While there is no requirement to file audited accounts with the authorities, a company is required to keep financial records. As the Bahamas is an independent nation, the current move towards withholding taxes and tax information agreements within the British Dependant Territories, will not affect owners' of Bahamian IBC's. The Bahamas is not a party to any double taxation treaties and there are no tax information exchange agreements with other countries. The International Business Companies Act in 1990 introduced IBC legislation very similar to that of the British Virgin Islands, providing a flexible and cost-effective vehicle. Its success is evidenced by the fact that there are now over 70,000 registered IBC's in the jurisdiction.
Higher capitalization is reflected in higher government licence fees.
The share capital may be expressed in any currency. The minimum issued capital is either two shares of no par value or two shares of par value. The Bahamas is one of the fastest growing jurisdictions in the world and as may be seen, the Bahamian IBC is a first class vehicle for the offshore investor. The Commonwealth of The Bahamas is an English speaking no-tax haven. It consists of a chain of 700 islands and over 2,000 cays stretching from the coast of Florida to Haiti.