Frequently Asked Questions
What is the legal form of an IBC?
It is a legal entity in its own right. It is able to contract with third parties; it can also sue and be sued in its own name
How long does it take to incorporate an International Business Company (IBC)?
It takes 24-48 hours to incorporate an IBC
How much does it cost to incorporate an IBC?
Our minimum incorporation fee is $1,200 for capital of US $50,000 or less
The International Business Companies Acts, 1989 & 2000
The International Business Companies (Amendment) Act 2004
International Business Companies (Amendment) Act 2008
What are the applicable laws and regulations enacted by the Government of The Bahamas that apply specifically to Bahama companies (IBC’s)
Our registered office/ agent fee is $750 per annum
How much does it cost to maintain an IBC?
IBC’s do not pay any taxes in The Bahamas. Instead, each company must pay registration and annual fees to the government
Does an IBC pay taxes in The Bahamas
The Government fee for an IBC is $350 per annum
What are the annual fees payable to the Government Registrar?
The company will be struck off and automatically dissolved
What happens for non-payment of the Government fees?
An IBC must have at least one (1) Director
How many directors must an IBC have?
The names of the shareholder(s) of an IBC do not appear on a public register
Are the names of the shareholders of an IBC on a public register?
A natural person or another company may serve on the board of directors. Directors do not need to be resident in the Bahamas
Who can be on the board of directors?
Shareholders may be a natural person or another legal entity
Who can be a shareholder?
Each company must have a registered agent which must be licensed to provide this service in The Bahamas
Is a registered agent mandatory?
No, but in order to preserve the privacy of the ultimate owner a nominee shareholder may be used
Are the names of the shareholders available on public record?
There is no minimum requirement for the share capital
What is the minimum share capital an IBC must have when it is registered?
Reservation of a name is valid for a period of 21 days. Renewal of name reservation is permitted indefinitely
Before registration, how long can a company name be reserved for?
Upon incorporation the company must file the memorandum and articles of association
Are the company’s memorandum and articles of association filed at the Government registry?
Name of the Company
Memorandum & Articles of Association
Name of the Registered Agent and an address in The Bahamas for the service of documents
Name(s) and address(s) of the Directors and Officers
Address of the Registered Office
Statutory correspondence with the registrar of Companies
Which company details are made public and available at the Registry?
Full and proper books and records must be maintained by the company
What are the requirements for accounting records?
No, although it is normal for a Bahamian company to have a seal
Does a company require a seal?
Providing the other jurisdiction supports the migrating of companies, an IBC can be removed from the Bahamian registry and transferred to the new jurisdiction
Can a company be transferred to another jurisdiction?
Yes
Do statutory procedures exist for the liquidation of an IBC?
A simple liquidation can be accomplished in a matter of approximately four (4) weeks