International Business Company (IBC)
International Business Company in Bahamas is one of the best solutions for international companies conducting their business in North America. Bahamas IBC does not require minimum capital, corporate taxes, annual return or audit. High confidentiality level for international business.
FORMATION AND MAINTENANCE FEE FOR THE 1ST YEAR
- Name check and approval
- Filling incorporation documents with the Registrar of Companies
- Payment of the Government Fees
- Provision of registered office and registered agent for one year
- Provision of company secretary for one year
- Metal stamp
A standard set of original corporate documents:
- Certificate of Incorporation
- Memorandum & Articles of Association
- Appointment of First Directors
- Consent Actions of the Board of Directors
- Share Certificates
- Register of Directors and Members
Offshore legislation governing incorporation and management of International Business Companies in Bahamas is International Business Companies Act 1989, updated by the International Business Companies (Amendment) Act 1994, the International Business Companies Act 2001, and the International Business Companies (Amendment) Act 2004.
LEGAL FORM
The existing companies law, most recently re-stated in the Companies Act 1992, which is based on English law and is used to form various types of company used by businesses trading in the Bahamas, and also for certain other special purposes. Companies formed under the Companies Act 1992 can be private companies limited by shares or by guarantee, or can be public companies. The International Business Company is the most widely used vehicle for offshore operations in the Bahamas, it normally takes the form of a private company limited by shares.
COMPANY NAME
Bahamas IBC’ names must end with one of the following words, or their relevant abbreviations – Limited, Corporation, Incorporated, Societe Anonyme, Sociedad Anonima. The following names to be used, require licensing: Bank, Insurance, Assurance, Re-Insurance, Trust, Trustee, Savings, Royal, Asset management, Fund Management, Investment Fund, Building Society, Municipal, Chartered. Names denoting any connection to local, state or national Governments are generally prohibited. Names can be in any language which uses the Latin alphabet.
MEMORANDUM AND ARTICLES OF ASSOCIATION
In order to incorporate private company in the Bahamas, a Memorandum of Association must be filed with the Registrar General. Articles of Association may be filed with the Memorandum of Association or within six months thereafter, and must be signed and witnessed by one other person. Other provisions include: the memorandum to be signed by at least two subscribers in the presence of at least one witness. Each subscriber must subscribe for at least one share. A non-resident subscriber is required to obtain exchange control permission. The capacity of persons incorporating is to be submitted with the Memorandum in the form of a declaration signed by counsel and attorney.
TAXATION
An IBC is exempt from Bahamian Exchange Control, from stamp duty and from other taxes and estate duties for 20 years from the date of incorporation. Business conducted by the Bahamas IBC outside of the Bahamas is exempt. Unlike most other jurisdictions, a Bahamas IBC may do business locally and may own local real estate. Any such local transactions however, are subject to exchange controls and stamp duty.
AUDIT AND FINANCIAL RETURNS
There is no requirement to file audited accounts or annual returns with the authorities. A company shall cause reliable accounting records to be kept in relation to all sums of money received and expended by the company and the matter in respect of which such receipt and expenditure takes place, inclusive of all sales, purchases and other transactions. Records must also be kept in relation to the assets and liabilities of the company. Please note that the above mentioned amendment does not speak about the company’s requirement to prepare financial statements, it only requires companies to maintain all proper and underlying documentation (such as invoices, receipts and contracts) that will correctly explain all of the company’s transactions, enable the financial position of the company to be ascertained at any time with accuracy and, allow the preparation of financial statements to be prepared when necessary. The mentioned accounting records must be maintained for a minimum period of five (5) years as from the date of the transaction to which the records relate.
OUR SERVICES FOR THE COMPANY FORMATION IN BAHAMAS INCLUDE:
- Name check and approval
- Filling incorporation documents with the Registrar of Companies
- A standard set of original corporate documents
- Payment of the Government fees
- Provision of registered office and registered agent for one year
- Provision of company secretary for one year
- Metal stamp
DOCUMENTS REQUIRED FOR THE COMPANY FORMATION
Please provide the following documents for all Directors, Shareholders, Beneficial Owners, Authorised Signatories:
- Notarised copy of valid passport.
- Original or Certified copy of utility bill / bank statement (as verification of residential address, dated within 3 months).
- Original or certified copy of Lawyer’s/Banker’s/Accountant’s reference letter (dated within 3 months).
- In cases where shareholders and/or directors are corporate bodies, full apostilled set of corporate documents and Certificate of Good Standing (for companies registered more than 1 year).
SHIPPING COST
Shipping of corporate documents or banking kits to your destination requires an extra charge and will be automatically added to the invoice during checkout. Shipping costs for international courier services are set automatically at US$85. The fees depend on the jurisdiction of your ordered company, the country where the bank is based as well as your destination country.