Bahamas Legislation - CESRA Enactment update

On 1 September 2023, the Commercial Entities (Substance Requirements) Act, 2023 (“CESRA 2023” or “Act”) was enacted in The Bahamas. CESRA 2018 was amended to ensure The Bahamas’ obligations and reporting framework is consistent with international standards and best practices. It is anticipated that Guidance for CESRA 2023, will be released during the week of September 4th .

In addition to the amended Act and Guidance, the former economic substance reporting portal was decommissioned on September 1 and is expected to be replaced by a new economic substance reporting portal to be launched on September 8, 2023. The portal can be accessed through Bahamas BOSS Registered Agent portal.

A significant change to CESRA is that Registered Agents are now required to report on behalf of the entities they manage. Where entities are without an appointed registered agent, they will be required to report directly to the Compliance Commission who will act as the reporting agent to the Competent Authority.

PricewaterhouseCoopers (Bahamas) Limited provides Registered Agent services to Bahamas IBCs and Domestic Companies across industries. Let us know how we may be of assistance to you as you explore business solutions.