LML                 

                                  OUR SERVICES

International Business Companies (IBC)

Primary Purpose

IBCs are extremely popular because they serve many useful purposes most notably to conduct business outside The Bahamas and to hold financial assets with financial institutions in The Bahamas. IBCs allow:

• Investments

• International Trade

• Financial Planning

• Confidentiality

Advantages

• Simple and swift incorporation process - less than 48 hours

• IBCs may engage in any activity that is not illegal in The Bahamas

• Share capital may be expressed in any currency

• An IBC may purchase its own shares

• Any two persons associated for any lawful purpose may by subscribing to the Memorandum and Articles form a company (IBC)

• Meeting of directors and shareholders may be held by telephone or fax or other electronic means. Corporate directors are permitted. Resolutions are passed by a majority of directors or shareholders.

• It may transfer its assets to a trust

• IBCs may own property in other jurisdictions. It may also own and operate a bank account or portfolio management account in The Bahamas or elsewhere.

Incorporation Procedures

This is simple. The Confidential Information Form can be requested via e-mail, fax or telephone, completed and returned. Once any of the names chosen is reserved, the Memorandum of association and usually the Articles of Association are prepared and filed with the Registrar of Companies. The procedure usually takes less than 48 hours.

Click here to see associated fees.                                                                                       

Special Management

Special business management package for expats and individuals working overseas, employed by their own offshore company

Special value $500.00 per year.

Includes: Mailing Address (P.O. Box), Invoicing Services and Basic Account Maintenance.

Individual services are:

• Corporate Identity Package

Use of our physical address, phone and fax numbers for your offshore office. Fees: US$400.00 per year, plus communications costs.

N.B. Applicants may only begin using the Corporate Identity Package after paying the required fee and after written authorisation is received from LML.

• Mailing Address

Use of a Bahamian Post Office Box, with mail forwarding. Fees: US$250.00 per year, plus communication costs for mail forwarding, etc.

• Banking Address

Many individuals wish to have bank correspondence sent to our offices both because they may be travelling extensively and for privacy reasons. This includes account statements, debit/credit slips, etc. Fees: US$100.00 per year, plus communication costs.

• Invoicing Services

Invoicing clients, maintaining accounts receivables, records, statements and reminders, depositing receipts. Fees: US$300.00 per year, for a volume of up to several invoices per month.

• Basic Account Maintenance

Tracing bank transfers, repository for your offshore bank statements, liaison with your offshore bank, account or credit card information by phone, fax or secure e-mail. Fees: US$200.00 per year, for reasonable volume plus communications costs.

• Nominee Account Signatory

Acting upon your instructions, the nominee will sign checks, pay bills and handle other banking matters. Fees: US$750.00 per year.

• Other Services

Document safekeeping, safety deposit boxes, company books, etc.          

 

Offshore Trusts

Establishing a Trust allows you to ensure your assets are distributed in the manner you prescribe, nothing is left to chance. Also, unlike a will, a Trust allows you to distribute your assets confidentially.

In The Bahamas the Trusts (Choice of Governing Law) Act, 1989 provides that a Bahamian trust is governed by Bahamian law regardless of multi-jurisdictional interests. The Act was amended in August, 1996 to redefine the meaning of "heirship rights" to prevent a Settlor from being attacked by, inter alia, a potential future heir.

The Fraudulent Dispositions Act, 1991 limits challenges to dispositions of property made subsequent to 5th April, 1991 unless the creditor can prove that the disposition was made with intent to defraud or was deliberately under-valued. Additionally, it places a two year limit on the filing of challenges.

Why a Trust?

• Can provide for future maintenance of beneficiaries

• Effective estate planning tool, allowing control of current and future ownership

• No public disclosure in courts due to probate

• Removes the delay of probate

• Can hold property for others especially minors, children not yet born, bankrupts or incapacitated individuals

• The Settlor or Grantor need not be worried about asset management and decision making.

• Provides a shield from unforeseen future claims and liability

• No income, capital gains, estate, inheritance, succession, gift, or other charge is payable on the receipt, retention, investment or distribution of trust assets

• Duty on the trust deed is limited to a nominal sum of $50.00 and no stamp duty is payable on documents relating to, or arising out of, the trust (except in relation to land in The Bahamas).

Benefits of a Bahamian Will

Preservation of confidentiality, as probate is conducted outside the domicile of the Testator

Minimum delay in obtaining Grant of Probate and thus in effecting a distribution to beneficiaries

Government fees are minimal

LML is familiar with the establishment of trusts and wills and handle the creation of trust/corporate structures which involve multi-jurisdictional assets.

For fees associated with Trust services click here.                                                    

Expatriate Management Services

Permanent Residency

You can obtain permanent residency in The Bahamas through the services of LML. One of the requirements for this status is the purchase of a residence valued in excess of $500.00.

Accelerated consideration may be given to fit and proper applicants who demonstrate a genuine intention to reside in The Bahamas at least part of the year. Applicants may have his spouse and/or minor children endorsed on his permanent residence certificate.

Currently the International Persons Landholding Act 1993, which came into operation on 1 January, 1994 facilitates the holding of land by non-Bahamians and by companies under their control.

Non-Bahamians who own homes in The Bahamas may apply for an annual home owner residence card. This card entitles the owner, spouse and any minor children to enter and remain in The Bahamas for the duration of the validity of the card. Please note, this card is to facilitate entry into The Bahamas and is not equivalent to resident status in The Bahamas.

Residential Management

Not only can we help to locate the perfect home in The Bahamas bit Longley Management (Bahamas) Ltd. can also provide you with sterling management of your residential affairs.

You need not spend hours running around to pay your bills whether your home, car or boat needs an alarm connection, insurance coverage or you require someone to supervise your employees and manage your estate. We can meet your needs.

Our office can also secure a reputable and professional body to carry out any home repair work or handicraft needs. We guarantee the work will be performed to your specifications.

We take away the hassle at the telephone, internet, satellite, cable, electricity and water companies. We offer a competitive monthly rate for our bill paying package. This fee will include payments which relate to your property at no additional cost, just let us know what you require.                                           

Banking

LML can provide advice in connection with the establishment and on-going operations of banks, trusts and other financial institutions, to whom we provide a range of diversified services, including structuring finance documentation; and advise them about regulations and new financial products. We also keep our financial service clients abreast of any developments in the areas of law which affect their business.

The banking system in The Bahamas may be divided between those commercial banks active in the domestic sector, principally branch operations of large international banking institutions and those banks which operate in all markets except for the domestic Bahamian market, the latter being known as offshore bank operations.

Offshore banks may be public or restricted to the provision of services for or with persons or entities identified in its licence. They are invariably designated non-resident by the Central Bank of The Bahamas, therefore their activities are limited to foreign currency operations for non-Bahamian customers.   

International Shipping

At the end of 1996 there were more than 1,500 ships exceeding 25.6 million gross tons on the Register making The Bahamas the fastest growing open shipping registry in the world.

Even though the Bahamas has an open registry policy it is balanced by strict shipping standards. LML is ready to handle the reflagging and financial restructuring of all your shipping needs.

Under the Merchant Shipping Act, 1976 foreign owned vessels may be registered if:

• they are less than twelve years old at the time of first registry; and

• they are ocean-going vessels in the foreign trade of 1,600 net registered tons or more.

Vessels under 1,600 net registered tons and over 12 years of age may be registered with the permission of the Minister of Transport.

In 1995, the Government, in recognition of the growth of the Bahamian registered fleet enacted the Bahamas Maritime Authority Act to institutionalise the administration of the Bahamian Register and associated activity through the Authority.

In its regulatory role, the Authority, assisted by over 350 nautical inspectors in more than 200 major international ports, supervises the enforcement of load line and other international safety conventions which are applied by the Act to Bahamian registered vessels.

In addition, seven of the leading classification societies of the world have been authorised by the Bahamian Government to survey Bahamian registered vessels and issue prescribed certificates under the Act:

• American Bureau of Shipping

• Bureau Veritas

• Det Norske Veritas

• Germanischer Lloyd

• Lloyd's Register of Shipping

• Nippon Kaiji Kyokai

• Registro Italiano Navale

The admiralty jurisdiction of the Supreme Court is vested with the authority to adjudicate all claims or matters arising under The merchant Shipping Act.

Every foreign owned ship must carry certified deck and engineer officers in accordance with the Scale for the size and type of ship laid down in the Merchant Shipping Act.

FEES

IBC Fees    (Our fees are upfront and are quoted in US$. There are no hidden costs.)

Trustee Service Fees

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