FORMATION OF COMPANIES IN OTHER JURISDICTIONS
BAHAMAS CORPORATIONS

One of the newest Caribbean jurisdictions that, as a result, has benefited from mistakes that others have made by implementing highly flexible legislation which allows operation of the company's affairs in the way most desired by the beneficial owner Very cost effective. Once incorporated a Bahamian IBC is guaranteed exemption from Bahamian taxes for twenty years.

The following information is available on the public file
Memorandum & Articles of Association/Registered Office &Registered Agent/Registered of directors.

The following documents must be kept at the Registered Office
Copies of the Register of Members and Register of Directors together with an impression of the seal

Corporate books & seal
Financial statements and Annual Return are not required.

Meetings
There is no restriction where are meetings to be held. A general meeting of all IBCs shall be held at least once in every year.

Company Law
The International Business Act, 2000; the financial and Corporate Service Providers Act, 2000(came into force on December 29, 2000).

Incorporation of an IBC
The law requires a minimum of two incorporators. When the company is registered, control of the company is passed over to the interested party by appointing as first directors (individual or corporate) those indicated by the client. The directors, in turn, arrange, the issuance of shares and take the other decisions to commence business.

Annual License fee
There is an Annual Licence of US$350.00 for a company with a standard capital of US$50,000.00, and it could increase to a maximum of US$1,000.00, depending on the authorized capital of the corporation.

Shareholders/Beneficial Owner
Registered Agents shall keep a record of the name and address of the beneficial owners of all IBC’s and the details of the client’s principal place of business, business address, telephone, facsimile, telex numbers and electronic address of the principals or professionals concerned with the client and two sources of reference to provide adequate indication of the reputation and standing of the client.

Issuance of Shares
IBC’s may only issue Registered shares.

Directors/Officers

• The board of Directors of a company shall consist of at least one person who may be individual or a company.
• The names and addresses of the directors and officers must be noted on the Directors’ and Officers’ Registers. This document shall be filed with the Registrar and shall be open to inspection by members of the public during official hours.
• The name of an alternate director, if any, shall be disclosed and notified to the Registrar.

Authorized Share Capital
There is no minimum authorized share capital for IBC’s nor a minimum capitalization requirement. The maximum authorized capital permitted for the minimum annual License fee payment is US$50,00.

Registered Office
Every IBC may appoint a Registered Office.

Amendments
IBC’s can amend their Memorandum and Articles of Association by shareholders’ resolution or, where permitted by the Memorandum and Articles, by a resolution of directors.

Changing the name of an IBC, increasing or decreasing authorized capital, dividing or combining shares and changing the maximum number of directors, among other things, requires amendment of the Memorandum and Articles. Amendments must be filed with the Registrar for public inspection and become effective on registration.