Bahamas Company Registration

offshore company registration in The Bahamas is fully explained in the Companies Ac, 1992, under which Bahamas company registration is regulated. The following are some of the requirements and procedures involved.

The Memorandum and Articles: To register offshore memorandum and articles have to be prepared,. Upon company registration, the memorandum of a Bahamas offshore company is expected to provide the give all necessary details relative to: the name of the offshore company; share capital and its distribution among the shareholders; number of shareholders; limited or unlimited liability or liability limited by guarantee of the company; the registered office; minimum number of shares to be taken by subscribers (which can be no less than one).

Powers: The powers inherited by Bahamas companies through offshore registration are equivalent to those of a natural person. This enables offshore companies to exercise the powers, privileges and rights of natural persons, making it possible to create contracts, enter into legal agreements, own real property, take and give mortgages and loans.

Members needed for offshore registration: For full company registration, companies must submit the names and addresses of their members, a statement providing details on the amount of shares that each has, has paid-in, the date on which membership became effective and ceased to be a part of the company. Membership is critical in company registration, as adequate details of every member need to be recorded for company incorporation and management purposes in the best interest company.

Trade name for registration offshore in the Bahamas: All names intended to be used must be first accepted by the registrar of companies. In order to register offshore companies names must end with the words ‘Limited’ or ‘Ltd.’ and cannot include the words Chamber of Commerce, Chartered, Municipal, Insurance or Royal. For quick offshore registration of Bahamas companies it is advised to suggest a few names instead of one so that another of second choice can be used if the desired name cannot be used. An application can be made in advance of company registration to reserve a trade name with the registrar.

Amendments to offshore companies registration documents or original structure: Any changes relative to the share capital, number of directors and shareholders, trade name or share distribution after Bahamas company registration has been accomplished, regardless of whether the offshore company is operational or not must be reported to the jurisdiction through the local agent.