What makes your jurisdiction different from other competitors for Chinese investors?
The Bahamas is strategically located 65 miles off the east coast of America making it very easy to access with some 21 international airports making direct flights available from all major U.S. cities, Canada, the UK and Europe. The Bahamas is an economically and politically stable country with a comprehensive financial services industry that adheres to internationally accepted regulatory principles and is home to over 270 licensed banks and trust companies including 7 of the world top 8 private banks and 35 of the top 100 global banks. This robust industry is complimented by experienced financial professionals and the Bahamas remaining committed to a tax neutral platform which international persons receive the same tax benefits as Bahamians. The Bahamas is a blend of legal and financial professionals that operate at international standards. The Bahamas can provide that blend of professional asset management and offer a piece of paradise for those investors who visit. Historically, the Bahamas has had a mutually beneficial relationship with established Asian companies like Hutchinson Whompoa in Grand Bahama. The Bahamas and China have bridged a relationship poised for even greater growth. As evidence of this growing relationship, the People Republic of China has recently built a consulate here.
What is the general taxation rate for incorporating companies in your jurisdiction?
There are no taxes on companies incorporated in the Bahamas.
Can the regulatory authority request information about the company and officers or account details from your jurisdictions?
No.
What are the fees associated with company incorporation and how long does it normally take?
The fees associated with company incorporation in the Bahamas are based on the Incorporation Fee to the Government and an Annual Fee to the Government (which vary based on capital. It can normally take 24 48 hours to incorporate a company provided that all required Due Diligence documents have been supplied to the registered agent.
Does your jurisdiction have any DTAs with China or HK?
No.
What documents are required to establish an offshore company at your jurisdiction? And what about TIEAs?
The documents that are required to establish an offshore company fall under the guidelines of the Know-Your-Clients Policy (KYC). This policy requires an Approved Identification (Passport, Country ID), Permanent Address Verification, declaration of source of wealth, References (Character & Financial for Directors of the IBC ) and complete contact information to be provided before the offshore company is established. There is a TIEA between the Bahamas and the People Republic of China. However, the TIEA clearly states that all taxes are exempt except for customs tariff. In addition, the offshore company must have their Registered Office in the Bahamas.
What is the new incorporation volume during the year of 2013?
Based on the laws regarding confidentiality and various financial service providers, it will be difficult to gauge the volume of new incorporations in the Bahamas for 2013. However, the Bahamas is one of the leading jurisdictions for new incorporations in the world.
Source: LENO Corporate Services Limited
