Since the enhancement of the International BusinessCompany [ IBC ] Act, 1989, The Bahamas has experienced a phenomenal number of IBC registrations. There have been over 36,000 IBC's incorporated in The Bahamas since 1990. The International Business Company Act was created with the intention of producing a modern facility to provide for a natural person or group of people to do or wish to do. Reservation of company names may be facilitated by facsimile transmission through a local agent (lawyer or accountant, or Trust Company). A Bahamian IBC may be incorporated within 24 hours; this may be done by the local agent, as required by relevant legislation.

IBC's are used for a variety of purposes e.g. tax reasons, confidential matters etc . . .

Benefits of An IBC:

  • There is no fixed limit on the amount of the authorized capital.
  • An IBC can have a minimum of two subscribers.
  • The company can us fractional shares, registered shares or bearer shares.
  • No public records are maintained as to the identity of shareholders or directors. An IBC is not required to file with the Registrar Generals' Office, names of its Directors and shareholders.
  • It may have at least one director who may be an individual, corporate or corporation (of any nationality).
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  • Meetings could be held by telephone or another electronic means.
  • The corporate domicile of an IBC may be changed from The Bahamas to another jurisdiction.
  • An IBC could merge with a foriegn company.
  • Bahamian IBC's are exempted from small business license fees and do not require a license under the Businesss License Act.
  • Shareholders are exempted from all income taxes, capital gains taxes and corporate taxes.
  • Bahamian IBC's could be registered within twenty-four hours.

An IBC can not:

  • Carry on business with persons residing in The Bahamas.
  • Own an interest in real property situated in The Bahamas or lease property for any other use than as an office.
  • Carry on banking, trust, or insurance business.
  • Provide a registered office for companies.

An IBC is allowed to do the following:

  • Transact foreign exchange business without Exchange Control restrictions.
  • Issue options, warrants or rights, or similar instruments.
  • Issue convertible sucurities.
  • Purchase, redeem, or otherwise acquire and hold its own shares.

Form an IBC in The Bahamas

Bahamas Capital Management also offer the following services:

Fully Managed Company:

  • Formation of an IBC (share capital US$50,000.00).
  • Opening of a Brokerage Account.
  • Opening of a Bank Account.
  • Opening of a Credit Card Account.
  • Maintaining Bank Account.
  • Maintaining Trading Account by advise.
  • Nominee Director.
  • Nominee Shareholder.
  • Officers.
  • Courier Charges.
  • Mailing Services.
  • Certified copies of corporate documents.
  • Telephone & facsimile service.

Bare bone Company :

  • Incorporation and Registered office only (share capital US$50,000.00).

Other Services and Fees :

  • Preparation of a Trust Agreement.
  • Act as Trustee 1% of total assets (minimum of US$100,000.00).

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.