Company in The Bahamas
Commonwealth of The Bahamas is an island state located in the Atlantic Ocean. According to data from 2016, less than 400,000 people lived on 13,878 km2. The capital city is Nassau. The Bahamas is one of the richest countries in the Americas as of gross domestic product per capita. The Bahamas is member of numerous international organizations, including the International Monetary Fund and the United Nations.
Taxes in the Bahamas
Commonwealth of the Bahamas consists of several hundred islands and several thousands of islets. The state is a self-governing member of the British Commonwealth and one of the tax havens. It is very common to open an offshore company in the Bahamas.
Company registration in the Bahamas includes many benefits, which include profitable taxation system. There is no obligation for companies to pay income tax, tax on profits, gifts and inheritance for the first 20 years of running the company. In addition, company formation in the Bahamas is free from the obligation to submit financial statements in the later years of the company’s existence.
Company formation in the Bahamas
It is becoming more popular to open company in the Bahamas. State offers around ten corporate structures within its legal system. The equivalent of a Polish limited company is IBC – International Business Company. The Bahamas have an offshore business centre with more than 160,000 registered companies. Process of company registration as well as purchasing a ready made company in the Bahamas is based on extensive legislation based on customary English law.
Share capital of a company in the Bahamas
Apart from tempting benefits, future entrepreneurs also have obligations. One of them being the duty to pay up share capital. There is no minimum amount specified and it can be made in any currency. As a rule, shareholders decide to make a capital injection of USD 50,000. That is the maximum amount allowed at the lowest government fee. Bearer shares are prohibited.
Accounting in the Bahamas
A company in the Bahamas must maintain full accounting. Business in the Bahamas requires the need to record its financial position. Books can also be kept on the territory of another country, e.g. in Poland.
To open business in the Bahamas, all fees (including registration and government fees) must be paid.
Ready made company in the Bahamas
It is possible to buy a company in the Bahamas that has already been registered. As a rule, the ready made company in the Bahamas is relatively ‘young’, has not conducted any activity before and was created for its subsequent sale. However, independent establishment of a company in the Bahamas is recommended.