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BAHAMAS
- International Business Companies (IBC) incorporation
formalities are simple and are concluded with minimum formality in a relatively short
time, one or two days. Incorporation is obtained by the registration, with the Registrar
of Companies, of a Memorandum of Association and Articles of Association to which at least
two persons have subscribed for shares.
- The Memorandum of Association provides: -
- the name and address of the registered office
- the name and address of the registered agent a statement of
objects
- the authorized capital and defines the classes of shares to
be issued
- the manner in which required notice is to be given to
holders of bearer shares
- whether the shares of the Company will be in registered
and/or bearer form
- the currency in which the shares are to be issued.
- There is no minimum authorized capital required of
IBC’s. Capital may be denominated in any currency.
- There need only be two Shareholders of an IBC. There are no
nationality or residency requirements for Shareholders . There is no legal requirement for
an IBC to convene Annual General Meetings.
- The business affairs of an IBC are managed by a Board of
Directors. An IBC is required to have at least one Director who may be an individual or a
Company and need not be a Bahamian resident. Meetings are convened by the Directors and
may be held within or outside of The Bahamas.
- The IBC affords a high degree of confidentiality . The names
and addresses of the Company’s Directors attorneys-in-fact and Shareholders are not
filed or registered in The Bahamas, and therefore provide the investor with total privacy
with respect to his investment or trade.
- An IBC is required by law to maintain a registered office
and a registered agent in The Bahamas. Minutes of meeting and copies of Resolution of
Directors, members and officers, a register of Directors and officers, as well as a share
register are to be kept in the registered office. An IBC must have a Corporate Seal, an
imprint of which must be kept at its registered office.
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