International-Business-Dr-R-Chandran-E-book

Bahrain
international
Business
Centre (IBC)
Act (1982)
and are
defined as
corporations
licensed to
carry out
banking
business in
currencies
other than
those of
Caricom
Deposits
from non
bank
includes
information
on
shareholders,
directors, and
officers with
satisfactory
evidence that
the latter
have the
necessary
education
and
experience,
and recent
financial
information
on the
applicant.
Offshore
banks must
submit
quarterly
returns and
an annual
audit must be
submitted to
the Inspector
of Banks in
the Ministry
of Finance,
which has the
ability to
carry out
onsite
inspection.
Locally
incorporated
offshore and
77
International Business- Dr. R. Chandran
profits. There
are no income
capital gains,
or other
wealth tax on
individuals.
Taxation is
minimal
and Trust
Corporations
and the
Ministry of
Finance.
The Eastgern
Caribbean
Central Bank
does not
supervise the
offshore
sector.
Offshore
banks must be
licensed by the
Only for Private Circulation