Bahamas Foundation
A Bahamas foundation is a distinct legal entity registered under the Foundations Act 2004. Once registered, a foundation is deemed to be resident and domiciled in The Bahamas. Foundations may be established for private, commercial or charitable purposes provided same is lawful and include the management of its assets. Foundations are created by the will of the founder or by the founder executing a charter which may, but need not, be filed in the registry of foundations.
Key Features
|
Bahamas Foundation |
Corporate Details |
|
General |
|
|
Common Law/ Civil Law ( Hybrid) |
|
English |
|
1-3 Days |
|
Yes |
|
Bahamas Foundations Act 2009 |
|
Foundation |
|
No |
|
Secretary |
|
|
Yes |
|
Yes |
|
Assets |
|
|
$10,000 initial assets |
|
Yes |
|
Founder |
|
|
2 |
|
Yes |
|
An Individual or Legal Entity |
|
Beneficiary but not a sole Beneficiary |
|
Foundation Council |
|
|
2 |
|
Founder may be a Councillor but not the sole Councillor |
|
Maybe natural persons or legal entities |
|
No |
|
Protector |
|
|
Yes |
|
Foundation Charter |
|
|
Yes |
|
Yes |
|
Accounts |
|
|
Yes |
|
Yes |