BACKGROUND:
Formerly a British Crown Colony, Bahamas achieved independence in July 1973 within the British Commonwealth. A Governor is appointed by the British Government for the responsibility of defence, external affairs and internal security. The population is approximately 340,000. The official language is English.

Type of Company(s):
A company in Bahamas is called an "International Business Company" (IBC). An IBC is one of the most cost effective offshore companies and has a  minimum administrative structure. All companies are exempt from local taxation and exchange control for 20 years from the date of inception. An IBC can be incorporated within 24 hours. Almost any name can be used provided that there are no similar names existing or contains a sensitive word such as Bank, Assurance etc.,

The company must contain the words Limited, Corporation, Societe Anonyme or Sociedad Anonima or their abbreviations to denote limited liability.

Name reservations are accepted for up to 90 days.

There is a minimum of one director which can be either an individual person or a corporation in an IBC company and a minimum of two shareholders required, thereafter this can be reduced to one. There is no need to enter the names of the directors and shareholders in the companies registry and no annual returns or accounts need to be filed. Bearer shares can be issued.

The registered office and the Registered Agent of an IBC must be within the Bahamas. Board meetings can be held anywhere in the world and no statutory meetings are required.

The standard authorised share capital of an IBC is $50,000 of which an annual fee licence of $100 is payable yearly to the Register of Companies. The Registered Office and Agent of the Company must keep copies of the share register. The company seal must be kept in the Registered Office.
An IBC company must not trade with residents in Bahamas and may not own real estate and can not have banking or insurance business.