Bahamas Extensions of Reporting Deadline Obligations Under The Commercial Entities (Substance...

...REQUIREMENTS) ACT, 2018.

Dear Client,

The Ministry of Finance of the Bahamas desires to inform the public that all companies or partnerships operating under:

• The Companies Act,

• International Business Companies Act,

• Partnership Act,

• Partnership Limited Liability Act, and

• The Exempted Limited Partnership Act

Should ensure that they have submitted their economic substance reports by no later than January 31st, 2021. Reports submitted by January 31st will not incur a penalty.

Therefore, we appreciate receiving the CESRA FORM before January 15th, 2021, to have ample time to submit it before the deadline and avoid penalties that could come due to overload in the Bahamas system if left until the last day. After this date, we cannot ensure that the forms will be submitted without issues as seen before in other jurisdictions in the past.

Sincerely,

V.I. Services & Solutions Limited