What happens between my KYC approval and the Bahamas certificate?

The registered agent finishes due diligence on every owner and director, then files the memorandum and articles with the Registrar General's Department, which issues the certificate of incorporation. After that we hold the first board resolutions, issue the shares, prepare the registers and file the beneficial ownership information. Bearer shares are not allowed, so every share is issued to a named holder.

Source: International Business Companies Act 2000, Government of The Bahamas, Laws of The Bahamas