Companies have rushed and continue to rush to meet today’s deadline to be registered under the Commercial Entities (Substance Requirements) Act, 2018 (CESRA), noted Bahamas Chamber of Commerce and Employers Confederation (BCCEC) Chairperson Khrystle Rutherford-Ferguson, adding that COVID-19 had likely thrown off the focus of company owners who face penalties under the act if their companies are not registered by January 1, 2021.
Rutherford-Ferguson said the BCCEC moved to release as much information as possible on registering under CESRA to the business community, when it learned that many businesses had simply gotten side-tracked about it.
“So many persons have been focused on COVID-19, that when the discussion came around again, it was already the end of the year,” said Rutherford-Ferguson.
“Companies this year have been focused on how to minimize the impact of COVID-19, how to continue in their operations and how to make sure that they keep as much of their staff employed as possible, so that’s really where the focus has been.”
She said the BCCEC released a frequently asked questions sheet in order to make it easier for the business community to become compliant before today.
One of the BCCEC’s correspondences to the business community explained: “The Ministry of Finance wishes to remind the public that the 2019 reporting period for all entities under the Commercial Entities (Substance Requirements) Act, 2018 expires on December 31, 2020.
“All entities incorporated, registered or continued under the Companies Act, International Business Companies Act, Partnership Act, Partnership Limited Liability Act and the Exempted Limited Partnership Act must ensure that they have submitted the relevant economic substance reporting form via the Economic Substance Reporting Portal before January 1st, 2021.
“Below you will find FAQs on the Commercial Entities (Substance Requirements) Act 2018. Please note that these FAQs are provided for informational purposes only to members of the Bahamas Chamber of Commerce and Employers Confederation. These FAQs do not address all of the provisions of CESRA and do not constitute legal advice.
“You should consult with your professional advisors if you have any questions regarding the treatment of your entity under CESRA.
“Should you have any questions on the legislative provisions of CESRA, or the substance reporting process, you should contact the competent authority at competentauthorityMOF@bahamas.gov.bs.”
According to Rutherford-Ferguson, the Grand Bahama Chamber of Commerce held a webinar to ensure businesses were prepared to comply with CESRA.
“There are some concerns in making sure companies are registered on time,” she said.
“The legislation does come with certain penalties as a consequence of not being registered on time.”
The post Companies rush to be compliant with CESRA appeared first on The Nassau Guardian.
source https://thenassauguardian.com/companies-rush-to-be-compliant-with-cesra/
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