The Director or Corporate Secretary of companies who recently received questionnaires at their registered offices from the Corporate Affairs and Intellectual Property Office (CAIPO), are reminded that they must complete and submit them by Saturday, December 31, 2022.
Acting Deputy Registrar at CAIPO, Casey Boyce, said to assist with the speedy administration of the process and for convenience, “it is highly recommended” that the online version of the questionnaire be completed.
The online version may now be accessed by clicking here, or by visiting www.caipo.gov.bb and clicking the “Questionnaire” link on the home page.
Ms. Boyce explained that the questionnaire has several questions about Beneficial Ownership, and aims to evaluate the adequacy of companies’ internal compliance systems and procedures.
She said the questionnaire would not be administered to:
- usinesses or entities without legal personality (e.g. registered business names, charities);
- companies with valid Foreign Currency Permits;
- companies and other legal entities that already fall under a regulator; or
- companies that have already been issued with a questionnaire during Phase 1 of this process.
The acting Deputy Registrar continued: “If your entity meets the criteria and has not received the questionnaire in the mail, you are advised to complete and submit it on the CAIPO’s website.”
She said persons who require information on “beneficial ownership” should read the Beneficial Ownership Guidelines 2021, accessible by clicking here.
She added that if persons needed any guidance on the questionnaire, they should email the Compliance Unit, Ministry of Energy and Business, at compliance.mibi@barbadosbusiness.gov.bb.
Ms. Boyce stressed that every year when a company files its annual return, its officials must certify that the beneficial ownership information has been maintained at the registered office.
“Companies must provide access to beneficial ownership information to the Registrar, or a person designated by him or her. Any person who fails to do so is liable to a penalty, and continued default renders him/her guilty of an offence and liable to pay a fine or to imprisonment for a term of five years or to both,” she stated.