INCORPORATION
BAHAMAS
See also: LCG-Special-Website Bahamas
Company Formation on Bahamas, Legal and Taxation Aspects
| Company Type: | International Business Company (IBC) |
| Name: | The company name must end in "Limited", "Corporation", "Incorporated", "Société Anonyme", "Sociedad Anonima", "Gesellschaft mit beschränkter Haftung" or the associated abbreviations, Ltd., Corp., Inc., GmbH, SA. |
| Capital: | The company must have at least 50,000 US$ in capital. It does not have to be paid up in shares and can be in any currency. |
| Shares: | Bearer shares are not allowed. |
| Shares Index: | Yes |
| Registered Agent Requirement: | Yes, must be local and licensed. |
| Registered Headquarters: | Yes |
| Entry in the Public Register: | Yes |
| Shareholders: | At least 1 shareholder. |
| Directors: | At least 1 natural or legal person, of any nationality. |
| Incorporation Period: | Up to 2 weeks |
| Disclosure of Beneficial Owner: | Yes (since 2001, in accordance with the International Businesses Companies Act 2001). Data to be registered with the Registrar General's Department. |
| Disclosure of Shareholders: | Yes. By law, the names and addresses of the shareholders must be registered with the Registrar General's Department. |
| Disclosure of Directors: | Yes. By law (International Business Companies Act 2001), the list of directors must be registered with the Registrar General's Department. |
| Trading Restrictions: | No business transactions permitted on the Bahamas or with own property located there. No business activity in connection with banking, insurance, asset management or investments. It is forbidden to sell one's own shares on the Bahamas or to take out a loan from a resident. |
| Taxation: | None |
| State Tax Charges: | Based on the amount of nominal capital: If the seed capital does not exceed 50,000 US$, 350 US$ are due per year. If the seed capital is over 50,000 US$, 1000 US$ are due per year. If not paid within the obligatory time limit, a fine of 50% of the sum payable can be levied. |
| Double Taxation Agreements: | None |
| Financial Statements: | No |
| Tax Returns: | No |
| Accounting: | No |
| Annual Reports: | No |
Acquisition Fees Bahamas (IBC)
| Shelf Company or new Incorporation Included: + Registration Fees (for standard authorized capital) + Standard Memorandum and Articles of Association + Certificate of Incorporation + Two Share Certificates + Nominee Shareholder + Share Register + Corporate Seal + General Power of Attorney + Registred Agent + Registered Office + Nominee Director | |
| TOTAL | 1590,00 Euros |
Annual Fees Bahamas (IBC)
| Included: + Annual License Fees (for standard authorized capital) + Shareholder Service / Nominee Shareholder + Registered Agent + Registered Office + Directorship service / Nominee Director + Company Management Services / Offshore Service + Professional Virtual Office in Berlin or Luxembourg (incl. address, phone and fax numbers, life call answering) | |
| TOTAL | 2080,00 Euros |
LCG International offers its services and manages the companies by LCG's Lawyers or Tax Consultants.
General information
| Area: | 13 878 sq km |
| Capital: | Nassau |
| GDP per capita: | 25 980 Euro |
| Unemployment Rate: | 13,3% |
| Population: | 317 000 |
| Language: | English |
| Currency: | Bahama-Dollar (B$) |
| Rate of Inflation: | 3,5% |
| Political Risks: | Some of the larger islands may decide to leave the island federation. |
| Cost of Living: | High cost of living due to import duties, high standard of living. |
| Communications: | Very good |
| Residence Permit: | Private individuals can apply for a one-year or permanent residence permit. Those applying for permanent residence are expected to transfer at least 25,000 B$ yearly for living costs from abroad and, additionally, to invest at least 150,000 B$ in the Bahamas within 2 years of gaining residence. The authorities reserve the right to grant residence permits. It is therefore advisable to engage a qualified local lawyer. |
| Legal System: | Adheres to English Common Law with additional regulations covering companies, banks and trusts. The Foreign Companies Act governs foreign companies, and the 1990 International Business Companies Act governs offshore companies. |
| Exchange Control: | Yes, but does not apply to international business companies. |
| Patent Law: | Patents can be registered in Nassau for a period of 7 years, which can be extended by two further 7-year periods in total. A period of 14 years is set for brand names, with a one-off extension of 14 years possible. Protected rights lose their validity if not used within 5 years. |
| Tax Information Exchange Agreement: | No |