Your Offshore Guide

OFFSHORE CENTRE INFORMATION

Below are comprehensive details on a selection of offshore centres. The information is designed to give a good overview of what each centre offers in order to help investors compare and contrast. In undertaking the task of verifying the information, it was noted how helpful each centre was in sending back information on time, the depth of response and extra information supplied. Those centres to be commended for courtesy and helpfulness include: the Isle of Man, the British Virgin Islands, Cayman Islands, Cook Islands, Gibraltar, Turks & Caicos, Switzerland, Liechtenstein and Guernsey. While both Dublin and Jersey replied, the information was standard rather than specific, which is of little help to investors. Information on all centres was supplied byBloomberg/International Investment.

 

BAHAMAS GENERAL INFORMATION

Taxes
There are no taxes on income, earnings, capital gains, profits, estates, inheritance, or probate. Also, there are no withholding taxes on dividends, interest, royalties, or payroll
IBC Features
The International Business Companies Act of 1989 is very similar to the International Business Companies Act of the British Virgin Islands. Companies can be incorporated under this Act as long as they do not carry on a business in the Bahamas. Other than a local office, they cannot own real estate in the Bahamas and may not be a bank, an insurance or re-insurance company or a Trust company. A Bahamian IBC must maintain a registered office address in the Bahamas and there must also be a registered agent who must be a lawyer, solicitor or law firm, a licensed trust or management company.
 

There must be at least one director who may be a natural person or a corporation. Alternate directors can be appointed and other officers such as company secretary can also be appointed. The names and addresses of the directors and officers are not available to the public although this information may be lodged with the Registry if an official Certificate is required.

The company must however maintain a register of directors at the registered office.
The minimum number of shareholders is one and may be individuals or corporations. All issued shares must be paid for in full. The company must maintain a register of members at the registered office, although this information is not available to the public. The company is not required to file accounts or file any annual returns. The directors may hold meetings in the

Bahamas or in any other country and there is no requirement for an annual general meeting. Subject to name approval, a company can be incorporated within 24 hours. `Shelf' companies are available for immediate use.

US Treaty
Limited Exchange of Information Agreement signed with the US Department of justice under Mutual Legal Assistance Agreement which calls for exchange of information on tax fraud and laundering of funds but not offences which are purely tax-related. 
Location
The islands of the Bahamas are located 50 miles off the US Florida coast and northeast of Cuba. It is in the same time zone as Miami, New York, Montreal, and Toronto.
Government contacts
The Registrar General's Department, Registry of Companies, P .O. Box N-665 Nassau, Bahamas, Tel: 809-322-2145.Fax: 809-322-5553

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