Incorporate in The Bahamas
Set up a company in Bahamas
The Bahamas is one of the industry veterans when it comes to offshore financial services. Since the 30s and 40s, the jurisdiction has been attracting foreign wealth due to its absence of taxation and its confidentiality policies. Although it lost popularity after its independence from Great Britain back in 1973, in favor of Cayman, BVI or Bermuda, it is still one of the go-to jurisdictions in terms of offshore corporate, trust and banking services.
Last December 2018, the Bahamas implemented several legislative changes to comply with requirements set by the EU and the OECD, by enacting the Removal of Preferential Exemptions Act; Commercial Entities (Substance Requirements) Act; the Register of Beneficial Ownership Act; and the Multinational Entities Financial Reporting Act
The Removal of Preferential Exemptions Act abolishes ring-fencing features provided by the International Business Companies Act; the Exempted Limited Partnership Act; the Investment Condominium Act, 2014; and the Executive Entities Act, 2011 – which provided companies incorporated by non-residents to enjoy certain exemptions if they were operated completely outside of the Bahamas.
Because the Bahamas doesn’t levy corporate taxes the main impact for IBCs or Limited Partnerships doing business outside of the Bahamas is that now they will be required to obtain a business license and pay a certain annual fee, as well as stamp duty on certain instruments. Limited duration companies under the International Business Act have been abolished.
Companies incorporated on or before December 31, 2018, are grandfathered for three years, until December 31, 2021.
Furthermore, international banking, insurance, and securities/capital markets sectors will be able to offer services to residents in the Bahamas and in local currency once certain regulatory approvals are in place. On the other hand, local commercial banks will be able to provide services to international clients.
Bahamian International Business Companies are commonly used as holding companies, to hold bank accounts, financial and commercial titles, international trading, own movable and immovable properties, asset protection and estate and inheritance security, among others.
Learn more about incorporating in the Bahamas:
Bahamas International Business Company (IBC) Formation and First-Year Fees – USD 3,800.00 (All Included)
Note that our incorporation and annual corporate service fees are “all-included fees”, and cover all the necessary services to incorporate a Bahamian International Business Company, and keep it in good standing, as well as government fees and duties, disbursements such as courier fees, and assignments such as the preparation of a certificate of incumbency, and the certification of documents, which are generally required for opening bank accounts.
- All applicable Registration and Government Fees (Registrar General of the Commonwealth of the Bahamas)
- Preparing Memorandum of Association and Articles of Association and filing such articles with the Registrar General
- Acting as Subscriber and executing the Memorandum of Association
- Providing the Certificate of Incorporation issued by the Registrar General
- Preparing Subscription Agreements
- Preparing Director’s Acceptance Letters
- Preparing and executing Subscriber Resolutions for the appointment of the first Directors
- Preparing and executing the Share Transfer Instrument for the transfer of Shares from the Subscriber to the Shareholder
- Preparing the First Board Resolutions resolving the Issuance and Allotment of Shares, Share Certificates, Appointment of Directors, Registered Office, etc
- Preparing the Register of Directors and Register of Members
- Providing Registered Office Services, including Business Address, for the calendar year
- Preparing and executing a Certificate of Incumbency
- Preparing the Certified True Copies of Corporate Documents
- Preparing the Share Certificates
- Delivery of Corporate Documents, inclusive of Courier Fees
Time to form the company
It generally takes us one day to prepare and file the M&AA and the related corporate documentation. At the time of filing your company with the Registrar General, we may elect either:
- Standard Procedure: It may take for the Registrar General 3 to 5 business days to issue the certificate of incorporation.
- Express Procedure: The Registrar General will process the registration of the company within the same day for an additional government fee of USD 450.
Bank Account Opening Services (Optional)
We can open bank accounts for Bahamian companies in the following jurisdictions:
- Bahamas Bank Account (7 Banks, Remotely) – USD 500.00 – Brokerage Accounts and Debit/Credit Cards Available
- Cayman Islands Bank Account (5 Banks, Remotely) – USD 900.00 – Brokerage Accounts and Debit/Credit Cards Available
- British Virgin Islands Bank Account (1 Bank, Remotely) – USD 900.00 – Brokerage Accounts Available
- Mauritius Bank Account (3 Banks, Remotely) – USD 600.00 – Debit/Credit Cards Available
- Labuan Bank Account (1 Bank Remotely) – USD 500.00
- Curaçao Bank Account (2 Banks, Remotely) – USD 500.00 – Debit/Credit Cards Available
- Singapore Bank Account (5 Banks, Remotely) – USD 900.00 – Debit/Credit Cards Available – Remote account opening available due to COVID-19
- Hong Kong Bank Account (3 Banks, In-person) – USD 2,000.00 – Debit/Credit Cards Available
- Armenia Bank Account (1 Bank, Remotely) – USD 1,200.00 – Debit/Credit Cards and Brokerage Accounts Available
- Turkey Bank Account (1 Bank, Remotely) – USD 1,200.00 – Debit/Credit Cards and Brokerage Accounts Available
- New York (US) Bank Account (2 Banks, Remotely) – USD 2,000.00 – Debit/Credit Cards and Brokerage Accounts Available
- Cook Islands Bank Account (1 Bank, Remotely) – USD 600.00 – Brokerage Accounts available
- Belize Bank Account (1 Bank, Remotely) – USD 300.00 – Prepaid Cards Available
- Puerto Rico Bank Account (2 Banks, Remotely) – USD 300.00 – Debit/Credit Cards Available and Brokerage Accounts available
- Antigua Bank Account (2 Banks, Remotely) – USD 300.00 – Debit/Credit Cards Available
- Nevis Bank Account (1 Bank, Remotely) – USD 300.00 – Debit/Credit Cards Available
- Saint Lucia Bank Account (1 Bank, Remotely) – USD 300.00
- Dominica Bank Account (2 Banks, Remotely) – USD 300.00 – Debit/Credit Cards Available
- UK, Latvia and Lithuania Electronic Money Institution Account (8 EMI’s, Remotely) – USD 300.00 – Debit/Credit Cards Available
In addition to the above jurisdictions, we can also open bank accounts in Cyprus, Gibraltar, Luxembourg, Liechtenstein, Lithuania, Latvia, Switzerland, and the Netherlands for Bahamian holding companies and private wealth structures (no commercial activity) and Bahamian companies conducting commercial activities via a branch office in the EEA. Contact us for further information.
All our bank account options provide for accounts in major currencies (USD, EUR, GBP, CHF, etc) as well as internet banking facilities. Note that “Remotely/In-person” means whether the account can be opened remotely or a personal visit to the bank is required to finalize the application.
Our bank account opening service is not just a mere introduction to the bank. We assist you in filling out the business plan forms appropriately and help you understand and provide business details, commercial information, and purpose/use of the bank account that a given bank wants to know in order to approve your account application.
Banks want certainty and clarity on how the account will be used. Everything must be watertight. We will work with you to make sure there is minimal ‘back and forth’ and a smooth account opening process.
Bahamas Company Annual Fees (payable one year after incorporation, and annually thereafter) – USD 2,600.00
- All Applicable Annual Government Fees
- Submitting Economic Substance Return
- Maintaining the Minute Book, Registers and Statutory Records
- Registered Agent Service for one year
- Registered Office Service for one year
Nominee Services (Optional)
- Bahamas Resident Director – USD 3,500.00 per annum
- Nominee Director (Natural Person) – USD 1,900.00 per annum
- Nominee Shareholder (Corporation), including a Deed of Trust – USD 1,500.00 per annum
Other Services (Optional)
- Formation and Maintenance of Limited Partnerships and Foundations
- Establishment of Trusts, and provision of Trustee Services
- Continuation of Foreign Companies
- SCB Registration of Investment Funds and Securities Businesses, and related services
- Economic Substance Services (Physical Office, Outsourcing of CIGA, etc.)
- Secretarial Services
- Accounting Services
Please, contact us for further information.