January 16, 2013
January 16, 2013
The International Business Company (IBC) Act provides a modern simple and cost effective corporate vehicle designed to suit in most flexible terms the needs of international business persons. The IBC, although incorporated and domiciled in The Bahamas, is designed to facilitate the undertaking of legitimate business anywhere in the world whether in its role as a holding company, trading company, a private investment vehicle, insurance company for non-domestic business, or other uses, including its ability to form part of a more sophisticated structure involving a combination of trust, foundation or other specialized corporate elements.
Of particular importance, the IBC operates in a responsible environment for both due diligence and corporate governance requirements. As a part of the global effort to combat money laundering and all other illegal activities, a Bahamian IBC must have a registered agent which is a licensed entity under the Banks and Trust Companies Regulations Act of the Financial and Corporate Service Providers Act. Such agents are under regulatory control of The Bahamas which requires that full compliance is maintained with established Know Your Customer standards. This information, although mandatory, is kept in confidential files of the registered agent. Further, every IBC is required to maintain a registered office in The Bahamas. The directors may decide where the corporate records of the company are to be maintained and what they should consist of but copies of the Articles and Memorandum of Association, the register of directors and officers and the Share Register must be kept at the registered office. A copy of the register of directors and officers must be filed with the Registrar General’s office. There is no public filing of the register of shareholders.