The Bahamas
Incorporation Services
Corporate Requirements

When incorporating a company in the Bahamas, there are specific corporate requirements related to directors, shareholders, ultimate beneficial owners (UBOs), and share capital. Here’s a detailed overview of these requirements:

Directors

Minimum Number: A Bahamian company must have at least one director. There is no requirement for directors to be residents of the Bahamas.
Corporate Directors: Corporate directors (i.e., a company serving as a director) are allowed in the Bahamas, making it easier for companies to manage their entities.
Responsibilities: Directors are responsible for managing the company’s affairs and ensuring compliance with legal and regulatory obligations. They must act in the best interest of the company and its shareholders.
Meetings: There is no requirement for directors’ meetings to be held in the Bahamas, and meetings can take place anywhere in the world.

Shareholders

Minimum Number: A minimum of one shareholder is required to incorporate a company in the Bahamas. The shareholder can be an individual or a corporate entity.
Residency: Shareholders do not need to be residents of the Bahamas. They can be based anywhere globally.
Nominee Shareholders: The use of nominee shareholders is allowed, providing an additional layer of privacy for the actual owners.
Meetings: Shareholders’ meetings do not need to be held in the Bahamas and can occur in any location globally.
Shareholder Information: While the names of shareholders are recorded in the company’s internal records, this information is not required to be publicly disclosed, ensuring confidentiality.

Ultimate Beneficial Owner (UBO)

Disclosure: The Bahamas has implemented measures to comply with international standards on transparency, including requirements for identifying and reporting the Ultimate Beneficial Owners (UBOs) of companies.
Confidentiality: While UBO information must be recorded and maintained by the registered agent, it is not publicly accessible. The information is kept confidential and is only available to regulatory authorities under specific circumstances, such as legal investigations.
Compliance: Companies are required to maintain accurate and up-to-date records of their UBOs. Failure to comply with these regulations can result in penalties or other legal consequences.

Share Capital

Minimum Capital Requirement: There is no minimum share capital requirement for companies incorporated in the Bahamas, making it easier to establish a company with minimal financial outlay.
Authorized Share Capital: Typically, companies are incorporated with an authorized share capital of $50,000, which is the standard for IBCs to benefit from the minimum government license fee. However, this amount can be adjusted based on the company’s needs.
Paid-Up Capital: There is no requirement for any of the authorized share capital to be paid up at the time of incorporation.
Types of Shares: Companies can issue different classes of shares with varying rights (e.g., voting rights, dividend rights, etc.). Bearer shares are not permitted, aligning with international standards for transparency.
Currency: Shares can be denominated in any currency, not just the Bahamian dollar.

Other Corporate Requirements

Registered Office and Agent: Every Bahamian company must have a registered office and a registered agent in the Bahamas. The registered agent is responsible for maintaining certain records and handling legal documents on behalf of the company.
Annual Returns: Bahamian companies, especially IBCs, are not required to file annual returns or financial statements with the authorities unless they are engaged in specific regulated activities.
Record Keeping: Companies are required to maintain accurate and up-to-date accounting records that reflect the company’s financial position. These records must be retained for a minimum of seven years.
Compliance with FATF: The Bahamas is committed to adhering to the standards set by the Financial Action Task Force (FATF) and has implemented regulations to prevent money laundering and terrorist financing.

Contact Us

For any matter you may need to discuss or clarify, in terms of the suitable package and services you may need to register your company, please do not hesitate to contact us. Our Business Manager allocated to your own file will get promptly in touch with you.