Why Go Offshore and Why
the Bahamas?
The Bahamian bank
secrecy laws have served as the model adopted by almost all of the
offshore havens in the Caribbean. The Bahamas rely on two
industries for their income: tourism and financial services.
Therefore, it is in their own self-interest to protect their
customers’ privacy and assets to maintain their status as one of the
most desirable offshore havens.
In the last few
years the offshore business has become very competitive. Small
islands like Dominica and others have begun actively soliciting U.S.
citizens for their offshore business hoping to generate revenue for
their cash-starved countries. The Bahamian government is sensitive
to this fact and has worked to enforce and strengthen their laws
protecting people’s privacy.
Privacy:
People can’t find your offshore assets; The Bank Secrecy Act in the
Bahamas is impenetrable.
U.S. Judgments are
not recognized offshore:
The Supreme Court of the Bahamas does not recognize U.S. court
judgments against a company incorporated in their jurisdiction.
Federal Courts
have no jurisdiction:
U.S. Federal Court judges have no power or authority outside the
U.S. borders. IRS liens are not recognized offshore. Seizure
Warrants from the U.S. Customs service are not recognized offshore.
Elimination of
Governmental Interference:
A Bahamian corporation can conduct business anywhere in the world
without interference from the Bahamian government. The annual
renewal fee to keep the corporation in good standing is nominal.
Reduction or
Elimination of Taxes:
The Bahamas will not tax your corporation. Proper planning allows
for the reduction of any U.S. taxes.
Additional
Investment Opportunities:
Many international stock offerings and mutual funds cannot be sold
to U.S. citizens, but they can be sold to your offshore corporation
with an
offshore brokerage account.
There are many
uses for an Offshore Company:
The corporation
may loan you or your business money and protect certain assets with
a mortgage or lien granted as security for a loan.
It may own certain
vehicles, boats, or second homes allowing you to segregate these
assets from other riskier assets.
With planning, it
can protect you from the financial fallout of a divorce.
Visiting your
offshore location is always informative and fun. And for some, it
serves as a second home or a retirement hideaway.
For most people, a
Nevada corporation will adequately protect their assets. However,
for those who desire, or need the maximum in judgment-proof asset
protection, especially from a U.S. government agency, an
International Business Company (IBC) in the Bahamas is recommended.
The Bahamas is
just 60 miles southeast of Miami and is the largest offshore
financial center in the Caribbean with more than 300 banks and trust
companies. English is the official language and the Bahamas boasts
the third oldest democratic system in the world. The Bahamas was
initially settled in 1640 by a group of Englishmen, the Eleutheran
Adventurers, who sailed from Bermuda. The Bahamas has had a
Parliamentary government since 1729 and became an independent nation
in July 1973.
The Bahamas
Investment Authority, operating out of the office of the Prime
Minister, was created to stimulate growth in the financial sector
and promote foreign direct investment. The Bahamas have banking and
corporate legislation. The Bahamas Bank and Trust Company
Regulatory Act prohibit the unauthorized disclosure of information
pertaining to a clients affairs to a third party, without the
customer’s written permission. The secrecy laws are imposed on all
Bank and Trust companies, their directors, officers, employees,
attorney, auditors, and out-side agents and only by Supreme Court
Order can information be supplied about any account. A fine of
$5,000 applies to any person disclosing details of accounts contrary
to the Bank and Trust Company Regulatory Act. On June 10, 1993, the
Minister of Justice and Foreign Affairs stated, “Bahamas is not only
committed to the bank secrecy laws, but to the prevention of
intrusion by foreign governments”.
WHAT
CAN AN ICB DO?
Generally speaking, an IBC may engage in any
lawful activity not restricted by the country of incorporation or
the jurisdiction in which it desires to operate. This would include
consulting services, marketing, financial and legal services or
other professional services. Specifically an IBC may:
Engage in
Commerce:
An IBC can promote and market goods and services worldwide except as
may be restricted under the company act of the country of formation.
Act as a lender:
An IBC can
make money by loaning money to individuals or other corporations.
Conversely, it can borrow money.
Own Real
Property: An
IBC can take title to property anywhere in the world, unless there
are local restrictions.
Open a brokerage
or bank account:
In the United States most banks or brokerage firms will require a
W-8 Certificate of Foreign Status form generated by the IRS to be
filed with the application to open an account.
Act as a trading
company:
Via the Internet, an IBC can take orders from customers, do
invoicing, complete fulfillment, and drop ship orders. Profits are
then realized in the offshore location that may have a favorable tax
structure.
WHO
NEEDS AN IBC?
|
Anyone who
have worked hard for their financial rewards, and who want
to keep their assets |
|
Anyone who
wants privacy and keep their assets out of the reach of
lawyers & lawsuits or seizure by government agencies: |
|
Anyone who
is the potential target of a lawsuit |
|
Anyone who
is facing a costly divorce |
|
Anyone
with a high net worth |
|
Anyone
paying high premiums for liability insurance |
|
Anyone who
is a professional or is a business owners |
|
Anyone who
need to keep their financial affairs private |
|
Anyone who
is a professionals working abroad |
|
Anyone who
owns a company selling products abroad |
|
Anyone
needing to separate high-risk investments from other assets |
|
Anyone
wishing to buy securities or precious metals not available
to U.S. citizens |
|
Artists,
inventors, and holders of copyrights, patents, or trademarks |
WHAT YOU RECEIVE WITH
YOUR OFFSHORE IBC PACKAGE
Preparation and filing of the Certificate of Incorporation,
Certificate of Incorporation and Memorandum and Articles of
Association Memorandum of Association, Register of Directors and
Officers, Memorandum of Associations and Articles of Association
with the Registrar General’s Department of the Commonwealth of the
Bahamas.
The Registered Office and Registered Agent will be our Office in
Nassau, Bahamas.
Our Nominee will serve as your nominee Officer and Director, unless
instructed otherwise.
Stock Certificate's): We will automatically issue 1,000 Shares
representing 100% ownership of the corporation, unless instructed
otherwise.
A
numbered bank account will be opened in the Cayman Islands without a
social security number.
Your IBC will be formed in approximately 5 business days upon
receipt of the fee and paperwork.