Beneficial Ownership Reporting Requirements in the Bahamas - August 2019

The Register of Beneficial Ownership Act, 2018 (the “Act”) was entered into force in the Commonwealth of The Bahamas (the “Bahamas”) on 20 December 2018. Pursuant to the Act, all Bahamian companies and international business companies are required to provide prescribed beneficial ownership information to their registered agents and to update that information within 15 days of any change occurring.

Each registered agent is required to maintain the beneficial ownership information in a database that can be securely accessed and searched by the Attorney General via a secure search system, in order to comply with requests from foreign competent authorities.

Read our memo on the Act.