Step by Step Guide of Company Registration in Bahamas
The Bahamas is an ideal country for starting a new business and has been attracting several foreign investors in recent years. The country has a steady economy with an excellent assessment structure for speculators. It has no direct expenses like personal assessment, blessing duty, or capital additions charge. Organization enlistment in Bahamas is a necessary and speedy procedure. The International Business Companies Act, 1990 permits investors to run their businesses with privacy. They are exempted from exchange control and also get asset protection.
Further, the nation has a well-developed infrastructure with modern roads all over the country, along with several airports. Electricity and water supply are also sufficient. It also has an excellent telecommunications system. Moreover, tourism is a flourishing industry here, along with banking and financial services. Agriculture and manufacturing industries are also very well-developed. It has an excellent reputation for being a global commercial center and also has a flourishing real estate market.
Benefits of Company Registration in Bahamas
- A tax exemption for twenty years for companies and shareholders
- You need to have only one director and shareholder
- You get access to several international banks
- There is full confidentiality of information
- Your business can operate under complete anonymity
- All processes are quick, and the fees are also low
- You get the protection of your assets
- You receive an exemption from personal and corporate taxes
Recognized Business Structures to Adopt in Bahamas
You can adopt a business structure from the following types that are suited for your requirements:
- Sole proprietorship: It refers to a business run by a single individual
- Joint venture: These firm types are for investment purposes only in Bahamas
- Partnership: It is a firm run by multiple partners who share profits and losses
- Limited liability company: It is a firm that is either private or limited by guarantee and is run by directors
- Unlimited liability company: it is a public company that has a minimum of three directors
- Foundation: This business structure is used for estate and tax planning
Rules for Selecting Company Names
The name you select must be unique and must not be similar to any other Bahamian company. Each corporation name must end with either incorporated, corporation, or ‘Societe Anonyme’. Your company name should not contain words like bank, cooperative, chartered, insurance, etc. unless you have the proper authorization. 3E Accounting will help you in selecting a company name that is relatable and unique.
Steps to Follow for the Company Registration in Bahamas
A local attorney has first to sign a statutory declaration and affidavit.
The following are the twelve steps for company registration:
- You need to get your incorporation certificate, as to prepare documents for submission
- Then, you have to get registered at the online government portal
- Go to Registry services
- Choose the option ‘Reserve a regular company name’.
- Provide your company details
- Give your firm’s debit and credit information
- Get the receipt printed
- Choose the option ‘Incorporate a regular company’.
- Provide your name reservation number
- Fill everything in the incorporation form
- Give details about your debit and credit
- After approval, get your receipt printed
If you want to incorporate a company in Bahamas, 3E Accounting can guide you through the entire process. They will help in selecting and reserving your company name, get your documents printed, contact relevant government authorities, and get a certificate of registration, etc. all at easily affordable rates.
Get in touch with us through call or email and our team will get back to shortly with all the details to answer your query. You can then talk to them about your company registration in Bahamas, and we will be more than happy to assist you.