Frequently Asked Questions on Corporate and Commercial Law

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Q: Is there a requirement for Domestic Companies to have a minimum number of Directors?

A private company should have at least two (2) directors.

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Q: Is there a requirement for an IBC to have a minimum number of Directors?

An IBC can have just one (1) director who may be an individual or a company.

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Q: If I am "non-resident" for Bahamian exchange control purposes, can I hold or own shares in a Domestic Company?

Yes, however, the prior permission of the Central Bank of the Bahamas would be required before a person deemed "non-resident" for Bahamian exchange purposes can own shares in a Domestic Company.

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Q: Can a person deemed "resident" for Bahamian exchange control purposes hold or own shares in an IBC?

Yes, however the prior permission of the Central Bank would be required.

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Q: What are the annual fees payable by a Domestic Company?

Such companies are required to pay annual fees with the Companies Registry in the amount of $350.00 in the case of companies that are owned 60% or more by Bahamians and $1,000.00 in the case of companies that are owned less than 60% by Bahamians.

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Q: What are the annual fees payable by IBC's?

Such companies whose authorized share capital is $50,000 are required to pay annual fees in the amount of $350.00 and in cases where the authorized share capital is $50,001 and over the annual fee is $1,000.

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Q: Is there an annual general meeting requirement?

Yes, but only for Domestic Companies.

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Q: Is information regarding directors, officers or shareholders required to be filed or disclosed publicly?

For both Domestic Companies and IBC's the directors and officers of the company are a matter of public record. Additionally, the names and addresses of the shareholders of Domestic Companies are also a matter of public record. However, in the case of IBC's the names and addresses of its shareholders are not required to be publicly disclosed.

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Q: Are amendments to the memorandum and articles of association of the company required to be filed with the Companies Registry?

Yes, in the case of both Domestic Companies and IBC's amendments to the memorandum and articles of association are required to be filed with the Companies Registry. However, in the case of IBC's, any amendment has to be filed with 28 days of the amendment and an amendment is not effective until it has been so filed.

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