The congressional regime governing securities intermediaries in The Bahamas was recently improved by the introduction of the Securities Industry Act, 2011. This has directed to the attractiveness of the province as a heart for entities involved in administering securities business in or from The Bahamas.

Timeframe: within 6 months

Minimum capital:

  •     Investment Dealer and Agent – £ 2,30,000
  •     Investment Agent –£ 92,000

Overview

No business may carry on or has a desire to carry on securities business in or from the Bahamas except that organization is duly recorded with the Securities Commission of the Bahamas. The earlier mentioned Commission is the national figure bound for the permitting of all types of financial dealers in the Bahamas.

An appellant for a Forex License is needed to present the appropriate certificate to the Commission.

Advantages of Bahamas Forex company:

  • Complete Anonymity
  • 0% Corporate Income Tax
  • 0% Personal Income Tax
  • Income from foreign properties is not taxable in the Bahamas
  • Royalty revenue is not taxable in the Bahamas
  • There are no tax records needed
  • No Data Sharing
  • Stockholders are Not Public Record
  • Low Yearly Fee
Notable features

General information

Company structure

  • At least one director required. Who can be only natural persons, no nationality or residency limitations.
  • At least one shareholder required. Who can be natural or legal persons, no nationality or residency limitations.

Taxation

  • 0% tax on income and dividends
  • 0% capital gains and inheritance tax
  • 0% exchange control restrictions
  • 0% corporate tax

Accounting & Audit

  • The Company will be restricted to file a copy of its audited financial reports with the Committee by not later than 120 days after the end of its fiscal year
  • The Company will require an engagement letter with an established auditor and the retainer
  • The report should be done from the Bahamas

Local office – Needed

Physical presence

  •     Expected (at least 4 representatives*: CEO, Money Laundering  Officer,  Compliance officer, * and Trading employee)

Company name

  • Language: English
  • Names having Insurance, Bank, Building Society, Chamber of Commerce, Established, Cooperative, Imperial, Municipal, Royal, Trust or a word carrying a related meaning is banned
  • Same or nearly alike names are restrained
  • Following suffixes may be utilized to denote limited liability: “Limited”, “Corporation”, “Incorporated”, “Societe Anonyme”, “Societe Ananima”, or its corresponding abbreviation “Ltd.”, “Inc.”, or “S.A.”

* It is favored to appoint 2 Directors

* Shall be authorized by the Commission

* If suited, the Compliance and MLR employee could be the same person

Procedure

In order to receive a license, the following steps will be carried out:

  • Application for booking of the company name
  • Preparation and submission to the Central Bank of the application for particular License
  • Preparation and submission of the paper and incorporation reports to the Registry
  • Incorporation of the company
  • Opening of the local bank account
  • Obtaining the License
Important Documents
  • For local regulatory authority:
  • CV
  • A notarized copy of valid passport
  • Notarized 2nd ID
  • A copy of evidence of residential address
  • Bank Reference Letter
  • Bank Statement Leller
  • A notarized proof of a University Diploma
  • Signed and notarized application forms
  • Two Acknowledged letters from a notary, lawyer, auditor or similar

For corporate shareholders need to provide the following:

  • Passport of an Authorized Person of the statutory entity (to be verified correct copy by Notary Public or Embassy)
  • Utility Bill as evidence of residency of an Approved Person for the body Corporate (to be verified true copy Notary Public or Embassy)
  • Latest CV describing the Educational background and Working Experiences of an Approved Person for the body Corporate
  • Registries of Business listing down the names of Administrator, Shareholder, Auditor, Company Secretary (to be verified true copy by the Company Secretary or Notary public)
  • Certification of Incorporation
  • Certificate of Registered Address of the Business (to be verified authentic copy by the Company Secretary or Notary public)
  • Copies of three (1) year examined economic statements/annual statements introducing the application

All documentation shall be provided in English*

* If records are not in English, then they must be brought by a notarized translation.