Incorporate an International Business Company (IBC) in the Bahamas
Your IBC company name can be in any language using the Latin alphabet, as long as the relevant translation is approved first. An IBC will need to end with an appropriate suffix to denote limited liability, e.g. Ltd, Corp, Inc, GmbH, etc. Certain words are prohibited such as names suggesting the patronage of any government or country. Name restrictions apply for names that have been previously incorporated by an existing company, or that are deceptively similar to an existing name. Checking a company name using our online service takes less than 30 minutes and a name may be reserved for 10 days.
Personal Declarations are prepared and signed by the proposed shareholders of the company and we then present the Memorandum and Articles of Association, including the objects of the company, to the Registrar along with the share capital. A certificate of incorporation will then be issued and your new company is incorporated.
Formacompany has over 20 years’ experience forming companies in the Bahamas and across the world, and our staff will be available to offer advice and support through the entire incorporation process, from initially selecting a suitable company name through to finally commencing taxable activities.
What you need to set up an International Business Company (IBC) in the Bahamas
To begin incorporation of your exempted company we will require the following:
- Your company name
- The full name, date of birth, address and nationality of all directors
- The full name and address of all shareholders
Documents you are required to provide:
- Proof of identity (passport, national identity card, photographic driving licence)
- Proof of residential address (gas/electricity bill or credit/debit card bank statement dated within the last three months)
All exempt companies must have a registered agent and a registered office, which must be a physical address in the Bahamas. The registered office is where documents may be legally served on the company and where the share register, register of directors and minute book are kept. An office with a suitable agent is included as part of our Standard Company Formation Package.
Share Capital requirements
- There is no issued share capital requirement
- Shares may be denominated in any currency
Ready Made Companies
- We have shelf companies in the Bahamas currently available, with standard a Memorandum and Articles designed to permit most general activities; making it possible to commence business at very short notice. Our ready made companies are in good standing, are not the subject of any insolvency proceedings and have not entered into any contracts or engaged in any business activities.
Advantages to Setting up an International Business Company (IBC) in the Bahamas
- The Bahamas is a part of the British Commonwealth. Your IBC can be incorporated in an economically and politically stable country where all documents are filed in English.
- IBCs in the Bahamas are exempt from a large number of taxes and duties. IBCs are exempt from inheritance, succession and gift taxes, as well as stamp duties in respect of transfers, and foreign exchange control regulations. Shareholders are exempt from all income taxes, capital gains taxes and corporate taxes. Transaction tax is not imposed for 20 years from the date of incorporation. Bahamian IBCs are exempt from all business license fees and do not require a license under the Business License Act.
- IBCs in the Bahamas are very flexible. The corporate domicile of an IBC may be changed from the Bahamas to another jurisdiction. An IBC may merge or consolidate with another IBC or with an ordinary company under the Companies Act, provided that the surviving entity is an IBC. An IBC may also merge with a foreign company. Your IBC may conduct its business in any foreign currency it chooses free of Bahamian Government regulations or restrictions.
- An IBC in the Bahamas provides extensive confidentiality for the directors and shareholders. All IBCs ensure extensive confidentiality for the directors and shareholders; there is no disclosure to the government of the company’s beneficial owners and there are minimum ongoing compliance requirements
- It is quick to incorporate an IBC in the Bahamas. A Bahamas International Business Company can be incorporated in three days.
Important Information about incorporating an International Business Company (IBC) in the Bahamas
- Only one director is required for an IBC, this may be an individual or a corporation. Meetings of directors may be held in any country.
- The only documents required to be filed at the Companies Registry are the incorporation documents which include details of the registered office and registered agent.
- An IBC is entitled to carry on legitimate business without having to specify in an “objects clause”, i.e. a specific purpose for the company. The memorandum is required to contain reference to the purpose for which the company is to be incorporated but this can simply refer to the Act.
- An existing company, whether incorporated locally or in another jurisdiction, may continue as an IBC.