THE BAHAMAS THE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

PART XII EXEMPTIONS

186.

(1)   The Exchange Control Regulations Act and the regulations made thereunder shall not in any manner apply to a company incorporated under this Act, the operations of which are or are intended to be exclusively overseas.

(2)   Where a company incorporated under this Act desires to carry on business with persons resident in The Bahamas, that company must first obtain Exchange Control approval pursuant to the Exchange Control Regulations with respect to its planned operations.

(3)   Any resident of The Bahamas, within the meaning of the Exchange Control Regulations Act and the regulations made thereunder, shall, prior to acquiring ownership in any common or preferred shares or any debt or other securities issued or to be issued by a company incorporated under this Act including options or other contracts which are intended to confer rights to ownership or income derived from such a company, obtain Exchange Control approval with respect to such acquisition.

(4)   Stamp duty shall only be payable by an International Business Company in relation to real property situate in The Bahamas which it owns, or which is owned by any company in which it holds shares or for which it holds a lease.

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23/11/2007
Bahamas Minister of State for Finance has commenced a campaign aimed to promote the fiscal responsibility of citizens through the payment of taxes.
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20/11/2007
The Government of the Bahamas is seeking support from Germany in its continued talks with the Organisation for Economic Cooperation and Development (OECD) that regard transparency in financial services of the Bahamas.
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15/11/2007
The Minister of State for Finance, Zhivargo Laing claimed that the economy of the Bahamian remains robust. The jurisdiction's central bank predicted its growth at 3%.
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18/10/2007
Attorney General Sen. Claire Hepburn said that a national strategy for anti-money laundering and countering terrorist financing is central for the Bahamas that are aim at sustaining its place as a well-regulated financial services jurisdiction.
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21/08/2007
According to the annual National Accounts Report by the government of the Bahamas, the economy grew by approximately 4.2% in current prices and 3.4% in constant prices in 2006.
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29/06/2007
During the recent Conference on the Caribbean held in Washington D.C., the Bahamas was recognised for its significant contribution in fighting drug trafficking, terrorism and other matters of security.
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18/04/2007
Royal Bank of Canada has agreed to buy 50% of banking unit of Fidelity Bank & Trust International Ltd. based in Bahamas. This move is aimed at expanding the Bank's corporate banking business in the Caribbean.
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21/03/2007
Last week Canadian financial services firm Scotiabank launched Scotia Private Client Group in the Bahamas, which is the first step of the announced expanding firm's wealth management services platform across the Caribbean, in the regions of Central and Latin America.
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07/01/2007
An immigration framework has been developed by the Bahamas financial services industry. The framework is designed in order to help the jurisdiction compete with other offshore financial centres for skilled workers.
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03/01/2007
Moody's Investor Services has issued a favourable report on the Bahamas. According to its latest Credit Opinion on the country, official foreign exchange reserves remain ample relative to debt service requirements, despite a fall in the 1st 10 months of 2006.
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01/12/2006
In accordance with the Bahamas Financial Services Board (BFSB), new Private Trust Companies (PTC) legislation has been passed in the parliament of the Bahamas to come into effect by the end of the year.
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01/09/2006
Energy and Environment Capital Management LLC and Coastal Partners Ltd. have joined their forces in launching an offshore version of the Energy & Environment Fund in the Bahamas.
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12/07/2006
The Bahamas Central Bank has reported that the Bahamas Economy is to a great extent maintained by its financial services. The Regulatory Authority published its Quarterly Review revealing the financial sector added in the Bahamas' GDP between 15% - 20% of its value.
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27/06/2006
Bahamas survey that was published by the Bahamas' Government today confirmed the position of the country as the leader in the three core areas of private banking, trusts and corporate services.
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18/04/2006
The Commonwealth of the Bahamas has received the 'A-' long-term and 'A-2' short term Sovereign Credit Ratings from Standard & Poor's. S&P analysts noted economic stability of Bahamas and rapid development of the finance and tourism sectors.
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