Offshore bank accounts

Bahamas company formation

 

Basic facts regarding Bahamas

The Commonwealth of The Bahamas is a nation consisting of 29 islands, 661 cays, and 2,387 islets. It is located in the Atlantic Ocean north of Cuba and Hispaniola (Dominican Republic and Haiti), northwest of the Turks and Caicos Islands, and southeast of the United States (nearest to the state of Florida). Its total land area is 13,939 km2 (5,382 sq mi), with an estimated population of 330,000. Its capital is Nassau. Geographically, The Bahamas lie in the same island chain as Cuba, Hispaniola and the Turks and Caicos Islands; the designation of Bahamas refers normally to the Commonwealth and not the geographic chain.

Taxation in Bahamas

The Bahamas is known for its tax haven status. There are no corporate, personal income, capital gains, profit, sales, inheritance, or estate taxes. There are no withholding taxes on dividends, interest, or royalties or any payroll taxes.

Offshore business in Bahamas

The Commonwealth of The Bahamas is an important regional and offshore financial center. Offshore financial institutions include banks and trust companies, insurance companies, securities firms and investment fund administrators, financial and corporate service providers, cooperatives, and societies. There are approximately 160,000 registered international business companies, 44,000 of which are active.

Main features of Bahamas companies

Shareholders, directors and/or officers can be either corporate entities or natural persons (both initial or ongoing changes in directors and/or officers need to be filed at the Bahamas Registry). Shareholders, directors and officers may be of any nationality and may be residents of any country.

The accounting books, records and minutes of the company may be kept in any place or country at the directors' choice. There are no requirement to file annual returns or financial statements; no requirement to hold annual general meetings of share holders or directors.

International cooperation

Bahamas have executed Tax Information Exchange Agreements withArgentina, Australia, Belgium, Canada, China, Denmark, Faroe Islands, Finland, France, Greenland, Iceland, Japan, Mexico, Monaco, Netherlands, New Zealand, Norway, San Marino, Spain, Sweden, United Kingdom, United States.

[sources: United States Department of State Bureau for International Narcotics and Law Enforcement Affairs; Organisation for Economic Co-operation and Development]

 

Bank accounts

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