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(1) |
Answering client’s questions in respect of the registration and maintenance of an IBC in Bahamas; |
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(2) |
Liaison with client in the collection and preparation of materials required for the registration of the IBC; |
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(3) |
Performance of “Know Your Client” due diligence procedures; |
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(4) |
Preparation of incorporation documents and filing of documents with the Registrar for incorporation; |
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(5) |
Initial filing of register of directors and officers; |
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(6) |
Provision of Registered Office service (first year); |
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(7) |
Provision of Registered Agent service (first year); |
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(8) |
One company kit, including common seal and chop. |
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(1) |
The fee quoted above excludes before delivery charge. The amount of courier charge will be advised upon confirmation of delivery address. |
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(2) |
The registered agent and registered office services listed above covers the period from date of incorporation to 31 December in the year of incorporation. |
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No. |
Services |
Fee (USD) |
|
1 |
Chinese Company Name (Note 1) |
200 |
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2 |
Certificate of Incumbency |
350 |
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3 |
Certificate of Good Standing |
450 |
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4 |
CPA Certification, if requested (Note 2) |
100 |
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(1) |
The Chinese company name would have to include an English ending, e.g. Limited (啓源有限公司Limited). |
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(2) |
The banks in Hong Kong require that the corporate documents be certified by a lawyer or CPA in Hong Kong for the purpose of bank account opening. |
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Step |
Description |
Working Days (Estimated) |
|
1 |
Client confirms engagement of Kaizen for the registration of the IBC in Bahamas, Kaizen issues invoice to client for settlement. Client sends payment to Kaizen |
1 |
|
2 |
Kaizen receives the documents required for incorporation from client |
1 |
|
3 |
Kaizen conducts the Due Diligence. |
1 |
|
4 |
Kaizen checks name availability and confirms with client the search result |
1 |
|
5 |
Kaizen or its associate in Bahamas files the incorporation documents with the Registrar |
1 |
|
6 |
The Registrar issues the Certificate of Incorporation |
10-12 |
|
7 |
Original Certificate of Incorporation with company kit being delivered to Hong Kong |
12-13 |
|
8 |
Kaizen prepares other corporate documents and sends them to client for signing |
2 |
|
9 |
Client returns the duly signed documents back to Kaizen by email or fax |
Client’s schedule |
|
10 |
Company kit being delivered to Client |
Courier’s schedule |
|
(1) |
One photocopy of passport and residential addresses proof (such as utility bill or bank statement issued within 2 months and in English) in respect of each shareholder; if shareholder is a corporation, please provide Certificate of Incorporation and registered office; |
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(2) |
One photocopy of passport and residential addresses proof (such as utility bill or bank statement issued within 2 months and in English) in respect of each director; if director is a corporation, please provide Certificate of Incorporation and registered office; |
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(3) |
One photocopy of passport and residential addresses proof (such as utility bill or bank statement issued within 2 months and in English) in respect of each individual ultimate beneficial owner; |
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(4) |
Two Professional Reference Letters which one signed by a professional (e.g. lawyer, account ets.) and the other one signed by a banker. |
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(5) |
Amount of share capital, percentage of shareholdings if more than one shareholder. Unless otherwise advised, the amount of issued capital will be USD1 (one share at USD1 each) if there is only one shareholder; |
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(6) |
Basic background information of the new Bahamas Company, such as the principal business activities, the products to be traded or services to be provided, the location of suppliers and customers, the expected turnover of the first year etc. |
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(1) |
Original copy of Certificate of Incorporation; |
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(2) |
Three copies of Memorandum and Articles of Association; |
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(3) |
One Share Certificate Book; |
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(4) |
Register of directors and officers, register of members and other corporate documents; |
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(5) |
One company chop and one Common Seal. |
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(1) |
Annual Renewal Fee
Currently, starting from the year following the incorporation, a Bahamas company is required to pay an annual renewal fee of USD1,350 (applicable to company with registered capital of no more than USD50,000) to maintain in good standing. In particular, the annual renewal fee covers the following services:
(a) Annual licence fee;
(b) Annual registered agent fee;
(c) Annual registered office fee;
(d) Annual update of “Know Your Client” due diligence.
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(2) |
Economic Substance Reporting ("ES Reporting")
In addition to the abovementioned annual renewal requirement, a Bahamas company is also required by the Commercial Entities (Substance Requirements) Act, 2018 (“CESRA” or the “Act”) to report and file relevant information about its business annually (economic substance filing). For the company conducting business activity in the scope of Relevant Activities, it is required to demonstrate a certain degree of economic substance within the Bahamas in order to prevent profit shifting. The Ministry of Finance also requires that each International Business Company (IBC) to have an Entity Identification Number ("EIN") for the purpose of reporting under CESRA.
In this regard, a service fee of USD1,300 will be charged for EIN (Tax Identification Number) application and initial data collection, uploading and submission of information for Economic Substance Reporting in the first year. USD700 will be charged for subsequent years. Please take note that an extra reporting fee may be charged if the company carries out relevant activities as defined by CESRA.
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(3) |
Time of Payment
The annual renewal fee needs to be paid not later than 30 November every year following the year of incorporation. The service fee for initial TIN application and data collection for economic substance reporting purpose is due for payment in the year of incorporation and annual fee for economic substance reporting is due at the same time as the annual renewal fee.
We will send a renewal notice to all our clients 2 months before the due date for payment. If you do not receive our renewal notice by 31 September, please inform us accordingly.
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