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| INTRODUCTION |
The Commonwealth of the Bahamas is comprised of over 700 islands located in the Atlantic Ocean. Nassau, which is the capital and financial center is located on the Island of New Providence. Population is 250,000.
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| LAW AND TAXATION |
The Bahamian legal system is based on English common law rules. The Judiciary is independent of the Executive and Legislative branches. The head of government is the Prime Minister, who is the leader of the winning party in the general election. Upon results of the election, the winner is asked by the Governor-General to form a government and appoint a cabinet.
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| CORPORATE REQUIREMENTS |
Most companies in the Bahamas are established under the International Business Companies Act of 1989. The IBC is an extremely versatile and adaptable corporate entity for private portfolio holding companies, trading companies, mutual funds and property holding companies.
Features include:
- A Minimum of one shareholder and one director
- No requirement to file annual returns or financial statements
- A foreign corporation can continue as an IBC without the need for reciprocal arrangements with the jurisdiction of original incorporation.
- Registered and bearer shares can be issued and holders of either can convert such shares into the other type.
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| LOCAL INFRASTRUCTURE |
The Business environment has many attractions including no income, inheritance or withholding taxes, low government licensing fees.
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