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Bahamas Overview
The Bahamas is situated in the Atlantic Ocean, southeast of Florida and the US. It is made up of approximately two thousand cays and seven hundred islands that form an archipelago. The island of Bimini is the closest to the United States. Other important islands are Abaco, Grand Bahama, Great Inagua, Andros Island, Eleuthera, Cat Island, Lond Island, San Salvador Island, Acklins, Crooked Island, Exuma and Mayaguana. The capital city of Nassau lies on the island of New Providence.
The Commonwealth of the Bahamas is an independent sovereignty. It gained its independence from the UK in 1964. It is a member of the Commonwealth of Nations. It is politically and legally very similar to the UK. Queen Elizabeth II is the Head of State. The Queen is represented by the Governor-General. The Prime Minister is the head of government. An upper house or Senate is appointed. Executive powers are exercised by the cabinet. Legislative power is vested in the two chambers in parliament.
The official language is English however Creole is also widely spoken.
The population is approximately 300,529. Eighty five percent of the population is of African heritage. This is largely due to the fact that the British abolished the slave trade in 1807. Thousands of freed African slaves on slave ships in the vicinity at the time were therefore forced to settle on the Bahamian islands. Two thirds of the population live on the island of New Providence.
The Bahamas is a stable, developing nation. Tourism, offshore banking and finance are the biggest contributors to the economy. The currency is the Bahamian Dollar. Tourism is the main economic activity accounting for two thirds of the GDP. Offshore finance and banking is the second largest industry accounting for 15% of the country’s GDP.
In addition to the above, government policy also focuses on diversification through agriculture, fishing, manufacturing and e-commerce.
Bahamas IBC Companies Key Facts
• Company names can be in any language using the Latin alphabet however a translation may be necessary. Names cannot be the same as any existing company name. Names that are considered offensive or suggest patronage of the Bahamas Government will be rejected. Company names should end in one of the following suffixes: “Limited”, “Corporation”, “Incorporated”, “Société Anonyme”, “Sociedad Anónima”, “Gesellschaft mit beschränkter Haftung” or the relevant abbreviations.
• The following names require consent or licences:
"Bank", "Building Society", "Savings", "Loans", "Insurance", "Assurance", "Reinsurance", "Fund Management", "investment Fund", "Trust", "Trustees", "Chamber of Commerce", "University", "Municipal" or their foreign language equivalents or any name in English or a foreign language that may suggest association with the banking or insurance industries.
• It takes approximately 2-5 days to incorporate a Bahamian company.
• Bahamian IBCs have the advantage of no incorporation, capital gains, inheritance, VAT or sales taxes. A Bahamian IBC will also receive full tax exemption from any local taxes including Stamp Duty. The company and shareholders are exempt from all Bahamian taxes and duties. Corporate taxation is nil. There is no tax on foreign profit.
• The usual authorised share capital is US$50,000; divided in to 50,000 shares of US$1 each. This is the maximum capital for the minimum duty payable at the time of incorporation and the maximum authorised share capital for the minimum licence fee payable annually. The share capital may be expressed in any currency. The minimum authorised share capital is 5,000. The minimum issued capital is either two shares of no par value or two shares of par value.
• The minimum number of shareholders is 2. Shareholders' details are available on public file. Shareholders' meetings can take place anywhere in the world.
• Bearer shares are not permitted.
• The minimum number of Directors is 1. Corporate Directors are allowed. Directors' details are disclosed on public file.
• A Company Secetary is not required.
• There are no requirements to file annual returns or accounts for Bahamanian IBCs.
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