What does it cost to set up an IBC Company and what will it cost in future years?

Our charge to incorporate the company and maintain it for the rest of the calendar year is B$1,250.00. In subsequent calendar years the total cost to you is B$1,000.00 which includes the Government’s annual registration fee.

What is the procedure to set up a Company, and what is required of me?

You will need to tell us the name you have in mind for your company. We will request the Company name and let you know whether or not it is available.

If the name is available we will confirm this to you and provide you with the details of our account. We will incorporate the Company on receipt of our incorporation fee. If the Company name you have chosen is not available, we will inform you so that you can chose another name.

You should also provide us with the names of the persons who will act as Officers and Directors of the Company (minimum of one person) and to whom the shares in the Company should be issued.

What is involved in setting up a Bank or Brokerage account for my company?

In the Bahamas, banks and brokerage companies are obliged by law to know the identity of the owners of any accounts they hold and to know where the money to fund the accounts has come from.

We can introduce you to major international banks with branches and subsidiaries in the Bahamas, but generally banks prefer to meet prospective clients face to face to discuss the client’s plans. Banks also require references and copies of the company owner’s passports, and full details of the use of the account.

If you want to set up an account in other jurisdictions, we can provide copies of the incorporation documents for your Company and Certificates of Good Standing for the company if need be.

How is my privacy guaranteed?

Bahamian IBC Companies are not required to file the  names of the shareholders nor any financial statements.

This means that any person who goes to our Registrar of Companies and asks to see the Company’s file can only find out where the Company’s Registered Office is, and who the Registered Agent is, as well as the names and addresses of the directors and officers of the company. As registered agent, we would know to whom shares have been issued as well as who owns the Company, but we would only divulge that information if the client tells us to do so or if a Bahamian Court ordered us to do so.

Bahamian banks are prohibited by law from releasing information on clients unless the client themselves instructs the bank to do so, or unless a Bahamian court makes such an order. Needless to say, such orders are rarely given.

What is your background?

Bahamas Incorporation Services Limited (BISL) is wholly owned by Jerome E. Pyfrom & Co., an established Bahamian law firm with offices in Charlotte House in the Financial District of Nassau. The partners and associates of the firm received their legal training at the Inns of Court in London, England. The senior partner, Mr. Jerome E. Pyfrom has over 45 years experience at the Bar. Please see the firm’s web at http://www.jpyfrom.com