The International Business Companies Act 2000 (amended the act of 1989).
In the Bahamas, the tax rate is 0. No income tax, value added, income, inheritance. The stamp duty on real estate transactions is charged in the islands.
IBC(International Business Company)
Such company status is provided in the case of meeting the following conditions:
There is no legal requirement that the shareholders or directors must be the residents of the Bahamas, but the nominal service can be used. With the adoption of amendments to the International business companies Act in 2000, the minimum number of persons who may register a company was reduced from five to two persons: the minimum number of directors - 1, the minimum number of shareholders - 2. Sole director and a shareholder can be the same persons. A director and a shareholder can be both physical and legal persons. Providing annual financial report is not required. It’s necessary to provide annual information on the status of the company and pay the state fee not later than the date of incorporation.
Declared minimum capital to register a company is USD 50,000. There is no requirement to pay it up. The authorized capital may be expressed in any currency. It’s possible to release registered shares, bearer shares are not allowed.
No currency control.
The information about the directors, officials and shareholders is confidential.
Any activity permitted by the law. For banking, insurance and reinsurance it’s necessary to obtain the permission from the government.
Taking into account the absence of taxation, there are no signed agreements on avoidance of double taxation.
TIEA have been signed with such countries as Argentina, Belgium, Greenland, Denmark, Iceland, China, Mexico, Monaco, Netherlands, New Zealand, Norway, San Marino, Spain, USA, Faroe Islands, Finland, France, Sweden, Japan.
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