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The Bahamas


							
Description
The Bahamas are located in the Caribbean and form a chain of 700 islands in the North Atlantic Ocean, to the southeast of Florida and to the north-east of Cuba. This is a former British colony, which achieved its full independence within the Commonwealth in 1973. The country is a major international financial services center and a popular offshore jurisdiction.
Advantages:

  • The absence of corporate taxes, no inheritance tax.
  • A stable political system based on English common law system.
  • Advanced economic structure, developed real estate market.
  • For the citizens of the Russian Federation from the 1 of April 2009 a visa-free regime was introduced.

Legislation:

The International Business Companies Act 2000 (amended the act of 1989).

Taxation:

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.

The mainlegal forms ofcompanies:

IBC(International Business Company)

Such company status is provided in the case of meeting the following conditions:

  • it’s prohibited to enter into transactions with residents of the Bahamas;
  • absence of part in real estate in the Bahamas, the property can be leased for office use only;
  • banking, insurance or reinsurance activities are permitted only after obtaining a license.

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.

Authorized capital:

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.

Currency control:

No currency control.

ConfidentialInformation:

The information about the directors, officials and shareholders is confidential.

Permitted activity:

Any activity permitted by the law. For banking, insurance and reinsurance it’s necessary to obtain the permission from the government.

Agreement on double taxation avoidance:

Taking into account the absence of taxation, there are no signed agreements on avoidance of double taxation.

TIEA (Tax Information Exchange Agreement):

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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