The Bahamas a group of islands in the northern Caribbean are popular tourist destinations for tourists all around the world. The islands of the Bahamas became very poplar offshore banking jurisdiction over a decade ago and today continue to provide quality offshore services to many clients around the world. Today, the Bahamas still offshore the services of offshore banking, the registration of Bahamas International Business Companies, the registration of ships and vessels and other offshore services.
Bahamas offshore company registration is regulated by the Bahamas International Business Companies Act of 2000. These laws set out the guidelines by which Bahamas registration should be done. The Bahamas offshore registration is an easy process which must be completed by an offshore registered agent in the Bahamas. The registered agents must be licensed under the Bahamas Financial and Corporate Service Providers Act. Registered agent services are provided by a number offshore service providers, lawyers and solicitors in the offshore jurisdiction of the Bahamas.
Bahamas offshore registration is made up of very simple steps which lead to the incorporation of a Bahamas International Business Company or a Bahamas offshore company. The registered agent will prepare all documents to be filed with the Registrar of Companies in the offshore jurisdiction of Bahamas. A Memorandum of Association and Articles of Association must be prepared and filed on behalf of the prospect Bahamas offshore company. These documents must be signed by two subscribers and one witness. The information for Bahamas registration is mentioned below.
- The name of the Bahamas offshore company
- The registered address of the proposed offshore company
- The name and address of the Bahamas registered agent
- The objectives for forming the Bahamas offshore company
- The authorized share capital of the company
- The currency in which the company share will be issued
- State if is a company limited by shares
- State if is a company limited by guarantee
- State if the company is an unlimited company
- Offshore companies limited by shares must state the number of shares to be issued as well as the par value of the shares
- Companies limited by guarantee must produce a statement saying that the members of the offshore company are responsible for any debts incurred by the company and in case of bankruptcy are willing to the charges and expenses of the Bahamas offshore company. the responsibilities of each member is limited to the initial contributions made towards the company
- Unlimited companies must state that the liability of company members is unlimited
- For offshore companies issuing shares the number, types and classes of shares must be specified
- The powers, limitations, voting rights, restrictions, privileges of each class of share to be issued by the company
- The by- laws of the company
A Bahamas offshore company cannot do business within the jurisdiction of the Bahamas therefore upon Bahamas registration a company can only do its business operations outside of the offshore jurisdiction. Bahamas company registration results in many benefits for Bahamas offshore companies. Bahamas offshore companies receive tax exemptions. All offshore companies registered in the Bahamas are exempted from paying local taxes such as corporate taxes, income tax, capital gains tax and estate tax among others from the day of incorporation. Bahamas registered offshore companies only pay a registration and annual license renewal fee.
Bahamas offshore registration results in an offshore company which is very versatile ad has a flexible structure. The Bahamas Company only needs one shareholder and one company director for Bahamas registration. The Bahamas offshore company director and shareholder can be the same person. The Bahamas offshore legislation is singed to provided asset protection for offshore companies as well as provide privacy and confidentiality for offshore company owners and directors.