Nearby tax havens like the Cayman Islands, the British Virgin Islands (BVI), Panama, Barbados and The Bahamas have become prominent financial centers rivaling the industrial cities such as Los Angeles, Chicago, London, Tokyo and New York for business. The pint sized Cayman Islands now boast more commercial banks (530) in the commercial registry than in all California. The dollars on deposit in these Cayman banks exceeds US$410 billion, which is also more dollars on deposit than in all of the commercial banks in California.
The Bahamas, just 50 miles off the coast of Florida, was once the third largest financial center in the world next to New York and London. Today the Bahamas still ranks in the top ten, just behind the Cayman Islands. There are more than 390 banks and trust companies registered in Nassau.
The Bahamas - the Perfect No-Tax Haven
The Bahamas, the Cayman Islands and Bermuda have no personal income taxes, no corporate income taxes, no capital gains taxes, no withholding taxes, no estate, gift or inheritance taxes, no sales taxes, no employment taxes, no death duties, and no probate fees. Guarantees against future taxes are provided by the government for periods up to 50 years. Exempt trusts can receive a guarantee up to 100 years.
The Bahamian International Business Company (IBC)
An IBC is a company which is restricted from carrying on business with persons resident in the Bahamas, and cannot invest in real property situated in the Bahamas, other than holding a lease of property for use as an office. An IBC cannot carry on any banking, trust, insurance or reinsurance business, or provide a registered office for other companies. Essentially, an IBC operates internationally, investing in stocks and bons, trading oil, gas, commodities, what have you. An IBC is not taxed in the Bahamas.
An IBC can open bank accounts, retain local professional services, prepare and keep its books and records, hold directors' and shareholders' meetings in the Bahamas. This is not considered carrying on a business in the Bahamas under the new International Business Companies Act of 1989.
An IBC can also hold the shares or debt obligations of other companies incorporated in the Bahamas, and an IBC's shares may be held by residents of the Bahamas.
An IBC is formed by lodging a Memorandum and Articles of Association with the Registrar's Office. There is no fixed authorized capital requirements, nor is there a maximum limit on authorized capital. For an authorized share capital of $5,000 or less the annual license fee is $100. Where the authorized capital is more than $5,000 but less than $50,000, the fee is $300. Where the authorized capital exceeds $50,000 the license fee is $1,000 a year.
An IBC may be incorporated within 24 hours with two subscribers. The IBC may issue shares with or without par value, bearer or shares registered in someone's name. An IBC has has an option of stating in its Memorandum whether it will issue share certificates. IBC shares can be repurchased, redeemed or otherwise acquired, but only out of surplus or in exchange of newly issued share.
At least one director must be elected to manage the IBC, and the director can be a corporation or individual, and need not to be a resident of the Bahamas. The company must keep proper books and records at its registered office in the Bahamas, but these records are not open to public inspection, and no annual return has to be filed with The Registry.
An IBC must keep a share register, minutes of all directors' and shareholders' meetings, copies of all resolutions, a register of directors and officers, and books and records that reflect a fair assessment of the company's financial position. It is also required that an imprint of the company seal be kept at the company's registered office. While the company's records are not open to public inspection, they are open to inspection by other shareholders, and even then the right to inspection is curtailed to be "only in the furtherance of a proper purpose".
See International Business Companies Act 2000. Click here.
The Full Offshore Bahamian IBC Package for only US$2,500!
Our full Bahamas IBC package includes 1): the cost of incorporating your International Business Company (IBC); 2): Government Fees; 3): Registered Office; 4): Resident Agent; 5): Mail Forwarding; 6): the first year's Maintenance Fees; 7): a 1-year subscription to the newsletter "
Tax Haven Reporter
"; 8): Thomas Azzara's book "
Tax Havens of the World
Asset Protection Trust
to hold the shares of your IBC; 10): DHL courier delivery of the Bahamian IBC package.
All for only US$2,500 - US$10,000 value!
Yearly service fees for the whole package (government fee, registered office in Nassau, trustee fees, new updated book and subscription to the newsletter etc.):