Investing in the Bahamas
In an effort to meet the growing changes in the global community, the Government of the Bahamas enacted a new Companies Act.
- This Act came into effect on August 1, 1992, and 'repealed the Companies' Act of 1866 and the Foreign Companies Act of 1891
- It also made substantial changes in the incorporation and operation of companies
The modified Companies Act provides investors with a number of advantages. The doctrine of 'ultra vires' has been abandoned and, consequently, gives companies virtually the same range of powers enjoyed by human persons without any further need to set out the extensive litany of 'objects' once required under previous company law.
The minimum number of persons that may now incorporate a company has been reduced from five persons to two persons. The paper requirements of company formation have been further reduced with the inclusion of a standard form of Articles of Association, which can be adopted by mere reference. Company members' meetings may be held outside the Bahamas and participation in meetings may be effected by telephone and other electronic means. In an effort to better safeguard investments in public companies made by members of the public, shareholders in such companies are imposed with a substantially higher burden of accountability. If a company wishes to be restored after being "struck-off," it will no longer be required to apply to the Supreme Court of The Bahamas.
For further information, contact
- Office of the Registrar General
The Registrar General's Department
Registry of Companies
Rodney E. Bain Building
Shirley & Parliament Streets
P.O. Box N532
Nassau, N.P., The Bahamas
Tel: (242) 322-7147, (242) 322-7160
Fax: (242) 322-5553
Alternatively call us on +353 1 431 9663.
