BAHAMAS

 

      Law

The International Business Act 2001

 

Incorporation

Incorporation normally takes 3-5 working days, though an “off the shelf/ready made” company could be quicker.

 

Company Name

The company name must end in “Limited (Ltd)”, “Incorporated (Inc)”, “Corporation (Corp)”, “Society Anonyme (SA)” and “Sociedad Anonima (SA)”.  There are also restrictions on the use of certain words or business descriptions, such as Royal, bank, insurance and references to the Bahamas Government.

 

Directors

The minimum number of directors is one.  Details will be filed at the Registry.

The Director does not have to be resident

Corporate directors can be appointed

 

Secretary

A secretary is not required though one is often appointed to sign on behalf of the company.  If one is appointed the Registry has to be advised/

The secretary does not have to be resident

 

      Share Capital

The minimum number of shareholders is one.

Companies cannot issue bearer shares.

Shares do not have to be held by residents.

No par value shares are permitted.

Where some shareholders are nominees, the ultimate beneficial ownership does not have to be declared.

Authorised share capital normally US$ 50,000

 

Meetings

No requirement to hold an Annual General Meeting (AGM). 

Director meetings and the AGM may be held anywhere

 

Seal

A company seal is mandatory

 

Accounts/ Financial Statements

Accounts do not have to be filed, though there is a requirement to keep accounts.

 

Records to be kept

Registers are to be kept in the jurisdiction

 

Registered Office/Registered Agent

A registered agent and registered office are required in the jurisdiction

 

      Annual return

An Annual return is not required.

 

      Price

First year costs                £1400

      Annual renewal fee           £1000  (includes Registered Agent, Government fee)