Liquidating a bahamian company
The British Virgin Islands has approximately 30 registered companies per head of population, which is probably the highest ratio of any country in the world.
Annual company registration fees provide a significant part of Government revenue in the British Virgin Islands, which accounts for the comparative lack of other taxation.
The company has active operations in the Bahamas, Belize and the Turks and Caicos Islands, as well as run-off business in the US Virgin Islands, Cayman and Barbados.
It has just over 29,000 policyholders, over 170 staff and over US0 million dollars in policy liabilities, the majority of which are in the Bahamas.
A restricted purpose company is a special type of company intended for use in bankruptcy remote bond issues, and which only has limited corporate capacity to undertake certain specific purposes.
Slightly unusually, in the British Virgin Islands the formation of a company does not involve the issuing of subscriber shares.
However the great leap forward for company law in the jurisdiction occurred in 1984 with the passing of the International Business Companies Act, 1984. of the double taxation treaty which had existed between the two countries prior to that time.
The company will stop doing business and employing people.A segregated portfolio company is a company which segregates the assets and liabilities of different classes of shares from each other and from the general assets of the company.All segregated portfolio companies are required to include the designation "(SPC)" within their name, and must comply with the Segregated Portfolio Company Regulations, 2005.However, in the early 2000s the British Virgin Islands came under external pressure to repeal statutes such as the International Business Companies Act which provided for "ring-fenced" taxation (i.e.
entities which were exempt from taxation in the British Virgin Islands provided they did not engage in business within the jurisdiction).NASSAU, Bahamas, February 26, 2009 – The High Court in the Bahamas has ordered the liquidation of a local subsidiary of Trinidad and Tobago’s troubled conglomerate CL Financial Limited.