Commonwealth of the Bahamas The Bahamas are an archipelago of about 700 islands and 2,400 uninhabited islets and cays lying 80 km off the east coast of Florida. They extend for about 1,225 sq km. Only about 30 of the islands are inhabited; the most important is New Providence 207 sq km, on which the capital, Nassau, is situated. Other islands include Grand Bahama, Abaco, Eleuthera, Andros, Cat Island, and San Salvador (or Watling's Island). The official language is English with the majority of the population speaking British English, although American English is having an increasing influence. The Bahamas are governed under the constitution of 1973 and have a parliamentary form of government. There is a bicameral legislature consisting of a 16-seat Senate and a 49-seat House of Assembly. The prime minister is the head of government, and the monarch of the United Kingdom, represented by an appointed governor-general, is the titular head of state. The nation is divided into 21 administrative districts. The Bahamas is a stable, developing nation with an economy heavily dependent on tourism and offshore banking. Tourism alone accounts for more than 60% of GDP and directly or indirectly employs almost half of the archipelago's labour force. Steady growth in tourism receipts and a boom in construction of new hotels, resorts, and residences have led to solid GDP growth in recent years. Manufacturing and agriculture together contribute approximately a tenth of GDP and show little growth, despite government incentives aimed at those sectors. Overall growth prospects in the short run rest heavily on the fortunes of the tourism sector, which depends on growth in the US, the source of the majority of tourist visitors. Bahamas IBCs may carry out most business activities. IBCs are exempt from all Bahamas taxes and stamp duties and therefore not subject to any income, capital gains or other taxes. International Business Corporation is not subject to Bahamas Exchange Control Regulations. The exemptions remain in force for twenty years from the date of incorporation of a Bahamian company. Company Statute: International Business Company (IBC). Taxation: The Bahamas is a pure tax haven and has no direct taxation in the form of income tax, capital gains tax, gift tax or inheritance tax. Shareholders/Members: Minimum number of shareholders: two subscribers, but the shares can be transferred to a single person. Directors/Managers: The minimum number of directors is one. Directors may be natural persons or bodies corporate. They may be of any nationality and need not be resident in the Bahamas. Registered Office Required: Yes, must be maintained in the Bahamas at the address of a licensed management company or law firm. Registered Agent Required: IBCs must keep a local Registered Office/ Agent. Name Restrictions: Any name that has already been incorporated, or a name that is so similar as to cause confusion. Names such as royal or imperial. Any name which, in the opinion of the Registrar, is considered undesirable, obscene or offensive, or any name, which suggests the patronage of the Bahamas Government. The name can be in any language using the Latin alphabet. The Registrar may require an English translation to ensure that the proposed name is not on the list of restricted names. The word "Limited", "Corporation", "Incorporated", "Societe Anonyme", "Societe Ananima", or its respective abbreviation "Ltd.", "Inc.", or "S.A.", shall be at the end of the name of the Company. Annual Reporting: Annual reports do not need to be filed. There is no requirement to have local meetings. The registers and minutes of meetings must be kept at the registered office. An IBC must have a company seal, an imprint of which is to kept at the registered office Annual Report/Licence Fees: USD 350

back to top