In an effort to further improve the ease of doing business within the Bahamas, Parliament has enacted the Companies (Amendment) Act, 2020 and the International Business Companies (Amendment) Act, 2020. Not only will these amendments allow for better and easier business practices within the Bahamas by reducing outdated and cumbersome processes, but also will put
Some view corporate vehicles including companies, trusts, foundations, partnerships and the like as being vulnerable to misuse by criminals for nefarious acts such as money laundering, bribery and corruption, insider dealings, tax fraud, terrorist financing and more.
Non-profit Organization and VAT in the Bahamas This article discusses VAT filing obligations for Non-Profit Organizations (NPOs) and Domestic Bahamian Companies and provides insight into annual business filings for incorporated companies. It also takes a brief look at business licence renewal in Bahamas requirements for “trading as” companies. Non-Profit Organization “NPO” are organizations which are
Deadline for filing pursuant to the Commercial Entities (Substance Requirements) Act, 2018 for entities in existence under the applicable Acts in 2019 is 31 December 2020, filing is to take place 9 months following a company’s end of fiscal year.
All Bahamian entities incorporated under the Companies Act, International Business Companies Act, Exempted Limited Partnership Act, Partnership Act, Limited Liability Partnership Act and being in existence in 2019 is required to file a report with the Competent Authority by 31 December 2020
Anti-money laundering regulations “sweeps across” the non-profit regime in The Bahamas with the implementation of the 2019 Non Profit Organisation (NPO) statute. The Non-profit Act 2019 (“the Act”) and the amendments thereto makes it mandatory, pursuant to s7(1) for all Non-profits to be registered in order to carryout business. S7(1) provides as follows: “(1) A