Designation of Legal Entities

Published: Wednesday November 11th, 2020

EXCHANGE CONTROL DEPARTMENT

Designation of Legal Entities

Companies

1. A copy of the company’s Certificate of Incorporation/Registration; and

2. A copy of the Bahamas Investment Authority’s approval of the company’s activities and non-Bahamian shareholders.

Individual Shareholders

1. A copy of the relevant pages of the passport for each shareholder; and

2. Documentation to confirm the Bahamas immigration status, if applicable, for each shareholder.

Corporate Shareholders

1. A copy of the corporate shareholder’s Certificate of Incorporation/Registration;

2. A copy of the relevant pages of the passport for the company’s shareholders and ultimate beneficial owners (if different); and

3. Documentation to confirm the Bahamas immigration status, if any, for each shareholder and ultimate beneficial owner (if different).

Partnerships (whether seeking designation or a shareholder in entity being designated)

1. A copy of the partnership’s Certificate of Formation;

2. A copy of the relevant pages of the passport for each partner; and

3. Documentation to confirm each partner’s Bahamas immigration status, if applicable.

Trusts (whether seeking designation or a shareholder in entity being designated)

1. A copy of the trust formation document;

2. A copy of the relevant pages of the passport for each settlor, trustee and beneficiary;

3. documentation to confirm the Bahamas immigration status, if any, for each settlor, trustee and beneficiary;

4. Documentation to confirm that the corporate trustee is a regulated entity (required for professional corporate trustees – other than Central Bank licensees), if applicable; and

5. A copy of the Certificate of Incorporation (corporate beneficiary).

Other Entities (whether seeking designation or a shareholder in entity being designated)

1. A copy of the entity’s formation document;

2. A copy of the relevant pages of the passport for the entity’s owner(s); and

3. Documentation to confirm the Bahamas immigration status for the entity’s owner(s), if applicable.

Loan Financing

1. A copy of the loan agreement; and

2. A copy of the Bahamas Investment Authority’s approval for any local assets to be pledged as security to a foreign lender, if applicable.

Loan Financing: Individual Lender

1. A copy of the relevant pages of the lender’s passport;

2. Documentation to confirm the lender’s Bahamas immigration status, if applicable; and

3. A copy of a financial reference letter evidencing the proposed lender’s ability to extend the loan facility.

Loan Financing: Unregulated Corporate Lender

1. A copy of the Certificate of Incorporation/Registration;

2. A copy of the proposed lender’s most recent audited financial statements; and

3. A copy of the offering document/prospectus for any proposed debenture.

Foreign Contractors

1. A copy of the work contract/agreement;

2. A copy of the foreign contractor’s local business licence; and

3. A copy of any other government licence(s) required with respect to the contracted works.

Foreign Contractors: Work to be performed for an Individual

1. A copy of the relevant pages of the passport of the individual for whom work will be performed; and

2. Documentation to confirm the Bahamas immigration status, if any, for the individual contractee.

Foreign Contractors: Worked to be performed for a Corporate Entity

1. A copy of the Certificate of Incorporation/Registration;

2. A copy of the relevant pages of the passport for each of the entity’s shareholders; and

3. Documentation to confirm the Bahamas immigration status, if any, for each shareholder.

Local Capital Assets - Shares:

1. A copy of the share register or share certificates indicating entity as shareholder

Local Capital Assets – Real Estate

1. A copy of the recorded conveyance in the entity’s favour; and

2. A copy of the Bahamas Investments Board Permit/Certificate of Registration in the entity’s favour.

Purchase/Lease of Local Real Estate

1. A copy of the sales/lease agreement;

2. A copy of the Bahamas Investments Board Permit/Certificate of Registration in the entity’s favour;

3. A copy of the recorded conveyance in favour of the vendor/lessor; and

4. A copy of the Bahamas Investments Board Permit/Certificate of Registration the vendor/lessor’s favour.

Purchase/Lease of Local Real Estate (Individual Vendor/Lessor)

1. A copy of the relevant pages of the individual’s passport; and

2. Documentation to confirm the vendor/lessor’s Bahamas immigration status, if applicable.

Purchase/Lease of Local Real Estate (Corporate Vendor/Lessor)

1. A copy of the entity’s Certificate of Incorporation/Registration;

2. A copy of the relevant pages of the passport for each shareholder; and

3. Documentation to confirm the Bahamas immigration status, if any, for each shareholder.