Bahamas
Capital: Nassau.
Official languages: English.
Currency: Bahamian dollar.
Advantages of company registration:
- No corporate tax on profits, interest, dividends and other income received outside the Bahamas.
- 20 year tax holidays for new or expanding business projects in the Bahamas.
- Partial confidentiality of data on shareholders and directors of an offshore company.
- Strict asset protection laws.
The Bahamas is a state located on the islands of the same name, north of the Caribbean Sea and Cuba, southeast of the Florida peninsula.
To date, the Bahamas still retains the status of one of the leading offshore jurisdictions, but is forced to make concessions towards greater transparency under pressure from the EU and FATF.
Confidentiality and anonymity of company and account owners. The Bahamas is known for its high degree of confidentiality in the banking sector. In 2021, a law came into force obliging the disclosure of ultimate beneficiaries of companies to the Bahamian authorities. However, there is no public registry yet.
The main advantage of the Bahamas remains - the absence of corporate taxes on income received outside the jurisdiction of the islands.
Features of taxation and reporting
The Bahamas has strict asset protection laws, making it an excellent choice for those who fear prosecution or other legal risks.
- Companies are exempt from income tax if the income is earned outside the Bahamas.
- VAT is paid at a rate of 12%.
- There is no tax on dividends, interest, royalties, income from the sale of shares or other types of assets received by non-residents of the Bahamas.
- There are no currency controls or restrictions.
Company Registration
Registration period: 3-5 working days.
It takes another 7 days to certify the constituent documents with an apostille. Thus, in 1-2 weeks you can become the owner of a company in the Bahamas.
To register a company in the Bahamas, you will need standard documents.
- Application for company registration in the prescribed form.
- Memorandum and Articles of Association prepared in accordance with Bahamian laws.
- Copy of passport and document with current address for each founder and director.
- Power of Attorney authorizing a registration agent to represent the company.
- Beneficial ownership declaration form
How to quickly register a company in the Bahamas:
To quickly register a company, contact the IT-OFFSHORE specialists. Our service cost includes:
- Preparation of documents (collection, filling out, notarization, etc.).
- Company registration.
- Payment of all state fees.
- Services of a registration agent for 1 year with the possibility of extension.
- Translator services.
- Delivery of registration documents to any address.
Opening an account with a local bank, accounting services are paid additionally.
The bottom line
The Bahamas still maintains its status as one of the leading offshore jurisdictions and provides a very attractive tax regime for companies investing or doing business outside the Bahamian jurisdiction. However, recently the Bahamas has been faced with the need to bring its rules in line with global trends.
Therefore, before proceeding with the registration of a company in the country in question, we recommend that you seek professional advice from the legal experts of IT-OFFSHORE in order to obtain up-to-date information on the rules and requirements, as well as to ensure a successful registration process and compliance with the law.
