Resident companies carrying on relevant activities, as defined by the Companies (Economic Substance) Act 2019-43 are advised to file their Economic Substance Declarations with the Ministry of International Business and Industry.
These businesses, which have been identified under the Companies (Economic Substance) Act 2019-43, conduct the following activities: banking, insurance, fund management, finance and leasing, shipping, holding company business, intellectual property business, and distribution and service centres.
In accordance with the Act, failure to file an Economic Substance Declaration may result in a fine of BDS $10,000.
Persons have also been asked to email the Ministry if their businesses carry out any of the previously mentioned activities, and do not currently engage the services of a licensed Corporate and Trust Service Provider.
Emails must be sent to MIBI.firstname.lastname@example.org with the caption “Carrying on a Relevant Substance Activity” by Monday, August 31.
In the email, persons must state the name of the company and the business activity or activities in which the company is currently engaged.
Personnel from the Ministry will contact company representatives to provide further details on how to file the requisite Economic Substance Declaration.