Bahamas Company Formation requirements
Try out your luck in Bahamas which will not only guarantee you conducive environment for your business to thrive but has repealed obsolete laws which previously made it impossible to incorporate there.
To , you will only need to acquire a business license which may range from an affordable $ 350 in case you will allow Bahamians to enjoy up to 60 percent of your company ownership. The fee will however spiral to $ 1,000 if more than 60 percent is owned by foreigners.
New companies will be required to pay a License fee to be allowed to run their business. The Business License Act includes all types of manufacturing and commercial undertakings and covers professions such as law, accounting and medicine in business category. The law makes it a criminal offense to fail to obtain a business license and all new applications are forwarded directly to the Business License and Valuation section of the Ministry of Finance.
Companies will still pay an annual fee which may be based on the gross profit as a percentage of turnover. The annual will be calculated based on annual receipts and after deducting the cost of producing that turnover. Companies which are unable to register any profits during the year are not required to pay the annual fee. But companies which register higher returns can pay up to $ 500,000 as annual fee. However, companies registered a non resident under the Exchange Control Regulations Act will pay an annual fee of $ 100.
The license renewal fee is payable on or before the last day of April of each year. The government will only issue the license after the investor provides evidence showing payment of real property tax. The Business License Act can allow for automatic renewal for Bahamian businesses provided companies seeking such privileges have fulfilled all other statutory requirements.
New companies are also required to declare share capital and the number of shares into which it is divided prior to formation. Further, the law requires that all companies be managed by two directors. However public companies can be managed by three companies. Also persons who register as directors at the time of incorporation are allowed to serve in that position until such a time the company will convene a members meeting to elect directors.
Such meetings may be held at any time but after a notice is issued in reference to provisions in the articles of association. Companies are at liberty to hold the meetings through telephone or other electronic gadgets which may allow the recognition of voice of each director. During such meetings, directors are required to present financial statements and audited reports.
can reserve a name of their choice once an application is filed on an approved form which is available at the Registrar General’s Office. The registry will always guarantee a 24 hour company name reservation service. The Bahamas Company’s law further makes it compulsory for all companies to retain the word Limited as the last word in the name of each company.
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