Table of Contents Questions and answers concerning principles of Wills in the Bahamas 1. What is it called when a person dies without a Will? 2. What happens when a person with assets in The Bahamas dies without a Last Will and Testament? 3. What is meant by “residuary estate” under part II of the
Table of Contents Changes Introduced by the Companies (Amendment) Act 2020 in the Bahamas 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
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.
Table of Contents Non-profit Organization and VAT in the Bahamas Approval Necessary for Non-Profit Organization to Be Exempted for VAT Criteria to be Considered as NPO Under the Regulation Should A NPO Register for VAT? NPO Must Register in Order to Receive Refunds Annual Obligations and VAT for Private and Public Companies “Domestic Companies” Annual
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