Bahamas Offshore Guide
If you are looking for the best place to raise an offshore company, Bahamas is the perfect option. Bahamas, formally known as The Commonwealth of The Bahamas, is a North American country with seven hundred islands and two thousand cays that build up an entire archipelago. It is to be found in the Atlantic Ocean. It is in the southeast of Florida, north of Cuba, Hispanola, and the Caribbean, and northwest of the Turks and Caicos Islands.
This archipelago is a stretched 100,000 square miles extending over 500 miles of clear water that boasts of its 200 feet clarity. It has 700 islands that include large rocks and cays that are not yet inhabited. In addition, its estimated land area is 5,382 square miles.
14.5% of the entire world’s corals belong within the perimeters of Bahamas. Because of that, The Bahamas is said to be on the third spot of the world’s longest barrier reefs. Due to the organisms of the coral reefs, the islands were entirely made of calcium carbonate. Rivers does not also exist in Bahamas. The currency observed in The Bahamas is the Bahamian dollar. However, the US dollar is also accepted in the archipelago. English is its official language. Its population is more or less 305,000.
As regards to its economic condition, 50% of its total GDP was generated from the tourism industry. Its tourism industry also employs, directly and indirectly, 50% of the total workforce. Cement, crawfish (spiny lobster), pharmaceuticals, refined petroleum goods, and rum are its main exports. A democratic rule is observed in this archipelago. In addition, it is considered to be one of the most stable countries in the entire world in terms of politics.
Aside from being a tourism gem, the Islands of Bahamas is also known to be one of the premier offshore business centers in the world. The emergence of various IBC’s started upon the ratification of the International Business Companies Act of 1990. This enables the investors to do business around the world with extensive anonymity. It also exempts IBC’s from all Bahamian controls and exchange in a span of twenty years from the date of its incorporation.
Moreover, Bahamas offshore companies or IBC’s can enjoy private faxes, mailboxes, and other messaging services for a smoothly functioning offshore office. Also emphasized and strictly observed is the privacy and confidentiality that every investor looks for. Policies that defend the reputation of IBC’s are also religiously observed.
In establishing an IBC with Bahamas, only one corporate director and a couple of shareholders are required. The directors, officers, and shareholders can be of any nationality. There is complete freedom in terms of capital requirement. There is also the choice of not keeping the company’s accounts.
A corporation can be granted an IBC status provided that none of their business will be performed with residents in Bahamas. Ownership of real properties is also not allowed. Only the office space can be leased by the offshore company. In addition, business involving insurance, re-insurance, and banking are not allowed. Due to its stable economic and political condition, plus its very active and vibrant tourism industry, Bahamas is a good spot for an offshore company.