is also one of the countries with inexpensive flag, with one of the biggest fleets in the Caribbean. International Business Companies are often used for ship registration.
The main trading partner of the islands is the USA. American space flight centres are located here as well.
The Bahamas is a constitutional monarchy, where the head of state is British Queen Elisabeth II, and power on her behalf is exercised by the Governor-General. The country gained independence from United Kingdom on 10 July 1973. It is a member of the Commonwealth. The political system is based on British constitutional model with separation of powers.
Bank activity was regulated with Banks and Trust Companies Regulations Act 1965, on the basis of which over 400 banks obtained licences. The banking system is efficient and the assets in the accounts are safe. In the islands are located both big, international banks and local banks. As IBC structure is commonly known, it is possible to open bank accounts in various currencies and banks.
All companies are equal before the law.
A good formation agent is what makes a difference.
ShelfCompanies24.com is one of the leading providers of ready made companies and special purpose vehicles (SPVs) as well as other investment structures delivering outstanding service at very reasonable prices and at highest speed. We have setup and sold hundreds of companies. Our company is considered trustworthy and reliable by our clients as well as by many professional law firms and tax advisers.
What is very unique in our style of operation is the fact that we have our ready made companies already registered in many various countries. All other providers have one address where they keep their shelf companies registered so that client wishing to buy more than one company with different address cannot be satisfied.
Many competitors may be offering lower prices however this always is at the expense of service and provided company quality. Our core activity is company formation and sale of ready made companies thus all members of our team have appropriate professional background. Our shelf companies are formed in accordance to all relevant laws and procedures by the team of qualified and experience professionals and lawyers. On the other hand the maintenance of our ready made companies is performed by licensed and proficient accountants and tax advisers. Therefore our clients can be sure that a shelf company they buy from us is clean, with no debts or tax issues, is formed professionally and its Articles of Association are of high quality.
Our main clients are private investors, traders, law, audit, accountancy and tax advisory firms as well as banks and investment funds. Throughout the years of activity Shelfcompanies24 has been enjoying the reputation of the fastest and most responsive shelf company provider.
Our ready made companies have been formed and maintained by our team. Therefore we always guarantee their quality and that they are debt free, with no trading history and consequently riskless to build new ventures on.
Our services do not finish on the sale of shelf companies or company formation. We provide also many other related and necessary services so that we can be treated as a one stop shop in a business setup in many countries. We are also experts in tailor made company formation as well as compliance and registering various changes within the company like director appointments and dismissals, company name change, share capital increase or decrease, company address change and many other issues.
We also provide tax and legal advisory services that are inevitably required by the businesses. We cooperate with many reputable tax and legal advisory firms whose services we can also recommend when the nature of the problem requires certain field specialist engagement.
For those clients who have a need to present their companies documents in foreign countries we provide apostille and translation services. After company sale documents can simply stay with us for the purpose of their apostille or legalisation and sworn translation to any desired language. This service is mainly required when there is a need to open a foreign bank account for a shelf company.
Furthermore we have agreements with many different accounting offices so that we are able to offer a wide choice of the particular accountant that will be dealing with client’s company. Also in case two or more of our clients are trading partners we can ensure that their books will be handled by separate and independent accountants.
Ultimately we can also support with a procedure of liquidation/bankruptcy of a company if a client wishes to withdraw their business presence. In this case we can either manage the process of liquidation or bankruptcy on client’s behalf or simply just dispose the assets and takeover the company so that the clients can enjoy fast exit.
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Iwona is a graduate of European Studias at Cardinal Stefan Wyszyński University in Warsaw. At ShelfCompanies24.com Iwona takes care of Customer Service concernig company formation and bank accounts opening assistance.
Adrianna has completed a master degree in law at European School of Law and Administration. At ShelfCompanies24.com Arianna is responsible of customer service, logistics as well as relationships with the banks.