Financial and Corporate Service Providers Act


Published: 2000-12-29

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Financial and Corporate Service Providers Act
FINANCIAL AND CORPORATE SERVICE PROVIDERS [CH.369 – 1




LRO 1/2010 STATUTE LAW OF THE BAHAMAS

FINANCIAL AND CORPORATE SERVICE
PROVIDERS

CHAPTER 369

FINANCIAL AND CORPORATE SERVICE PROVIDERS

LIST OF AUTHORISED PAGES

1 – 18 LRO 1/2010


ARRANGEMENT OF SECTIONS


PART I
PRELIMINARY


SECTION

1. Short title.
2. Interpretation.


PART II
LICENCES


3. Requirement for licence.
4. Application for licence.
5. Fees.
6. Repealed.
7. Notification of change in particulars of licensee.
8. Display of licence.
9. Register of management companies.


PART III
TRANSFERABILITY OF SHARES AND CHANGES IN

DIRECTORS

10. Shares, etc. not to be issued or transferred without approval.


PART IV
ADMINISTRATION


11. Inspector of Financial and Corporate Services.
12. Confidentiality.

CH.369 – 2] FINANCIAL AND CORPORATE SERVICE PROVIDERS






STATUTE LAW OF THE BAHAMAS LRO 1/2010

PART V
COMPLIANCE MEASURES FOR LICENSEES


13. Duty to maintain professional conduct.
14. Obligation of a licensee to clients.
15. Keeping record of clients.
16. Suspension of licence.
17. Revocation of licence.
18. Offences.
18A. Power of Inspector to issue sanctions including fines.
19. Appeals.
20. Act not applicable to Banks and Trust Companies Regulation Act.
21. Regulations.
22. Minister may give directions.
23. Directions.
24. Transitional.

SCHEDULE — Application for a Financial and Corporate Services Licence.


FINANCIAL AND CORPORATE SERVICE PROVIDERS [CH.369 – 3




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CHAPTER 369

FINANCIAL AND CORPORATE SERVICE
PROVIDERS

An Act to provide for the licensing and regulation
of financial and corporate service providers and for
connected purposes.

[Commencement 29th December, 2000]

PART I
PRELIMINARY

1. This Act may be cited as the Financial and
Corporate Service Providers Act.

2. In this Act —
“auditor” means a public accountant licensed under

the provisions of the Public Accountants Act;
“court” means the Supreme Court;
“financial and corporate services” means the provision

of financial and corporate services for profit or
reward in or from within The Bahamas and
includes —
(a) the conduct or the carrying on of financial

services in or from The Bahamas, including
on-line financial services;

(b) the registration or management and admin-
istration of international business compa-
nies incorporated or existing under the
International Business Companies Act;

(c) the provision of registered agent services and
registered office services for companies
mentioned in paragraph (b);

(d) the provision of directors or officers for
companies mentioned in paragraph (b);

(e) the provision of nominee shareholders for
companies mentioned in paragraph (b);

(f) the provision of partners for partnerships
registered and existing under the Exempted
Limited Partnership Act; and

41 of 2000
18 of 2001
S.I. 128/2001
S.I. 36/2005
19 of 2007
35 of 2008

Short title.

Interpretation.

Ch. 364.

35 of 2008, s. 2.

S.I. 128/2001.

Ch. 309.

Ch. 312.

CH.369 – 4] FINANCIAL AND CORPORATE SERVICE PROVIDERS






STATUTE LAW OF THE BAHAMAS LRO 1/2010

(g) the provision of registered agent services
and registered office services for partner-
ships registered and existing under the
Exempted Limited Partnership Act;

“Inspector” means the Inspector of Financial and
Corporate Services appointed under section 11;

“licence” means a licence granted under subsection
(3) of section 4;

“licensee” means a person holding a licence under
this Act;

“Minister” means the Minister responsible for the
administration of this Act.

PART II
LICENCES

3. Subject to section 20 and notwithstanding any
other law or practice, no person shall carry on the business
of financial and corporate services in or from within The
Bahamas unless that person has obtained a licence under
this Act for those purposes.

4. (1) An application for a licence under this Act
shall be made to the Inspector in the form specified in the
Schedule.

(2) The Minister may by order prescribe different
types of licences subject to such terms and conditions as is
deemed necessary.

(3) The Inspector shall in granting a licence take
into account the following —

(a) whether the applicant is a fit and proper person;
(b) whether the applicant is qualified to carry out

the business of a financial and corporate service
provider;

(c) the professional reputation and experience of the
applicant;

(d) whether each officer, director or manager of the
applicant is a fit and proper person to act as
such;

Ch. 312.





S.I. 36/2005.

S.I. 128/2001.

35 of 2008, s. 2.

19 of 2007, s. 2.

Requirement for
licence.

Application for
licence.

Schedule.

FINANCIAL AND CORPORATE SERVICE PROVIDERS [CH.369 – 5




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(e) in the case of an application by a partnership,
whether each partner is a fit and proper person
to act as such; and

(f) whether the applicant, if an individual, is
resident in The Bahamas or, if a company, is
registered under the Companies Act.

(4) An appeal against a decision to refuse to grant a
licence shall be made to the Supreme Court.

(5) The Inspector shall cause notice of the grant of a
licence under this Act to be published in the Gazette.

5. (1) An application under section 4 shall be
accompanied by such fee as the Minister may by
regulations prescribe.

(2) The issue of a licence under section 4 shall be
subject to the payment of such fee as the Minister may by
regulations prescribe.

6. Repealed.
7. Where a change occurs in the particulars of a

licensee as set out in the application for the licence, the
licensee shall within thirty days, inform the Inspector of
the change.

8. A licence issued under this Act shall be
prominently displayed on the premises where the business
of financial and corporate services is carried on.

9. (1) The Inspector shall maintain a register in
which shall be entered the following particulars —

(a) the name of the licensee;
(b) the address of the licensee;
(c) the location of the registered office; and
(d) the date the licence was issued.
(2) The register shall be open to inspection by the

public.
PART III

TRANSFERABILITY OF SHARES AND CHANGES IN
DIRECTORS

10. (1) No shares in a company or partnership
licensed under this Act shall be issued, transferred or
otherwise disposed of without the prior written approval of
the Inspector.

Ch. 308.

Fees.

35 of 2008, s. 3.

Notification of
change in
particulars of
licensee.

Display of
licence.

Register of
management
companies.
S.I. 128/2001.

Shares, etc. not
to be issued or
transferred
without
approval.

CH.369 – 6] FINANCIAL AND CORPORATE SERVICE PROVIDERS






STATUTE LAW OF THE BAHAMAS LRO 1/2010

(2) No appointment of directors of a company
licensed under this Act shall be made without the prior
written approval of the Inspector.

(3) Any change of officers of a company shall be
notified to the Inspector.

PART IV
ADMINISTRATION

11. (1) The Minister shall appoint an Inspector of
Financial and Corporate Services for the purposes of
ensuring the proper administration of this Act.

(2) The Inspector shall be a body corporate with
perpetual succession and a common seal with power to
acquire, hold and dispose of land and other property of
whatever kind and to sue and be sued.

(3) The functions of the Inspector are —
(a) to maintain a general review of financial and

corporate services in The Bahamas;
(b) when an examination is deemed necessary by

the Inspector, at the expense of the licensee, to
conduct on-site and off-site examinations of the
business of the licensee for the purpose of
satisfying himself that the provisions of this Act,
the Financial Transactions Reporting Act, the
International Business Companies Act and any
other law are being complied with and in such
cases where the Inspector is unable to conduct
such examination, to appoint an auditor, at the
expense of the licensee, to conduct such
examination and to report thereon to the
Inspector.

(4) In the performance of his duties under this Act
the Inspector may at all reasonable times —

(a) require a licensee to produce for examination
such of his books, records and other documents
that the licensee is required to maintain pursuant
to section 15; and

(b) require a licensee to supply such information or
explanation,

as the Inspector may reasonably require for the purpose of
enabling him to perform his functions under this Act.

(5) The Inspector may, with the approval of the
Minister authorise in writing any person or persons to

Inspector of
Financial and
Corporate
Services.


Ch. 368.

19 of 2007, s. 3.

Ch. 309.

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assist him in the performance of his functions under this
Act.

(6) The Inspector may from time to time issue rules,
guidelines, and directives for the better management of
financial and corporate service providers licensed under
this Act.

12. (1) Subject to subsections (2) and (3), the
Inspector or any officer, employee, agent or adviser of the
Inspector who discloses any information relating to —

(a) the affairs of the Inspector;
(b) any application made to the Inspector;
(c) the affairs of a licensee; or
(d) the affairs of the client of a licensee,

that he has acquired in the course of his duties or in the
exercise of the Inspector’s functions under this or any other
law is guilty of an offence and shall be liable on summary
conviction to a fine not exceeding fifty thousand dollars or
to imprisonment for a term not exceeding three years.

(2) Subsection (1) shall not apply to a disclosure —
(a) lawfully required or permitted by any court of

competent jurisdiction within The Bahamas;
(b) for the purpose of assisting the Inspector to

exercise any functions conferred on him by this
Act, by any other Act or by regulations made
thereunder;

(c) in respect of the affairs of a licensee or of a
client of a licensee, with the consent of the
licensee or client, as the case may be, which
consent has been voluntarily given;

(d) where the information disclosed is or has been
available to the public from any other source;

(e) where the information disclosed is in a manner
that does not enable the identity of any licensee
or of any client of a licensee to which the
information relates to be ascertained;

(f) to a person with a view to the institution of, or
for the purpose of —

(i) criminal proceedings;
(ii) disciplinary proceedings, whether within

or outside The Bahamas, relating to the
exercise by a counsel and attorney,
auditor, accountant, valuer or actuary of
his professional duties;

35 of 2008, s. 4.

Confidentiality.
18 of 2001. s. 3.


CH.369 – 8] FINANCIAL AND CORPORATE SERVICE PROVIDERS






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(iii) disciplinary proceedings relating to the
discharge by a public officer, or a member
or employee of the Inspector of his duties;
or

(g) in any legal proceedings in connection with —
(i) the winding-up or dissolution of a licensee;

or
(ii) the appointment or duties of a receiver of a

licensee.
(3) Subject to subsection (6), the Inspector may

disclose to an overseas regulatory authority information
necessary to enable that authority to exercise regulatory
functions including the conduct of civil or administrative
investigations and proceedings to enforce laws, regulations
and rules administered by that authority.

(4) In deciding whether or not to exercise its power
under subsection (3), the Inspector may take into
account —

(a) whether the inquiries relate to the possible
breach of a law or other requirement which has
no close parallel in The Bahamas or involve the
assertion of a jurisdiction not recognised by The
Bahamas; and

(b) the seriousness of the matter to which the
inquiries relate and the importance to the
inquiries of the information sought in The
Bahamas.

(5) The Inspector may decline to exercise his power
under subsection (3) unless the overseas regulatory
authority undertakes to make such contribution towards the
cost of the exercise as the Inspector considers
appropriate.

(6) Nothing in subsection (3) authorises a disclosure
by the Inspector unless —

(a) the Inspector has satisfied himself that the
intended recipient authority is subject to
adequate legal restrictions on further disclosures
which shall include the provision of an
undertaking of confidentiality; or

(b) the Inspector has been given an undertaking by
the recipient authority not to disclose the
information provided without the consent of the
Inspector; and

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(c) the Inspector is satisfied that the assistance
requested by the overseas regulatory authority is
required for the purposes of the overseas
regulatory authority’s regulatory functions
including the conduct of civil or administrative
investigations or proceedings to enforce laws,
regulations and rules administered by that
authority; and

(d) the Inspector is satisfied that information
provided following the exercise of his power
under subsection (3) will not be used in criminal
proceedings against the person providing the
information.

(7) Where in the opinion of the Inspector it appears
necessary in relation to any request for assistance received
from an overseas regulatory authority to invoke the
jurisdiction of a Stipendiary and Circuit Magistrate in
obtaining information requested by the overseas regulatory
authority, the Inspector shall immediately notify the
Attorney-General with particulars of the request, and shall
send him copies of all documents relating to the request,
and the Attorney-General shall be entitled, in a manner
analogous to amicus curiae, to appear or take part in any
proceedings in The Bahamas, or in any appeal from such
proceedings, arising directly or indirectly from any such
request.

(8) The Inspector may cooperate with any other
regulatory authority in The Bahamas, including, by sharing
information that he has acquired in the course of his duties
or in the exercise of his functions under this or any other
law where he considers such cooperation or information
may be relevant to the functions of such other regulatory
authority, or as a necessary part of a framework for
consolidated supervision, oversight or regulation of the
financial services sector.

(9) In this section —
“overseas regulatory authority” means an authority

which in a country or territory outside The
Bahamas exercises functions corresponding to
any functions of the Inspector.



19 of 2007, s. 4.

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PART V
COMPLIANCE MEASURES FOR LICENSEES

13. (1) Every licensee shall —
(a) maintain a high standard of professional conduct

in the performance of his duties as a licensee; and
(b) refrain from engaging himself or any of his

employees in any illegal or improper conduct.
(2) No licensee shall indulge in any activity,

whether within or outside The Bahamas, that may reflect
adversely on other service managers or the reputation of
The Bahamas as an international financial centre.

14. (1) Where any request is made to a licensee by a
client to provide financial or corporate services, the
licensee shall verify the identity of the client.

(2) A licensee shall obtain from each client who
instructs him —

(a) details of the client’s principal place of business,
business address, telephone, facsimile numbers
and electronic address of the principals or
professionals concerned with the client;

(b) sufficient references to provide an adequate
indication on the reputation and standing of the
client.

(3) A licensee shall keep a record in respect of each
client, including the name and address of the beneficial
owners of all international business companies incorpo-
rated and or existing under the International Business
Companies Act, and the name and address of all partners
registered under the Exempted Limited Partnership Act on
behalf of the client and any information obtained under
subsection (1).

(4) Subject to subsection (5) and to any directions or
guidance issued by the Inspector, the following shall be
exempt from the provisions of subsections (2)(b) and (3)


(a) a financial institution as defined in section 2 (1)
of the Financial Transactions Reporting Act and
which is subject to regulation through a
licensing process, but only where such financial
institution is instructing a licensee on behalf of
its client;



Duty to maintain
professional
conduct.

Obligation of a
licensee to
clients.

35 of 2008, s. 5.

35 of 2008, s. 5.

Ch. 309.

Ch. 312.

35 of 2008, s. 5.
18 of 2001,
s. 4.

35 of 2008, s. 5.
Ch. 368.

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(b) a foreign financial institution as defined in
section 2(1) of the Financial Transactions
Reporting Act which is subject to regulation
through a licensing process, but only where such
financial institution is instructing a licensee on
behalf of its client;

(c) a publicly traded company or mutual fund listed
on The Bahamas International Stock Exchange
or any other Stock Exchange prescribed by
regulations made under the Financial
Transactions Reporting Act and approved by the
Securities Commission of The Bahamas;

(d) a regulated mutual fund as defined in section
2(1) of the Mutual Funds Act or a regulated
mutual fund located in a country specified in the
First Schedule to the Financial Transactions
Reporting Act and regulated by a body having
equivalent regulatory and supervisory responsi-
bilities to the Securities Commission of The
Bahamas.

(5) The Minister may by order as the Minister deems
appropriate in the circumstances —

(a) add to the list of exempted categories of
financial institutions set out in subsection (4);
and

(b) attach conditions to an exempted category.
(6) Where the service provided to a client is for any

reason discontinued, the record kept in his case pursuant to
subsection (2) shall continue to be maintained for a period
of not less than six years from the date of discontinuation.

15. In addition to the requirement of section 13(2), a
licensee shall maintain adequate information on a file
about each client so as to enable the licensee to fulfil the
obligations under the Act and any rules and regulations
made thereunder and any other law.

16. (1) Where the Inspector is of the opinion that a
licensee is —

(a) acting contrary to section 10 or fails to provide
access to any document under section 11(4) or
fails to obtain any information for the purposes
of section 14; or

(b) in contravention of this Act or any other law,

Ch. 368.

Ch. 368.

Ch. 366.

Ch. 368.

35 of 2008, s. 5.

18 of 2001, s. 4.
35 of 2008, s. 5.

Keeping record
of clients.

Suspension of
licence.

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the Inspector may require him forthwith to take such steps
as may be necessary to rectify the matter, and may
forthwith suspend the licence.

(2) A suspension shall not exceed a period of thirty
days unless extended from time to time by an order of the
court on application of the Inspector on the grounds that it
is in the public interest that the suspension continue and
specifying the duration of such period of further
suspension, which shall not itself exceed sixty days each at
any one time.

17. (1) The Inspector may by order, revoke the
licence of a licensee —

(a) if the Inspector is of the opinion that the licensee
is carrying on his business in a manner
detrimental to the public interest, the interest of
the companies managed by him or to the
reputation of The Bahamas;

(b) if the licensee has ceased to carry on financial
and corporate services; or

(c) if the licensee becomes bankrupt or goes into
liquidation or is wound up or otherwise
dissolved.

(2) An appeal under this section shall not operate as
a suspension of the revocation.

18. (1) Any person who carries on the business of
financial and corporate services in or from within The
Bahamas without obtaining a licence under this Act
commits an offence and is liable on summary conviction to
a fine of seventy-five thousand dollars and where the
offence continues subsequent to conviction that person is
liable to a fine of one thousand dollars for each day the
offence continues.

(2) Subject to subsection (1), a person who with
intent to deceive, by any act or omission contravenes any
provision or requirement of this Act, commits an offence
and is liable on summary conviction to a fine of one
hundred thousand dollars.

(3) Any licensee who advertises inviting either
directly or indirectly other parties to commit breaches of
the law of the country in which such advertisement appears
or to which such advertisement is directed, commits an
offence and is liable on summary conviction to a fine of
fifty thousand dollars.

Revocation of
licence.
S.I. 128/2001.

Offences.

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(4) Any person who with intent to deceive, for any
purposes of this Act makes any representation that he
knows to be false or does not believe to be true, commits
an offence and is liable on summary conviction to a fine of
one hundred thousand dollars.

(5) Where a limited liability company is convicted
of an offence under subsection (3), every director and
every officer concerned with the management of the
company is also liable to be convicted for that offence
unless he satisfies the court that the offence was committed
without his knowledge or consent or that he took all
reasonable steps to prevent the commission of the offence.

(6) Any person who —
(a) assaults or obstructs the Inspector or other

person in the performance of his functions under
this section;

(b) contravenes any provision of this Act for which
no punishment is specially provided,

commits an offence and is liable on summary conviction to
a fine of ten thousand dollars.

(7) Any licensee who fails to comply with section
14(3) commits an offence and is liable on summary
conviction to a fine of fifty thousand dollars.

18A. (1) Notwithstanding section 18 or any other
provision of this Act, where the Inspector is satisfied that a
licensee has —

(a) violated any rules, directives or guidelines
issued pursuant to section 11;

(b) violated any codes of practice issued by the
Compliance Commission pursuant to section 47
of the Financial Transactions Reporting Act;

(c) violated any guidelines issued by the Financial
Intelligence Unit pursuant to section 15 of the
Financial Intelligence Unit Act;

(d) committed an offence under this Act; or
(e) committed an offence under any other Act

dealing with the regulation of financial services
in The Bahamas,

the Inspector may by order impose a penalty on the
licensee which may include one or more of the
following —

(i) a public reprimand;

Power of
Inspector to issue
sanctions
including fines.
35 of 2008, s. 6.

Ch. 368.

Ch. 367.

CH.369 – 14] FINANCIAL AND CORPORATE SERVICE PROVIDERS






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(ii) a ban on carrying on certain operations;
(iii) the temporary suspension of a manager;
(iv) the removal of a director, responsible

officer, or other senior manager;
(v) the imposition of conditions on a licence;

and
(vi) an order for the licensee to pay a maximum

fine not exceeding the amounts set out in
section 18.

(2) Where the Inspector makes an order pursuant to
subsection (1) —

(a) the order shall be put into writing;
(b) the order shall specify the offence which the

licensee committed and the penalty imposed by
the Inspector;

(c) a copy of the order shall be given to the licensee;
(d) upon payment by the licensee of a fine as

ordered, the licensee shall not be liable to any
further prosecution in respect of the offence and
where any further prosecution is brought it shall
be a good defence for the licensee to prove that
the offence with which it is charged has been
dealt with under this section; and

(e) the order may be enforced in the same manner
as an order of the court.

19. (1) An appeal lies to the Supreme Court from
any decision of the Inspector —

(a) revoking a licence under subsection (1) of section
17; or

(b) suspending a licence under subsection (1) of
section 16;

(c) imposing a penalty on the licensee under
subsection (1) of section 18A.

(2) An appeal against the decision of the Inspector
shall be by motion.

(3) The following procedure applies to appeals from
the Inspector —

(a) the appellant within twenty-one days after the
day on which the Inspector has given his
decision shall serve a notice in writing, signed
by the appellant or his attorney, on the Attorney-
General of his intention to appeal and of the

Appeals.

35 of 2008, s. 7.

FINANCIAL AND CORPORATE SERVICE PROVIDERS [CH.369 – 15




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general grounds of his appeal, except that any
person aggrieved by a decision of the Inspector
may upon serving notice on the Attorney-
General apply to the court within fourteen days
after the day on which the Inspector has given
his decision for leave to extend the time within
which notice of appeal prescribed by this section
may be served, and the court upon hearing the
application may extend the time prescribed by
this section as it deems fit;

(b) the Attorney-General shall within twenty-one
days of receiving the notice of appeal obtain a
copy of the Inspector’s decision and transmit to
the Registrar of the Supreme Court without
delay a copy thereof together with all papers
relating to the appeal, except that the Inspector
is not compelled to disclose any information if
he considers that the public interest would suffer
by such disclosure and a certificate given by the
Inspector under the Public Seal is conclusive
that disclosure is not in the public interest;

(c) the Registrar of the Supreme Court shall set
down the appeal for hearing on such day as is
convenient, and shall cause notice of the hearing
to be published, in such manner as, the court
may direct; and

(d) the court may adjourn the hearing of any appeal
and may, upon the hearing thereof, confirm,
reverse, vary or modify the decision of the
Inspector or remit the matter with the opinion of
the court thereon to the Inspector.

(4) An appeal against a decision of the Inspector
shall not operate as a suspension of the decision of the
Inspector.

20. This Act does not apply to a company licensed
under the Banks and Trust Companies Regulation Act.

21. The Minister may make regulations generally
for carrying out the purpose and provisions of this Act into
effect, and specifically —

(a) prescribing anything by this Act authorized or
required to be prescribed; and

Ch. 316.

Act not
applicable to
Banks and Trust
Companies
Regulation Act.

Regulations.

CH.369 – 16] FINANCIAL AND CORPORATE SERVICE PROVIDERS






STATUTE LAW OF THE BAHAMAS LRO 1/2010

(b) exempting any person or business, or class of
persons or business, from any provision of this
Act.

22. The Minister may give to the Inspector
directions of a general or of a specific nature as to the
policy to be followed by the Inspector in the carrying out
or pursuit of his functions as appear to the Minister
requisite in the public interest and the Inspector shall give
effect to any such directions.

23. Without limiting or affecting section 21, the
Minister may, from time to time, issue by publication in
the Gazette, directions in relation to the inspection and
such matters as he may think fit and appropriate and failure
by any licensee to comply with the directions shall be
taken into consideration when any action is proposed to be
taken under section 16 or 17.

24. A person who at the date of the commencement
of this Act is lawfully permitted to carry on the business of
financial and corporate services including registered agents
shall make an application within three months from the
coming into force of this Act for a licence under this Act.

Minister may
give directions.

Directions.

Transitional.

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SCHEDULE
(Section 4(1))

APPLICATION FOR A FINANCIAL AND CORPORATE
SERVICES LICENCE

1. Name of applicant
_____________________________________________
2. Address of principal office of applicant and, in the case

of a company, its registered office
_____________________________________________
_____________________________________________
______________________________________________

______________________________________________
_____________________________________________
3. In the case of a company, the names, addresses and

nationalities of all directors
_____________________________________________
_____________________________________________
______________________________________________

______________________________________________
_____________________________________________
_____________________________________________
______________________________________________

_____________________________________________
4. In the case of a company, the names, addresses and

nationalities of all shareholders
_____________________________________________
_____________________________________________
_____________________________________________
_____________________________________________
_____________________________________________
_____________________________________________
5. In the case of a company, the names, addresses and

nationalities of the beneficial owners of the company
_____________________________________________
_____________________________________________
_____________________________________________
_____________________________________________
_____________________________________________


CH.369 – 18] FINANCIAL AND CORPORATE SERVICE PROVIDERS






STATUTE LAW OF THE BAHAMAS LRO 1/2010


6. In the case of a partnership, the names and addresses of all

partners
_______________________________________________
_______________________________________________
_______________________________________________
_______________________________________________
7. In the case of a company, the names and addresses of all

officers and managers
_______________________________________________
_______________________________________________
_______________________________________________
_______________________________________________
8. Names and addresses of attorneys, if any, for the applicant,

together with a letter from the attorneys confirming that
they act for the applicant

_______________________________________________
_______________________________________________
_______________________________________________
9. In the case of a company, the name and address of the

registered office in The Bahamas upon which any required
notices may be served

_______________________________________________
_______________________________________________
10. In the case of a company —
(a) a certified copy of a certificate of incorporation;
(b) a certified copy of Memorandum and Articles of

Association; and
(c) a certificate of good standing.
11. A detailed resumé, two character references in writing, one

financial reference from a bank or trust company registered
under the Banks and Trust Companies Regulation Act, or
registered in a country specified in the First Schedule to the
Financial Transactions Reporting Act, a police certificate
for the previous five years in respect of each shareholder,
beneficial owner, officer and director.

12. Status for the purposes of the Exchange Control
Regulations Act and any regulations made thereunder and
in force at the date of the application.

13. A detailed overview/summary of internal control procedures
to be put in place.



18 of 2001, s. 5.

Ch. 316

Ch. 368

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