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:
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.
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.
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.
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.