Corporate Services

Nassau Harbour Guaranty Trust Bank Limited is able to arrange for the incorporation of companies registered in the Commonwealth of The Bahamas and thereafter provide full management services. Such services include the provision of the registered office and Registered Agent of the company, maintaining nominee shareholders' and directors' meetings and attending to all statutory requirements, including the filing of appropriate corporate returns with the Registry. The day-to-day management of the affairs of the company is dealt with by a staff of administrators and full books of account and financial statements can be kept and prepared by qualified accounting staff.

The scope of use of a Bahamian company is varied ranging from simple investment holding companies to companies engaged in full scale trading activities on an international basis. Such companies are generally established to accumulate overseas income without deduction of tax in the Bahamas and to take advantage of the absence of exchange control restrictions for non-resident companies. The law provides for various types of corporations to accommodate nearly every international requirement. Companies may be limited by shares or by guarantee, unlimited liability, limited liability or limited duration. International Business Companies (IBC’s) are the preferred type of company preferred for international transactions:

The main attractions of an IBC are:

Exemptions from stamp duty on transactions in respect of shares, debt obligations and securities.
Exchange Control Regulations will not apply.
Only two (2) persons are required to incorporate an IBC; shares may be transferred at will.
May purchase or acquire its own issued and outstanding shares.
Not subject to any business license fee, income tax, corporation tax, capital gains tax or any other tax on income or distributions.
The doctrine of “Ultra Vires” has no application and an IBC shall have and enjoy the same virtually unlimited powers and juridical capacity of a human individual.
May issue fractional or no par value shares.
May have only one director who may be individual or a company and need not be resident in The Bahamas.
May hold directors’ and/or shareholders’ meetings by telephone.
May pass directors’ and shareholders’ resolutions by consent in writing or by means of electronic communications.
Capital may be expressed in any currency.
Name may include any one of the following words or acceptable abbreviation thereof; limited, corporation, incorporated, societe anonyme. sociedad anonima.
Inexpensive registration and annual maintenance fees.

Company incorporation and management can also be provided for companies established in other offshore financial centres. Expert advice on exchange control, international tax planning and double taxation treaties between various countries is also available. Further full details and information on the formation of companies in the Bahamas and in other jurisdictions can be supplied on request.

International Insurance Company Services

A large corporation, with substantial and diversified insurance risks to be covered, might consider handling its insurance, or part of it, through a wholly owned offshore subsidiary. An offshore subsidiary is in a position to take full advantage of the many commissions and rebates available in the re-insurance market. Guaranty Trust Bank Limited can lend expertise in the formation of the insurance company and in taking care of all the complex legal and corporate work involved. Bahamian insurance laws make The Bahamas attractive for this type of operation and favourably compares it to the other traditional centres for this business.

Ship Registration

The Bahamas is presently the third largest ship registry in the world and the number one register for cruise ships. There is an open registry for the registration and regulation of ships overseen by the Bahamas Maritime Authority with full service offices in Nassau, London, and New York for the convenience of the international shipping community.

What sets the Registry apart is the Bahamas’ central location and easy proximity to The Americas. Fleet owners can utilize Bahamas offshore financial services which offer some of the best telecommunications in the world and the pleasant environment is a bonus.

The operations and income from vessels flagged in The Bahamas are tax-free. There is neither minimum wage standard nor nationality rules for officers or crew of foreign owned ships.

Owners can transfer foreign registered vessels to The Bahamian flag without a survey if the vessels already hold valid and acceptable foreign safety and tonnage certificates.

Guaranty Trust Bank Limited can provide further information and assistance in registering ships in both the Bahamas and Cayman Islands and can provide full comprehensive management for all aspects of international shipping.

Collateralised Loans

Companies wishing to borrow funds from their own corporate organizations may reduce or delay taxation and obtain other advantages by borrowing from our Banking department. The security for such a loan is normally supplied by a Bahamian-based company owned by, or related to, the foreign organization.

Accounting and Secretarial Services

Many of the functions described above involve accounting services supplied by the Bank which for this express purpose maintains a staff of experienced accountants and computer facilities. Corporate and individual clients can avaiI themselves of these accounting facilities independently of the other functions performed. Full secretarial services, including the use of post office boxes, facsimile, E-mail and telephone, can be provided.

Residential Investments

Second homes in The Bahamas have always been available for sale to foreigners but with the user-friendly International Persons Landholding Act, prior government approval is no longer required to buy homes and/or property comprising 5 acres or less for residential purposes. The law simply requires that the title transfer be registered with the government.

It should also be noted that foreign nationals who invest either in a major business or in a residential property worth $500,000 or more, are afforded accelerated consideration for permanent residence status. In addition, non-Bahamian owners of residential property may apply for a “Home Owners Resident Card” which is issued annually at a cost of $1,000.00 per annum. This card facilitates clearance of all Bahamian ports of entry and entitles the holders and their family members to enter and remain in The Bahamas for the duration of the card’s validity.

Guaranty Trust Bank Limited can assist with all aspects of residential investments.