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The Bahamas Offshore Company Formation Haven |
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The Bahamas, as one of the top centers for offshore business, offers a good environment for company formation and offshore banking. Here are some of the benefits that the Bahamas offers:
Taxation presents no problems for financial institutions and the Bahamian legal system provides strong security through privacy laws. Capital requirements are very minimal depending on whether the financial institution is a bank, a bank and a trust, or simply a trust. The tax exemption on capital gains, dividends, estates, gifts, inheritance, interest, profits, payroll, royalties and withholding are also offered to business establishments here.
Other benefits that make the Bahamas the main attraction in financial services include a steady economic site and a high end system in telecommunications. Furthermore, the Bahamas is strategically located within 50 miles of the United States of America.
Security in money transactions is provided through an agent, a bank authorized by the Bahamian Law to conduct both local and foreign currency flows. Applying for a licensure requires documents stating the name of the trust company or bank, the address of the head or the registered office and the bank or trust company’s financial year. If the head is located outside the country, then information on the address of its principal office, the name of the officer recognized by the agent as its bank and the name of another officer who shall be able to take the place of the first officer in the Bahamas are then required. Additional requirements are the auditors’ names, addresses and qualifications as professionals. Likewise, information on directors, managers, officers, partners and shareholders are needed as well. Certificate of incorporation and certain memorandums and articles of associations are to be filed too. Furthermore, submission of statements regarding assets, capital and liabilities are a must. Once recognized as a financial institution, licensure fees depending on the application procedure and the agent are to be paid.
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