The Bahamas is a long established respected jurisdiction for offshore formation
which has a stable political environment and democracy/government system based
on the United Kingdom. The formation of
a corporate vehicle is perhaps the first step for individuals interested in
having some form of commercial presence in the Bahamas. For non-residents who
are interested in benefiting from the advantages offered by the Bahamas, the
formation of an International Business Company (or IBC) is an ideal preference,
popularly known for its efficient and convenient incorporation process and for
its ability to obtain a bank account from a local financial institution.
Located off the south coast of Miami, the islands of the Bahamas have been a prime location
for the formation of offshore companies. Since the passing of the International
Business Companies (IBC) Act in 1990, thousands of Bahamas IBC's have been created to help manage and protect assets. A Bahamas
IBC enables the principal / individual
to transact business globally with complete
anonymity and privacy. In addition to this key benefit, forming a
Bahamas Company Offshore means complete freedom from tax. Incorporating in the Bahamas means that the corporation, the owner and the shareholders are exempt from all Bahamian taxes and exchange controls for an incredible 20 years from incorporation.
What are permitted under a Bahanian IBC
Bahamian IBCs have such powers as are
permitted by law for the time being in force in the Bahamas, irrespective of
corporate benefit, to perform all acts and engage in all activities necessary
or conducive to the conduct, promotion or attainment of the object of the
company. Traditional uses for Bahamas IBCs include:
- Manager and promoter of international business transactions;
- International leasing of aircraft, vehicles, equipment and others;
- Owner of company shares or other legal entities;
- Holder of bank accounts, fixed deposits, and any other financial or commercial title;
- Borrowing or lending money, paying or receiving commissions, royalties or others;
- Owner of real estate and any other movable or immovable property or goods;
- Provision of, or obtaining Mortgages;
- Marketing and promotion of products and services;
- Legal Rights of Inheritance;
- Asset Protection purposes;
- Emigration purposes;
- Other commercial and financial activities;
What are prohibited under a Bahanian IBC
In accordance with the IBC Act 2000, IBCs
cannot be incorporated for the purposes of facilitating a criminal activity or
activity which is prohibited by Bahamian law. Bahamian IBCs are not allowed to
carry on banking, trust, or insurance business (save for the use of an IBC to
conduct insurance activity under the External Insurance Act), nor are they
allowed to act as Registered Agents/ provide a Registered Office for companies.
According to the IBC Act 2000, only Bahamian licensed bank and trust companies
and licensees under the Financial and Corporate Service Providers Act are
permitted to act as Registered Agents for Bahamian IBCs. In addition Bahamian
IBCs are prohibited to issue “bearer shares” and all bearer shares previously
issued under the Bahamas International Business Companies Act 1989 are
considered null and void and without effect for all legal purposes.
Advantages of
incorporating in the Bahamas
- Competitive incorporation and maintenance costs and fees
- Fast incorporation procedures and simple ongoing administration
- Minimum ongoing compliance requirements
- Complete Anonymity
- No information sharing
- May carry on transactions in whatever currencies they choose
- Only one director and two shareholder are required - the sole director can also act as a shareholder
- Directors and shareholders can be either corporations or individuals
- Directors, officers and shareholders details remain confidential
- No limitations as to nationality or residence of company directors or shareholders
- Full exemption from taxation on any business activity or transaction carried out outside the Bahamas
- All dividends, interest, royalties, rents and compensations are exempt from the payments of income tax
- Tax efficiency - exemption from capital gains tax, inheritance tax and death duties
- Shares may be denominated in any currency
- No issued share capital requirement
- No foreign exchange control
- The only documents required to be filed at the Companies Registry are the incorporation documents which include details of the registered office and registered agent
- No requirements for preparing and submitting accounts, filing annual returns
To
learn more about incorporation in the Bahamas or any other offshore jurisdiction,
please follow the link below - See more at: http://globalcompanyformation.co.uk/
Suit 6-Westward House
Glebeland Road Camberley
Surrey, GU15 3DB
Tel: 02079935929
E :info@globalcompanyformation.co.uk
W :www.globalcompanyformation.co.uk
Welcome
to Global Company Formation UK
We offer formation advice to start up business
globally. We advise you of the mode of start up like limited company,
partnership, sole trader, trust and which is more suitable to your business.
Our professional team consists of Lawyers, Chartered Accountants & Business
Consultants in all major jurisdictions across the globe. We guide you to the
country of formation on the basis of your domicile status, double taxation
agreement, international plan and repatriation rule of each country. Now you
can form your business anywhere in the world with us and we care your business.
Mathew Stephen is the founder Director of
Global Accountancy Services. He isa qualified accountant from the Association
of International Accountants in the UK and the Institute of Chartered
Accountants of India. He is also one of the partners of international Chartered
Accountants firm P. Parikh & Associates. He has 20 years’ experience in
accounts, business consultancy, taxation & statutory audit. He is also a UK
Independent Financial Advisor (IFA) and CeFA qualified at the IFS School of
Finance.
He has won the Online Technology Award in two
consecutive years, 2011 and 2012, from the Tenet Network. He specialises in
Global Company Formation, International Taxation and also as Corporate
Protection Advisor to the directors of Limited Companies.
No comments:
Post a Comment