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The Bahamas is a chain of islands comprising
5,358 square miles, located 40-50 miles east of Florida, with
a population of 340,000. Most Bahamians live in two major urban
centers, Nassau (its capital) and Freeport.
The Bahamas is a member of the British Commonwealth, but maintains
absolute independence in government matters (Government of the
Bahamas). It is well served by international accountants, international
banks, and long established law firms, and an advanced telecommunications
service.
The banking and finance sector is a most
important aspect of the Bahamian economy. The Bahamas is one
of the largest offshore financial centers in the hemisphere with
over 400 banks, trust companies and other licensed financial
institutions. Since the International Business Companies Act
1989 came into effect in 1990, The Bahamas has become one of
the most popular areas for registering an I.B.C. (As well as
banks and trust companies in the Bahamas) |
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The new Bahamas
International Business Companies Act, 2000 (“2000 IBC Act”) has
been amended by the International Business Companies (Amendment)
Act, 2001 (No.19 of 2001) (the “Amendment Act”).
The Amendment Act has reinstated very important provisions of
the old 1989 IBC Act (as amended), such as the minimum number
of directors and shareholders being only one. It has further
modified several of the amendments introduced by the 2000 IBC
Act. For example, there is no longer any obligation to amend
the Memorandum and Articles of Association in order to satisfy
the requirements of the 2000 IBC Act. On the other hand, we would
like to point out that the annual licence fee has not been changed,
i.e. it continues to be US$350.00 as of 1st January, 2002.
For your reference, below please find a summary of the principal
amendments made to the 2000 IBC Act in order of importance, to
wit:
- An IBC has only one Director.
- An
IBC may have only one shareholder.
- IBCs do not need
to amend their Memorandum and Articles of Association to
satisfy the requirements of the 2000 IBC Act.
- The requirement
for a general meeting to be held every year has been removed.
- Prohibitions against IBCs engaging in any business activity
have been removed.
- Unnumbered shares are permitted.
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 Features of Bahamas International Business Companies (IBCs) |
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