BAHAMAS – ECONOMIC SUBSTANCE DECLARATION

We would like to kindly remind our clients that all entities incorporated, registered or continued under the Companies Act, including foreign entities registered under Part VI thereof, the International Business Companies Act, Partnership Limited Liability Act or Exempted Limited Partnership Act, are required to make an economic substance report to their Registered Agent.

Pursuant to the Commercial Entities (Substance Requirements) Act, 2023, entities are required to file their Economic Substance Declaration within nine (9) months following the end of their fiscal year. The applicable ESA form may be downloaded at the following link.

The next deadline applies to entities with a fiscal year-end in December, for which the filing due date is September 30, 2025.

To ensure timely compliance, we kindly invite you to submit the completed form at your earliest convenience. Doing so will allow us to process your classification smoothly and avoid any potential penalties.

Deadlines for filing the Economic Substance Declaration:

FISCAL YEAR END	REPORTING DEADLINE
31 MARCH	31 DECEMBER
30 JUNE	31 MARCH
30 SEPTEMBER	30 JUNE
31 DECEMBER	30 SEPTEMBER

Penalties:

Failure to report or comply with the economic substance requirements (when applicable) may result in administrative penalties of US$5,000, payable within 30 days. Additional penalties of US$500 per day may accrue for continued non-compliance.

Should you have any questions or require further clarification, please do not hesitate to contact us at Contact@viss.com.hk. We will be pleased to assist you.