1. Choose a Business Entity for Foreign Company Registration in the Bahamas

Options include:

• International Business Company
• Limited Liability Company
• Public Company
• Exempted Limited Partnership
• Amongst others

International Business Company (IBC)

The IBC stands out as the preferred structure for foreign investors due to its minimal requirements, especially in offshore business transactions.

• At least one shareholder is required.
• A minimum of one director is necessary.
• No residency prerequisites are imposed.
• A valid registered office address is essential.
• Standard authorized share capital amounts to US$50,000.

Unlike Domestic Companies, IBCs are not obligated to hold Annual General Meetings, file annual returns, or submit an Annual Statement. However, IBCs must maintain records of incumbent officers and directors.

2. Reservation of the Company Name

Once you have chosen an appropriate corporate entity, the subsequent step involves registering your business name in the Bahamas. You can verify the availability of your chosen company name using the company search service provided by the Registrar General’s Department. Following this, you can formally submit your company’s name through the Corporate and Business Registry within the Registrar General’s Department.

3. Preparation of supporting documents for Company
Registration in the Bahamas

Before initiating the registration of a company in the Bahamas, you must prepare essential incorporation documents, such as the Memorandum and Articles of Association (MOA/AOA). Upon payment of the registration fee and submission of the required documents, you will receive a Certificate of Incorporation, along with the approved MOA and AOA following Registry approval.

4. Opening a Corporate Bank Account

Subsequent to your company’s registration, it is advisable to establish a corporate bank account with a reputable bank. Typically, the documents necessary for opening a bank account in the Bahamas include a bank form, a copy of the company’s certificate of company registration, copies of the shareholders’ passports, and the company’s Certificate of Incorporation, MOA, and AOA.

5. Procuring Business Licenses

According to the Business License Act in the Bahamas, businesses are obligated to obtain a business license from the business license unit (BLU) of the Ministry of Finance. The BLU follows similar guidelines as the BIA, requesting information such as the intended nature of business. The business license costs BS$100, and the required documents include the completed application form, a copy of the Certificate of Incorporation, National Insurance Board Registration, a copy of the lease or rental agreement for the business location, or proof of ownership. Real Property Taxes payment is also necessary where the business is conducted.

The business license mandates annual renewal, with fees based on your company’s turnover rate.

6. Maintaining Compliance with Regulatory Obligations

To ensure your company operates legally, timely financial reporting is essential. While businesses are not subjected to income, capital gains, or estate taxes, certain goods and services may incur value-added tax. According to newly imposed legislation, companies may be required to file a country-by-country annual financial report with the Ministry of Finance.

Bahamas IBC
International Business Company
Top Uses

• Possessing shares in one’s own company or other legally recognized entities;
• Maintaining ownership of bank accounts, financial instruments, or commercial securities;
• Acquiring and managing real estate, as well as movable or immovable assets;
• Overseeing international business transactions;
• Promoting products and services through marketing efforts;
• Ensuring estate and inheritance security;
• Implementing asset protection strategies;
• Engaging in various commercial and financial activities.