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Formation. The Law requires a minimum of two incorporators. When the company is registered, control of the company is passed over to the interested party by appointing as first directors (individual or corporate) those indicated by the client. OLYMPUS SERVICES offers ready-made companies in Bahamas and provides the service to act as the nominee shareholder.

 

Registered Agent and Office. Every IBC must appoint a Registered Agent and maintain a Registered Office.

 

Board of Directors. The board of Directors of the company shall consist of at least one individual or a company. Directors may be of any nationality and there is no requirement for them to be resident in the Bahamas. There is no specific requirement to appoint a company secretary, but there normally is one.

 

Disclosure. The names and addresses of the directors and officers must be filed in the Directors’ and Officers’ Register. This information shall be filed with the Public Registrar and shall be open to inspection by members of the public. Anonymity can be saved by using nominees.

 

Bearer Shares. Bearer shares are NOT allowed in this jurisdiction.

 

Annual Franchise Tax .There is a flat Annual Franchise Fee of US$250.00 payable to the government.

 

Books, Records and Common Seal. An IBC must have a corporate seal, which may be kept outside or within the territory of Bahamas. Seals must be used if the company enters into a contract which, if entered between natural persons, would be required by law to be in writing and under seal. An IBC shall keep such accounts and records, as the directors consider necessary or adequate.

 

Powers of Attorney. An IBC may grant general or special Powers-of-Attorney to any person, to act on its behalf and to execute contracts, agreements, deeds and other instruments. These powers are not recorded in the Public Registry.

 

Amendments. IBC’s can amend their Memorandum and Articles of Association. Amendments must be filed with the Registrar for public inspection and become effective upon registration.