REGISTER OF BENEFICIAL OWNERSHIP ACT, 2018 (No. 38 of 2018)
REGISTER OF BENEFICIAL OWNERSHIP (AMENDMENT) ACT, 2019 (No. 30 of 2019)
REGISTER OF BENEFICIAL OWNERSHIP (AMENDMENT) (NO. 2) ACT, 2019 (No. 1 of 2020)
REGISTER OF BENEFICIAL OWNERSHIP (AMENDMENT) ACT, 2020 (No. 26 of 2020)

“The Register of Beneficial Ownership Act”

Take Notice of the following:

1. Section 8 of the Register of Beneficial Ownership Act requires legal entities  to file beneficial ownership information with the Registrar General within 15 days of identifying any person as a beneficial owner of that legal entity;
   
   
2. Section 2 of the Register of Beneficial Ownership Act, defines a legal entity as:

“an entity incorporated, continued, registered or otherwise established in accordance with:

1. the Companies Act (Ch. 308) including Non-Profit Companies not limited by shares;
2. the International Business Companies Act (Ch. 309);
3. the Partnership Act (Ch. 310);
4. the Partnership Limited Liability Act (Ch. 311);
5. Exempted Limited Partnership Act (Ch.312); and
6. the Segregated Accounts Companies Act (Ch. 369);”

100. Section 9(2)(b) of the Register of Beneficial Ownership Act, provides that a legal entity that does not have a registered agent shall notify the Registrar General and provide proof of the following:
     
     
     1. the full legal name of its beneficial owner(s) of each legal entity (passport along with another government issued identification);
     2. the residential address and, if different, an address for service of notices (utility bill or voter’s card);
     3. the country of ordinary residence or domicile;
     4. the date of birth; and
     5. the nationality information identifying the person from their passport, driver’s license or other government-issued document including – (identifying number; country of issue; date of issue and expiry);

4. Beneficial Ownership Information Forms can be downloaded from the Office of the Attorney-General’s website at: http://www.bahamas.gov.bs/attorneygeneral as of the 2nd February, 2021;
   
   
5. Completed Forms should be submitted to the following email address: BOCOMPLIANCE@BAHAMAS.GOV.BS; and
   
   
6. Sections 8(6) of the Register of Beneficial Ownership Act provides that where a legal entity fails to comply with the requirements to identify and verify a beneficial owner, that legal entity commits an offence and is liable –

“(a) on summary conviction, to a fine not exceeding forty thousand dollars or to imprisonment for a term not exceeding six months or to both such fine and imprisonment; or

(b) on conviction on indictment, to a fine not exceeding two hundred and fifty thousand dollars or to imprisonment for a term not exceeding five years, or to both such fine and imprisonment.”

Dated this 2nd day of February, 2021

E. SALLYANN LOCKHART-PRATT
REGISTRAR GENERAL