Bahamas Government releases guidelines on Substance Requirements Act
The Government issued guidelines to the financial services industry today for the Commercial Entities (Substance Requirements) Act, 2018. These guidelines provide specific details on provisions of the new law, including important aspects around outsourcing and substance requirements for holding companies.
“We know the industry was anxiously awaiting these guidelines. Now that they have been released, all of our core stakeholder will have a clear sense of the framework to fully comply with the legislation. These guidelines were drafted with wide input of industry stakeholders, who we would like to thank for engaging with the Government over the past months,” said K. Peter Turnquest, Deputy Prime Minister and Minister of Finance.
“This collaborative effort is critical to our ongoing work to safeguard the industry and to ensure our global competitiveness,” said Minister Turnquest.
For a copy of the Substance Requirements Act Guidelines click here.