Introduction

Part I of this commentary discussed in detail the CESRA and its application to all entities that came into existence in The Bahamas under the Companies Act, 1992, International Business Companies Act, 2000, Exempted Limited Partnership Act, Partnership Act and the Limited Liability Partnership Act. 

If your business was established under any of the above stated Acts and has been in existence under any of the mentioned Acts in 2019, then you must file a report with the Competent Authority by 31 December 2020.

Please read Part I of this article to determine which report your company should file. 

HOW DO I FILE?

Below we provide some direction on how to file your report.

1. Filing a Report – Log on to the filing portal by clicking this link (Filing Portal)
2. If you already have a TAXPAYER profile under the online tax administration system (where you carryout your company’s VAT filing) use your usual login details to enter the portal;
3. If you are an existing TAXPAYER entity there may not be a tab on your profile for Substance Filing; if that is the case you will have to request one be added. You can do so here at this link (Substance Requirement Filing);
4. To register your company on the online tax administration system for the purpose of filing the Substance Requirements only, please click this link and follow instructions to register your business (Filing Portal Registration); in the additional information message area include the date of incorporation, formation, registration or continuation (whichever is appropriate) also include your entity’s fiscal period;
5. For a helpful link to guidance provided by the government of The Bahamas (click here)
6. Once you are all registered you will receive what is called an Entity Identification Number (EIN).  This can take a few days;
7. Once you receive this number log in to the portal and file your Substance Requirement Report using the Substance Filing tab and following the prompts;
8. Evidence of payment of annual fees will be required and once the report is processed the requirements for filing reports under the CESRA will have been satisfied.

For further assistance please contact our law firm at (242) 677 5265 or 6.  Or email us at [email protected]. We have experienced attorneys waiting to assist you with your matters. Our Principal Yvette C. Rahming is a specialist in Corporate and Commercial Law and has previously served for many years as General Counsel and an Executive of a BISX listed and Securities Commission of The Bahamas Regulated Port Facility.  Our firm provides a very personal touch to each of our clients and can do this by offering very bespoke legal advice to our clients who become a part of our family.

We are a licensed Financial and Corporate Services Provider and members of The Bahamas Bar.