Bahamas Offshore Company Formation in 2024
The Bahamas, located in the Atlantic Ocean east of Florida, are widely renowned for their beauty and exotic nature. However, they are also known as one of the world's major offshore company centers. As of today, the Bahamas still maintain their status as one of the leading offshore jurisdictions but are compelled to increase transparency due to pressure from the EU and FATF.
Advantages of Offshore Structures in the Bahamas
Confidentiality and anonymity of company owners and accounts: The Bahamas are known for their high degree of confidentiality in the banking sector. In 2021, a law was enacted requiring the disclosure of ultimate beneficial owners of companies to Bahamian authorities, although there is no public registry yet.
Tax incentives and minimal tax obligations: The Bahamas do not have a capital gains tax, and the Value Added Tax (VAT) is levied at a rate of 12%.
Flexible regulation and legal framework for offshore companies: The Bahamas have a well-developed infrastructure for offshore operations, with numerous banks, financial institutions, and legal firms operating here.
Strict asset protection laws in the Bahamas make them an excellent choice for those concerned about legal risks and potential litigation.
Company Registration in the Bahamas
To register a company in the Bahamas, you will need the following standard documents:
- Application for company registration in the prescribed form.
- Memorandum and Articles of Association of the company in compliance with Bahamian laws.
- Copies of the passport and proof of current address for each shareholder and director.
- Payment receipt for the registration fee (typically $350).
- Power of Attorney in the name of the registration agent who will represent the company's interests.
- Beneficial owner questionnaire, completed by each owner.
- Bank references for the accounts of shareholders as evidence of their reliability.
- Proof of payment of the annual capital tax.
The registration process takes 3-5 business days, with an additional 7 days for notarizing the corporate documents with an apostille. Thus, it takes 1-2 weeks to become the owner of a company in the Bahamas.
The Bahamas have rightfully earned their status as one of the leading offshore financial centers globally. Their tax advantages, confidentiality, and straightforward company registration process attract entrepreneurs and investors from around the world. However, to ensure full compliance with all requirements, we recommend consulting with qualified IT-OFFSHORE lawyers to avoid potential legal and financial risks.