Bahamas,
The Commonwealth of
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Capital: Nassau
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Population: 300,000 (est. 2003)
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Languages: English (official),
Creole
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Area: 10,070 sq. km (land area)
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Currency: Bahamian dollar (BSD)
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Fiscal year: 1 July - 30 June
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Independence status: 10/07/1973
(from U.K.)
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BACKGROUND
THE COMMONWEALTH OF BAHAMAS, as they are officially known, is
made up of some 700 islands and 2,500 cays or islets scattered
over 750 miles of the Atlantic Ocean. Only about 25 of the Bahama
islands are inhabited, and three-fourths of the people reside
on just two islands; New Providence (where Nassau the Capital
is located) and Grand Bahama Island (Freeport). The Bahamas is
a stable, developing nation with an economy heavily dependent
on tourism and offshore banking.
Legal System
Today, the Commonwealth of the Bahamas is a constitutional monarchy
with Queen Elizabeth II of Great Britain the official head of
state. Under the 1973 Constitution, the British Monarch appoints
a Governor-General who ceremoniously appoints other members to
the 17 member Senate. Effectively, the black majority, which control
the Assembly, now control the white minority in the matters of
political affairs in the Bahamas. In regards to political stability,
you have to rate the Bahamas as one of the most stable tax havens
in the world. With strong ties to Britain, protection from a foreign
aggressor is practically guaranteed by the British Royal Navy.
Currency
The stability of the Bahamian economy is partially due to the
stablization of Bahamian Dollar. The Bahamian Dollar has been
pegged on a 1:1 ratio to the U.S. Dollar to facilitate the cash
transactions etc... The U.S. Dollar and the Bahamian Dollar are
used interchangeably throughout the islands.
Confidentiality
Confidentiality is excellent with the English common law duty
of confidentiality being preserved and expanded upon by statute
imposing penalties upon banks, attorneys, auditors and government
officials who are privy to private information. Additionally,
the Bahamas have no tax treaties or agreements for the exchange
of information with any other state except agreements covering
mutual assistance in cases of drug trafficking.
Taxation
An International Business Company("IBC") is a company,
which is restricted from carrying on business with persons resident
in the Bahamas, and cannot invest in real property situated in
the Bahamas, other than by holding a lease of property for use
as an office. An IBC cannot carry on any banking, trust, insurance
or reinsurance business, or provide other restricted businesses.
An IBC is not taxed in the Bahamas. Maintaining a bank account
or retaining local professional services etc.. is not considered
carrying on a business in the Bahamas under the Act.
New Legislations
The International Business Company ("IBC") Amendment Act
2000 was introduced and repealling the previous IBC legislation
which allowed for companies to be quickly and easily incorporated
for the purpose of transacting offshore business. Main new enactment
is:-
Order your company
NOW! or
contact us
for any queries. If you have other requirements for the incorporation,
please let us know and our staff will try to solve it or find alternatives
for you.
You tell... we tailor.
