Liquidating a bahamian company
An amendment to the legislation effective from December 30, 1992 prohibits any shares in an IBC from being beneficially owned by persons resident in The Bahamas.
Certain actions will not be construed as carrying on business with persons resident in The Bahamas.
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US tax law requires the withholding of tax for non-US persons (non-resident aliens) at a rate of 30% on payments of US source stock dividends, short-term capital gain distributions and substitute payments in lieu.
You may be eligible for a reduced rate of withholding if there is a treaty in effect between your country of tax residence and the US, and IB is able to associate the payment with a valid Form W-8.
Legislation has been in existence in other jurisdictions such as the Cayman Islands and British Virgin Islands to provide for the incorporation and administration of IBC's and the Act is therefore an important item of legislation in order for The Bahamas to maintain its position as a competitive offshore financial centre.
The information in this article outlines some of the principal provisions of the Act, some of which include:- The effect of the legislation is to make provision for the administration of corporate entities which reflects a modern business environment and the regulations therefore give greater flexibility to IBC's than is normally given to companies incorporated under more traditional legislation.
An IBC may also purchase, redeem or otherwise acquire and hold its own shares.
The Act contains several provisions to allow the directors to protect the assets of the IBC, including the power to transfer the assets of the IBC in trust to one or more trustees either within or outside The Bahamas.
Qualifying companies A company may be incorporated under the Act by two or more subscribers to a Memorandum of Association.
Any company may be incorporated as an IBC Permitted transactions with residents A person resident in The Bahamas is defined as "a person who ordinarily resides in The Bahamas or carries on business from an office or other fixed place of business within The Bahamas " but does not include a company incorporated under the Act.
Under these circumstances, the true spirit of international comity requires that schemes of this character, legalized at home, should be recognized in other countries.
This consideration has become more pressing in recent years given the trend toward globalization and the marked increase in cross-border insolvencies.
Where a foreign company is reorganizing rather than liquidating, US courts have long recognized that the failure to afford comity may well defeat the companys ability to reorganize.Tags: Adult Dating, affair dating, sex dating