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Costa Rica IBC for $1100!

THE BAHAMAS

The Bahamas is an English speaking, politically stable, independent nation within the British Commonwealth. It is a traditional, safe and private jurisdiction for offshore companies and offshore bank accounts. International Business Companies (IBC's) incorporated in the Bahamas are totally exempt from any Bahamian taxes for a period of 20 years. The Bahamas has no direct taxation in the form of income tax, withholding tax, capital gains tax, gift tax or inheritance tax.

The International Business Companies Act of 1989 offers total corporate flexibility with little if any compliance work and directors and shareholders can enjoy full confidentiality. Secrecy and confidentiality is preserved under the Bank and Trust Companies Regulation Act. There is no requirement for disclosure of the Beneficial Ownership to the authorities. While there is no requirement to file audited accounts with the authorities, a company is required to keep financial records.

Price: $2100.00

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More Information on Bahamas

As the Bahamas is an independent nation, the current move towards withholding taxes and tax information agreements within the British Dependant Territories, will not affect owners' of Bahamian IBC's.

The Bahamas has signed a Mutual Legal Assistance Treaty (MLAT) and an extradition treaty with the US and similar agreements with Canada and the UK. The Bahamas is not a party to any double taxation treaties and there are no tax information exchange agreements with other countries.

Offshore Legislation

The Bahamas provides the traditional services of an International Offshore Financial Center: trusts, corporate entities, re-invoicing, banking and a growing insurance sector, in a mature environment which allows some level of creativity in the design and implementation of financial structures.

Foremost of the investment structures favoured by offshore investors looking to The Bahamas is the International Business Company (IBC).

The International Business Companies Act in 1990 introduced IBC legislation very similar to that of the British Virgin Islands, providing a flexible and cost-effective vehicle. Its success is evidenced by the fact that there are now over 70,000 registered IBC's in the jurisdiction.

The advantages of incorporating in The Bahamas includes the following:

• The Bahamas levies neither individual nor corporate taxes;
• IBC's operating from The Bahamas (i.e. using local directors and/or serviced office facilities) are entirely tax exempt - guaranteed for 20 years from registration;
  there are no minimum issued share capital requirements;
• both registered and bearer shares can be issued and may be denominated in any major currency;
• voting, non-voting, or restricted voting shares may be issued, along with no par value shares, common, preferred or redeemable shares and options, warrants or rights;
• shareholder details are not kept on public record, but one or more registers of shares and shareholders must be kept at the registered office of the company in The Bahamas;
• only one director is required, a company may serve as director; and the director may be of any nationality or residency;
• annual general meetings are required but may be held in any jurisdiction and can be concluded by a conference telephone call;
• directors have the power to protect assets of the company by transferring them to trustees, another company, or other legal entities;
• dividends may be declared and paid in money; shares and other property;
• The normal authorised share capital is US $5,000; divided into 5,000 shares of US $1, this being the maximum capital for the minimum duty payable at the time of incorporation and the maximum authorised share capital for the minimum licence fee payable annually. Higher capitalization is reflected in higher government licence fees. The share capital may be expressed in any currency. The minimum issued capital is either two shares of no par value or two shares of par value.

The following names may not be used in an Bahamian IBC without a licence or other special permission:

Bank, Building Society, Saving, Loans, Insurance, Assurance, Re-Insurance, Fund Management, Investment Fund, Trust, Trustees, Chamber of Commerce, University, Municipal or their foreign language equivalent or any name in English or a foreign language that may suggest association with the Banking or Insurance industries.

The Bahamas is one of the fastest growing jurisdictions in the world and as may be seen, the Bahamian IBC is a first class vehicle for the offshore investor.

General Information on The Bahamas

The Commonwealth of The Bahamas is an English speaking no-tax haven. It consists of a chain of 700 islands and over 2,000 cays stretching from the coast of Florida to Haiti. It has a mild sunny climate all year round, clear blue seas for fishing and sailing and, as yet, unpolluted beaches. The population of approximately 340,000 has spread to only about 30 islands; the rest are uninhabited. About half the people live on New Providence. New Providence is the site of the capital city of Nassau. The second largest city, Freeport is on Grand Bahamas. It is less than 60 Kilometers from Miami.

The Bahamas has excellent communications. Many airlines including Bahamas Air ( the national carrier), Air Canada, US Air and Delta Airlines, fly to the Bahamas. They offer daily flight schedules to New York and Miami, weekly flights to Toronto, also charter flights between European cities and Nassau. Miami is only 30 minutes away by jet aircraft and New York is less than three hours away. British Airways has regular flights from the United Kingdom to the Bahamas. In addition to Nassau International Airport on New Providence, an airport with a runway for jets serves Freeport, the nation's second city, and there are numerous other commercial airports and landing strips.

Excellent overseas telephone service includes direct dialing to the United States, Canada and worldwide. Satellite services and a new fibre optic cable connects the Bahamas and the US, enabling high speed and reliable data transmission worldwide. Direct dialing, facsimile and computer modem facilities as well as dedicated banking communication systems are available. There are also excellent postal and courier services.

Government

The Bahamas became independent from the UK in 1973. Executive power rests with the Queen, represented locally by a Governor-General. There is a two-chamber legislature. The upper house, or Senate, has 16 members appointed by the Governor-General: nine on the advice of the Prime Minister, four on the advice of the Leader of the Opposition and three at the governor's discretion. The lower house, or House of Assembly has 49 elected members. It is chosen by universal suffrage (persons aged 18 years and over who hold Bahamian status, for a five-year period).

Legal System

The legal system is based on UK Common Law, as well as Statute Law and the Constitution. Legislation governing ordinary companies is contained in the Companies Act 1992 and 1994 amendments. Offshore companies are regulated by the International Business Companies Act 1990.

Monetary Systems & Exchange Controls

The Central Bank regulates monetary policy. Residents are subject to Exchange Controls but International Business Companies (IBC's) are exempt from Exchange Controls.

Local currency is the Bahamian Dollar which is at par with the US Dollar.