Q:
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Does the Accounts of the Bahamas IBC need to be prepared?
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A:
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According to the International Business Companies Act (“IBC Act”), Bahamas IBC shall keep such financial statements, accounts and records as the directors consider necessary or desirable in order to reflect the financial position of the company.
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Q:
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Does the Accounts of the Bahamas IBC need to be audited?
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A:
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The IBC Act does not require the accounts of the Bahamas IBC to be audited or being filed with Bahamas authority.
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Q:
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Does the Bahamas IBC need to approve the financial statements with business reports during annual general meeting?
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A:
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There is no requirement for Bahamas IBC to approve the financial statements with business reports during any general meeting.
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Q:
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Does the Bahamas IBC need to pay tax in Bahamas?
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A:
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Bahamas IBC is not subject to income tax, corporation tax, capital gains tax or any other tax on offshore income unless its beneficial owner is a resident of The Bahamas.
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Q:
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When should I renew the Bahamas IBC?
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A:
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Bahamas IBCs are required to pay the annual filing fee to the Registrar on 1st of January each year.
Kaizen will request the clients to settle the renewal fee in November to avoid any penalties of late renewal.
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Q:
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What do I need to provide for the annual renewal other than payment?
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A:
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The Bahamas IBC is not required to file the annual reports to Bahamas. In general, there will be a due diligence check list provided to client for preparation in order to comply with the annual compliance checking. The list will generally request certain documents and information related to the company business, beneficial owners and directors. It will be updated from time to time subject to the local authorities or the registered agent.
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Q:
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How can I change the company name of the Bahamas IBC?
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A:
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The Bahamas IBC shall notify the Registrar of Companies to change the company name by amending its Memorandum.
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Q:
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Do Bahamas IBC need to hold annual general meeting each year?
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A:
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The Bahamas IBC is not required to hold an annual general meeting each year.
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Q:
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Does the Bahamas IBC require to appoint a Registered Agent in the Bahamas?
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A:
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The Bahamas IBC shall at all times have a registered agent in the Bahamas.
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Q:
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Is the Bahamas IBC required to hold a board or shareholder meeting in the Bahamas?
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A:
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The Bahamas IBC is not required to hold the board or shareholder meeting in the Bahamas. Meetings can be held anywhere and may be conducted by telephone or electronic means.
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