1. Applicable Company legislation?
International Business Companies Act, 1989 and the IBC (Amendment) Act 1994

2. What types of Company are available in this jurisdiction?
International Business Companies, also Domestic Ordinary Companies

3. What is the annual Government gee payable?
US$100 - subject to a fine for late filing

4. Is a Registered Office required?
Yes - in The Bahamas

5. Is it possible to reserve a Company name in the Company Registry?
Yes - for up to 90 days

6. How long is needed to incorporate in a name of your choice?
Incorporation will normally take 24 hours, however it will take up to 2 weeks to receive the Company documents from The Bahamas

7. Are ready made companies usually available?
Yes

8. Where and when must board meetings be held?
An Annual General Meeting of Shareholders is required - can be held anywhere, even by telephone

9. Is an annual return required?
International Business Companies - no, Ordinary Companies - yes

10.Are audited accounts required by authorities, and if so is a copy kept on public record?
No

11.Number of companies on the register altogether?
120,000 (23,000 - IBC's)

12.Minimum number of subscribers?
Two

13.Minimum subscribed capital requirements?
US$2

14.Standard authorised share capital?
US$5,000

15.Minimum number of shareholders?
Two

16.Are the details of shareholders filed on public record?
No

17.Are trustee shareholders permitted?
Yes

18.Is it possible to increase the authorised share capital?
Yes - by the payment of extra duty on the authorised share capital

19.Is a Company Secretary required?
No - however most Banks do require the appointment of a Company Secretary

20.Is a local registered/or resident agent required?
Yes - must be licensed by the Government

21.Minimum number of directors?
One

22.Are the details of directors filed on public record?
No

23.Are nominee third party directors permitted?
Yes

24.What is the principle use for this type(s) of company?
For Holding Companies, or for International Trade and Banking. An IBC is exempt from any other taxation.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.