The Bahamas may seem like a more than suitable jurisdiction if you are looking for options to perform financial services. This offshore jurisdiction guarantees the necessary level of confidentiality and advantageous approaches to taxation. This brief overview can guide you through the procedure for forming a company in the Bahamas.
Forms of Legal and Business Presence
If you consider the Bahamas as your potential target jurisdiction, you can establish your business presence here in the following forms:
International Business Company (IBC) - a company that can be established by foreign individuals and legal entities who are liable for the entity's businesses only to the extent of their contributions. This entity can be created to carry out business operations and manage other entities on board. The minimum authorized capital for this vehicle is USD 50,000. As its name suggests, this company is treated as an international company.
Limited Liability Company (LLC) – is a vehicle that is considered local for business purposes. So, it must obtain a business license to operate a business in the Bahamas. The liability of the founders (shareholders) of all businesses is limited to (i) the amount of funds paid into this company or (ii) the guarantee.
Public Company – this company is similar to an LLC, but a mandatory annual audit must be provided. It is also more complicated to operate, as three directors are required. This vehicle can be a good option for a large business.
General Company – this company can be formed by at least two persons, whose liability for all businesses is unlimited. Their personal property can also be called.
Limited Partnership – a business arrangement that must be managed by at least two people. This entity must have an unlimited partner, whose liability for all ventures is unlimited, and limited partners, who are liable for the company's obligations only to the extent of their contributions.
Trusts – a vehicle designed to protect certain types of assets, including in other countries.
Registration Requirements and Steps
To register a company in the Bahamas, such as an IBC, you may need to go through these preliminary steps:
1. Determine your business priorities in the Bahamas and structure your business accordingly.
2. Collecting information about the founders and beneficial owners as an IBC is required to maintain relevant registers without making them publicly available.
3. Selecting and approving the name of a future company.
4. Arranging the registered address.
5. Preparing statutory documents and registration forms for the future IBC.
6. Filing documents with the Registrar of Companies.
7. Opening a bank account.
Legal and regulatory framework
Overall, the Bahamas has a favorable legal environment for doing business. In 2018, it placed great emphasis on compliance with OECD requirements, but can be considered one of the most favorable in terms of confidentiality. The main legal acts in the field of business activity are the International Business Companies Act, the Beneficial Owners Registry Act, the Business Entities (Content Requirements) Act.
Advantages of the Jurisdiction
If you are considering the possibility of forming a company in the Bahamas, you can potentially enjoy the following main advantages:
Comparatively simple procedure for establishing and managing a business
Great emphasis on ensuring confidentiality
Additional opportunities for carrying out import operations in certain markets
Developed tourism and banking industries
Lack of exchange controls
Tax system
If you are thinking of registering a company in the Bahamas, you may need to know this information about taxes:
Corporate tax rate on income tax (CIT) – 0%
Personal income tax rate (NDFL) – 0%
Capital gains tax rates – 0%
Withholding tax rates for non-residents – 0%
VAT – 0% or 12% (if you trade locally)
How our experts can help
Let's say you are considering establishing or purchasing a company in the Bahamas. In this case, the lawyers of "Smart Startup UK" are ready to put this option into practice by providing legal support for the following aspects of business registration in the Bahamas:
Request and collect all the data and documents for opening a business in the Bahamas;
Choose the name and in the interests of the client, all negotiations are conducted by us with local authorities and banks;
Arrange the legal address, accounts and employees, as well as all the necessary documents for applying for the future company;
Provide comprehensive legal support for the further functioning of the new legal entity in the Bahamas.
The portfolio of "Smart Startup UK" specialists is formed by more than 8,000 cases in the field of registration and support of international business. Our lawyers will apply this experience to the goals of your project.
CREATE A COMPANY
Company name check and reservation
Company registration, including government fees
Obtaining an administrative identification number
Registering the company with government agencies
Writing a company charter
A set of company charter documents in electronic form
Bank contribution for the company's authorized capital
Obtaining a foreign investment permit
Opening an account at: Bank of The Bahamas, Central Bank of Bahamas
Opening a personal bank account
Apostille and translated corporate documents
Obtaining a residence permit
Free consultation
Assistance with online trading and opening an account at viva.com for online trading
Accounting services - 12 months
Accounting services
Annual renewal 1100 Euro (paid from the second year)
*Within 45 days
IMPORTANT! We can provide you with the initial share capital (if the amount is over 5000 Euro) for registering your company in the form of a loan from our company.
Please, if you are interested, make an inquiry to us.
What is the procedure!
1. You submit an application for company registration through the application form.
2. We check whether the company name for registration is free and eligible for registration.
3. Choose a bank that meets your company's needs from a list of Smart Startup UK partner banks.
4. We send you a proforma invoice for payment to our bank account + the amount for your company's initial capital.
5. You receive all the necessary company documents for reconciliation.
6. You receive details of your newly opened bank account.
7. Within the specified period (for the Bahamas it is 35 days) you receive all the services included in the package.
8. You can manage all the services included in the package through our platform, as our team works 24/7 and you can get help from us within up to 30 minutes. We have built an internal ticket system for our customers, through which we process each of your support requests.
All services such as management, accounting, bank account opening requests, licensing, tax return filing, tax payment and others are carried out through your account on our platform, making it easier to manage your business!
