Profile

The Commonwealth of the Bahamas is a country formed by a group of 700 islands to the South East of Florida. It is a democracy with an elected prime minister, its main revenue is from tourism and the significant financial industry which has built up.

Incorporation in The Bahamas has low cost and annual renewal fees are also modest. Due to its light touch reporting requirements the maintenance of a company in the Bahamas is also modest.

Political

The attraction of The Bahamas as a jurisdiction for incorporation is because of its tax status, and also because of its stability. It is considered to be economically and politically stable, and is 85% English-speaking. The legal system is based on English common-law and well enforced. It complies with international standards for regulation and is economically allied with the USA.

Points for caution include that the current legislation may change and the economic conditions become less lenient. For companies working with physical goods, Bahamas customs tariffs are very high. The Bahamas has amended its regulations under pressure from the EU and looks willing to continue doing so.

Tax

For businesses doing business exclusively outside of the Bahamas there is zero tax for capital gains, or corporation tax. However for companies serving the domestic market there are significant taxes and tariffs.

Legal

The legal system in The Bahamas is descended from the British Common Law system and there are courts on four levels up to a privy council. There is a significant legal industry on the Bahamas including offices of some large international firms.

Privacy

Privacy is good for shareholders, who are not publicly listed or notified to the registry. The names of directors and officers, however, are notified to the registry and are publicly visible. Nominees are permitted for those officers who wish to maintain privacy.

KYC and AML Regulations

The Bahamas does comply with international protocols on anti money laundering and the incorporation of a company does require the members to undergo a KYC process. Documents used a proofs of ID and address need to be certified.