Q:
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Is there any restriction on business activities for a Bahamas IBC?
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A:
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According to the International Business Companies Act (“IBC Act”), Bahamas IBC shall not be incorporated under the IBC Act:
1.
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for the purposes of facilitating any criminal activity; or
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2.
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for any object or purpose which is prohibited by IBC Act or by any other law in force in Bahamas.
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Meanwhile, Bahamas IBCs are also prohibited to carry on following business unless obtained a special licenses:
1.
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carrying on banking business; or
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2.
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carrying on insurance business.
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Q:
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Is the Bahamas IBC information available for inspection by public?
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A:
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A copy of the register of directors and officers of Bahamas IBC shall be filed with the Registrar and shall be open to inspection by public during the office hours.
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Q:
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Can the registered office of Bahamas IBC be situated outside Bahamas?
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A:
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No. Bahamas IBC shall always have a registered office in Bahamas.
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Q:
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Any restriction on the director and shareholder’s nationality or residence of Bahamas IBC?
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A:
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There are no restrictions on the director and shareholder’s nationality or residence of Bahamas IBC.
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Q:
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Is there any restriction on the registration of company name in Bahamas?
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A:
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The Bahama IBCs are required to select a unique corporate name which is not similar with any other registered Bahamas IBC. The word of “Limited”, “Limited Liability Company”, “Corporation”, “Incorporated”, “Gesellschaft mit beschrankter Haftung”, “Societe Anonyme” or “Sociedad Anónima”, or its respective abbreviation “Ltd.”, “LLC”, “Corp.”, “Inc.”, “GmbH” or “S.A.” shall be at the end of the name of every IBC with limited liability.
Also, the Bahamas IBC are prohibited to use the word: Bank, Trust, Assurance, Building Society, Chamber of Commerce, Chartered, Insurance, Imperial, Municipal and Royal, or a work with similar meaning unless obtained a special license.
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Q:
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Is there any requirement on the minimum amount of registered capital of a Bahamas IBC?
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A:
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The minimum share capital of an IBC in Bahamas is USD1.
Kaizen handling the registration of an IBC with standard authorized capital of USD50,000 in the Bahamas. On the contrary, if the Company with a capital of more than USD50,000 will be subject to higher official filing fee; extra service fees will be charged for tailor-made Memorandum and Articles of Association.
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Q:
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Does the Bahamas IBC required to appoint a Company Secretary?
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A:
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No. There is not mandatory for the Bahamas IBC to appoint a company secretary. However, the IBC may consider appointing a Company Secretary.
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Q:
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Can Bahama IBC have only one director?
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A:
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Bahamas IBCs are required to have at least one director. The director may be a nature person or corporate body.
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Q:
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Can Bahama IBC have only one shareholder?
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A:
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Bahamas IBCs are required to have at least one shareholder. The shareholder may be a nature person or corporate body.
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Q:
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How long does it takes to incorporate a Bahamas IBC?
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A:
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Generally, it will take around 15 working days to proceed the incorporation of Bahamas IBC upon received the duly signed documents.
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FAQ
