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About The Bahamas........Our World Tax Haven Directory
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Ascot Advisory Services
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Panama, Republic of Panama
Santo Domingo, Dominican Republic
Telephone Direct Dial USA  809 - 334 - 5387   or   809 - 756 - 1917
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Email Direct:   info@ascotadvisory.com
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Quick Facts About the Bahamas........
English Common Law:
Exchange Controls:
Political Stability:
       Offshore Bank Accts:
Company Formation:
Offshore Co. Taxation:
Minimum Directors:
Minimum Shareowners:
Company Directors:
Secretary Required:
Bearer Shares Allowed:
 YES
NO
GOOD
YES
IBC
NONE
ONE
ONE
YES
NO
YES
Registered Office:
Directors Disclosed:
Underlying Client Disclosed:
Tax Treaties:
Local Meetings:
Owned By Trust:
Change of Domicile:
 YES
* NO
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* NO
* NO
NO
YES
YES
* New legislation and agreements allow for disclosure of the underlying client, directors,  and disclosure for related tax reporting information.  The US & OECD have
placed tremendous political pressures on the Bahamas, and as a result now has the dubious reputation of being the first tax haven jurisdiction to "sell out". 
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For some current news article links about this, click below:
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Current News Paper Article in a local Bahamas Newspaper
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 NOTE:  Our firm does NOT suggest the Bahamas as a suitable jurisdiction for clients to consider with regards to Company Formation.  Please consult with us regarding before considering any English Common Law Jurisdiction.  In the case of the Bahamas, recent legislation and modified agreements have taken away client confidentiality and have removed much of the reasons why clients would consider the Bahamas in the first place. 
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The Bahamas has been a jurisdiction synonymous with offshore tax-free banking and asset protection trusts for over 50 years.  In the past, many investors felt secure with the fact that this English speaking jurisdiction maintained statues concerning confidentiality and privacy as it’s trademark.  In addition, no taxes on earnings from income, capital gains, profits inheritance or estates or probate all added to the appeal.  For investors interested in forming an incorporated company, no withholding taxes on dividends, interest, royalties or payroll also added an attractive environment.
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To be sure, the Bahamas was one of the first jurisdictions to enact legislation in 1989 concerning International Business Companies or “IBC” for short.  Such legislation allowed investors to form an incorporated company anonymously, and be able to enjoy 100% tax-free business income providing it was derived from outside of the Bahamas.  Many other jurisdictions, such as Belize and Nevis have copied such legislation, watching enviously at the success the Bahamas enjoyed accordingly.
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More recent improvements to the financial services sector with the creation of the Bahamas Financial Services Board (BFSB) in 1998, has further bolstered confidence in that a government agency regulated a variety of financial institutions, including mutual funds and local investment firms.  Indeed, with regards to the number of offshore banks and offshore mutual funds, the Bahamas is certainly become of the largest English speaking financial centers in the Caribbean.
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However, being the largest also means being the largest target.  That is to say, recent pressures by the US government, the OECD and even the titular head of the British Commonwealth of Nations, the United Kingdom, have finally taken its toll.  The Bahamas, under immense pressure, has indicated it will remove banking confidentiality and will also cooperate with tax reporting initiatives with respect to citizens of other countries.  While this was mostly aimed or directed at US citizens doing business, it naturally effects anyone considering the Bahamas as a place for “asset protection” or privacy.
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With that said, there are some benefits that can be found with the prior legislation that existed with regards to forming an IBC in the Bahamas, We outline these points here solely for informational purposes only, as we do not suggest the Bahamas for incorporation services.
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FORMING AN INTERNATIONAL BUSINESS COMPANY
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The 1989 legislation that brought about the IBC, states that anyone may forming such a structure providing they understand they may not conduct any business inside of the Bahamas accordingly.  An IBC structure in the Bahamas must maintain a locally registered office address, and must have local agent who normally would be a lawyer, law firm or licensed trust company.
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The Bahamas IBC only requires one director, which may be a natural person or another juridical entity (another incorporated company).  Name and addresses of directors or officers are not of public record, although recent indications are that this and information concerning the founder will be disclosed going forward.
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There is only one required shareowner, and this may be a natural person, incorporated company or trust structure.  Bearer share certificates are permitted currently.
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The IBC does not need to file any audited statements or statements concerning its earnings or accounts.  In other words, there is currently no tax or other kinds of reporting with respect to company activities or income.  Company meetings may be held anywhere in the world, including the Bahamas, if that is desired.  There is no requirement that a general meeting be scheduled or held.
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One benefit to the Bahamas is the fact that incorporations can be completed fairly quickly, often within 48 hours.  Shelf companies are permitted.
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US Treaties
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The Bahamas has previously signed the “Mutual Legal Assistance Agreement”, which calls for the exchange of information regarding tax fraud and money laundering.  For US citizens, this means the Bahamas does take the position of cooperation with the US government with regards to tax investigation issues.
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For some other information about the Bahamas, Please also read our article IS IT REALLY BETTER IN THE BAHAMAS?
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To contact us, CLICK HERE for our email reply form.