Bahamas: Types of Company
Exempt Limited Partnership
The Exempted Limited Partnership Act (1995) created a partnership form (ELP) equivalent to the International Business Company, and has the same limitations on local activity as the IBC. The structure is the same as for a limited partnership; a general partner can also be a limited partner, and one of the general partners must be either a Bahamian resident or a company incorporated under the Companies Act 1992 or the International Business Companies Act 1989.
An ELP must be registered, and the names and addresses of all general partners must be filed. On issue of the registration certificate, the ELP becomes exempt for 50 years from exchange controls, from all forms of taxation, from stamp duty, and from business license fees. (However, if one of the general partners is a Bahamian resident, then there may be some exchange control implications).
The initial registration fee for an ELP is BSD850, and the continuing annual fee is BSD475. An annual declaration must be filed confirming adherence to the local trading prohibition.