NASSAU, BAHAMAS — Over 11,000 companies were struck off the Companies Register in 2018 for failing to comply with statutory requirements and another 10,000 in 2020, a report by the Central Bank has noted.
In an update, Attorney General Ryan Pinder noted: “Based on the enhanced provisions in the Companies Act, over 11,000 companies were struck off the Companies Register in 2018 for failure to comply with statutory requirements — failing to pay appropriate registration fees, failing to comply with requirements to submit annual returns (a document reflecting senior officers, shareholders and capital, etc), amongst other violations.
“In 2020, another 10,000 companies were struck from the registry due to non-compliance with statutory filing and annual fee obligations.”
In August 2019, the Companies (Amendment Act) was passed in Parliament.
Reforms made to the Companies Act were intended to clean up the registry and bring The Bahamas into compliance with its obligations under the Register of Beneficial Ownership Act.
The amendments require all Bahamian companies to declare in their annual public filings whether any shareholder is a nominee shareholder and, in respect of any such nominee, requiring that the registered office maintain a declaration of trust on its files stating who is the beneficial owner or controller of such company.
Provisions regarding the sanctions for non-compliance with required statutory documentation filings and annual fees — to strengthen the Registrar General’s enforcement tools — were included in the amendments.
