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The Bahamian International Business Company (“IBC”) Act provides a modern, simple and cost effective corporate vehicle designed to suit the needs of international business persons.
The IBC, although incorporated and domiciled in the Bahamas, is designed to facilitate the undertaking of legitimate business activities anywhere in the world, whether in its role as a holding company, trading company, a private investment vehicle, insurance company for non-domestic business, or other uses, including its ability to form part of a more sophisticated structure involving a combination of trust, foundation or other specialized corporate elements. In summary the requirements and characteristics of the Bahamas IBC are:
By default the shares will be valued in US Dollars but can be in another currency if so required.
A Bahamian IBC 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.
Shareholders may be a natural person or another legal entity. Bearer shares are not permitted.
A Bahamian IBC is not liable to pay any taxes in the Bahamas. Instead, each company is required to pay registration and annual fees to the Government
A natural person or another company may serve on the board of directors. Directors do not need to be resident in the Bahamas.
Each company must appoint a resident registered agent in the Bahamas, which must be licensed to provide this service.
The following details are a matter of public record at the company registry:
There is no minimum requirement for the share capital.
Full and proper books and records must be maintained by the company. These can be maintained outside of the Bahamas.
Statutory procedures exist for the formal liquidation of a Bahamian IBC. Non-payment of the government fees would cause the company to be struck off and automatically dissolved.
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