Background

In the Caribbean Sea lays the Bahamas, one of the most sought after vacation destination and business location in the world. This beautiful country is located northeast of Cuba and southeast of Florida within the chain of the North Atlantic Ocean islands. In 1647, the British first reigned and established territory in the Bahamas. Then the islands of the Bahamas, in 1783, became a colony of the United Kingdom. They were finally liberated from the rule of the United Kingdom in 1973. Since then the industry of the Bahamas in Finance and Tourism have increased quite significantly, thus contributing to the Bahamas’ economic growth.

Thousands of International Business Companies have been established since the formation of the International Business Companies Act of 1990. Under this act, many investors were encouraged to administer business ventures into the Bahamas. Because of this act, these IBC’s are free from corporate income taxes and corporate shares taxes, as well as sharing of information and personal income taxes. These companies also receive a number of benefits offered to Bahamian corporations. They are given the incentive to avail of communication services such as faxes, messaging and private mailboxes. Owners of these corporations are further protected through strict implementation of privacy laws and standards.