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Rules and Procedures for a Foreign Company in Bahamas |
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A foreign company in the Bahamas is an unincorporated or incorporated company which has been formed under another country’s laws. A foreign company does not have to comply with a lot of formalities when desiring to operate in the Bahamas, though.
A foreign company need only be registered with the Registrar General when it is actually operating under the Companies Act 1992 or is already acting as a trading or operational branch of its principal office. A company is considered to be operating under the laws of the Bahamas when it is already keeping its own place of business and is holding its own license to operate its business or to sell securities locally. It is also considered to be undertaking its usual business when it has a local telephone listing.
If yours is a foreign company and you want to operate in the Bahamas, you need to comply with certain legal requirements before you start to operate. First of all, you need to register. You need to submit an approved form stating facts about your company and its incorporation, including the name of the company, the date of incorporation, extent of liability of its shareholders, the purpose of incorporation in the Bahamas, principal office address, and other pertinent facts about the company’s incorporation, registration and operation.
This statement should be accompanied by the verification of at least one company director of the veracity of the statements written in the form. You must also submit a power of attorney and certified copy of the incorporation documents. Your incorporation documents should be notarized copy of the Memorandum and Articles of Incorporation, including your by-laws and statutes as well as the list of the names of your directors and officers.
The Bahamas will only issue a registration certificate if everything is in order. Once a foreign company has been issued a registration certificate, it will take the form of a Bahamian incorporated company, with all the legal rights and duties granted by Bahamas laws to such entities.
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