Offshore Company in Bahamas.
Are you hunting for a guide to offshore companies in Bahamas? Do you want to start an offshore company in Bahamas? Are you looking for reasons on why an offshore company in Bahamas is a good idea? If yes, look no further! The next few lines will help you understand basic facts about an offshore company in Bahamas.
Offshore Company in Bahamas – The History!
In general, the International Business Companies Act of Bahamas was received in 1990. The act tells all about the incorporation, operation and registration of business companies. An offshore company can be registered in Bahamas if it suffices a predestined set of conditions. The substance of these conditions is to prove the company’s non-resident status.
Benefits of an Offshore Company
According to experienced businessmen, International Business Company serves as a modern vehicle with benefits that are not available to local companies in Bahamas. These rules and regulations are found in offshore destinations like the British Virgin Islands and Cayman Islands too.
However, many elements of the Act in Bahamas makes it a competitive and idyllic offshore financial haven. Here are few interesting points from the IBC Act in Bahamas:
1) An offshore company in Bahamas will be free from the Exchange Control Regulation Act.
2) The safe haven doesn’t burden investors with special share capital requirements.
3) An offshore company in Bahamas will be exempt from all taxes that arise due to a transaction.
4) An offshore company will be exempt from all stamp duties (with respect to all transactions, shares, securities and debt obligations).
5) The offshore companies are exempt from government alias public reporting requirements.
6) Important meetings can be conducted over electronic means, between shareholders and directors. There are standard rules on how the meetings should be carried out.
7) An offshore company in Bahamas is exempt from death duties, taxes and stamp duties.
Any company can kick start an offshore unit in Bahamas, if it doesn’t fall under the following lines:
1) The company is owned by individuals who are local citizens of Bahamas.
2) The company is identified as a trust or banking business.
3) The company has leased or owns an interest in real estate that is present in Bahamas.
4) The company engages in insurance of re-insurance business.
5) The company engages in providing a registered office for other offshore or local businesses.