{"id":461,"date":"2024-07-06T16:14:27","date_gmt":"2024-07-06T16:14:27","guid":{"rendered":"https:\/\/cedsto3.dreamhosters.com\/mbh\/register-of-beneficial-ownership-act-2018\/"},"modified":"2024-07-07T15:59:30","modified_gmt":"2024-07-07T15:59:30","slug":"register-of-beneficial-ownership-act-2018","status":"publish","type":"post","link":"https:\/\/cedsto3.dreamhosters.com\/mbh\/register-of-beneficial-ownership-act-2018\/","title":{"rendered":"Register of Beneficial Ownership Act, 2018"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lybqo1l1-d65ebaaf62365050369445109e0fcaf2\">\n.avia-section.av-lybqo1l1-d65ebaaf62365050369445109e0fcaf2{\nbackground-color:#3d3d3d;\nbackground-image:url(https:\/\/cedsto3.dreamhosters.com\/mbh\/wp-content\/uploads\/2024\/07\/corporate-services-bg-2.jpg);\nbackground-repeat:no-repeat;\nbackground-position:50% 0%;\nbackground-attachment:scroll;\n}\n<\/style>\n<div id='av_section_1'  class='avia-section av-lybqo1l1-d65ebaaf62365050369445109e0fcaf2 main_color avia-section-no-padding avia-no-border-styling  avia-builder-el-0  el_before_av_section  avia-builder-el-first  avia-full-stretch avia-bg-style-scroll av-minimum-height av-minimum-height-60 av-height-percent  container_wrap fullsize'  data-section-bg-repeat='stretch' data-av_minimum_height_pc='60' data-av_min_height_opt='percent'><div class='container av-section-cont-open' ><main  role=\"main\" itemprop=\"mainContentOfPage\"  class='template-page content  av-content-full alpha units'><div class='post-entry post-entry-type-page post-entry-461'><div class='entry-content-wrapper clearfix'>\n<div class='flex_column_table av-av_three_fifth-b1ac823ad80d104edd5272d6a6b85521 sc-av_three_fifth av-equal-height-column-flextable'><div  class='flex_column av-av_three_fifth-b1ac823ad80d104edd5272d6a6b85521 av_three_fifth  avia-builder-el-1  el_before_av_two_fifth  avia-builder-el-first  first flex_column_table_cell av-equal-height-column av-align-bottom  '     ><style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lybqmvhz-305072b23700601906ff3d3352818df8\">\n#top .av-special-heading.av-lybqmvhz-305072b23700601906ff3d3352818df8{\npadding-bottom:10px;\ncolor:#ffffff;\nfont-size:42px;\n}\nbody .av-special-heading.av-lybqmvhz-305072b23700601906ff3d3352818df8 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-lybqmvhz-305072b23700601906ff3d3352818df8 .av-special-heading-tag{\nfont-size:42px;\n}\n.av-special-heading.av-lybqmvhz-305072b23700601906ff3d3352818df8 .special-heading-inner-border{\nborder-color:#ffffff;\n}\n.av-special-heading.av-lybqmvhz-305072b23700601906ff3d3352818df8 .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-lybqmvhz-305072b23700601906ff3d3352818df8 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-lybqmvhz-305072b23700601906ff3d3352818df8 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-lybqmvhz-305072b23700601906ff3d3352818df8 av-special-heading-h1 custom-color-heading blockquote modern-quote  avia-builder-el-2  avia-builder-el-no-sibling  av-inherit-size'><h1 class='av-special-heading-tag'  itemprop=\"headline\"  >Legal Update<\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><\/div><div class='av-flex-placeholder'><\/div><div  class='flex_column av-av_two_fifth-ae2cd6b1f49e83f5dbcce51aa112b1d0 av_two_fifth  avia-builder-el-3  el_after_av_three_fifth  avia-builder-el-last  flex_column_table_cell av-equal-height-column av-align-bottom  '     ><\/div><\/div><!--close column table wrapper. Autoclose: 1 --><\/div><\/div><\/main><!-- close content main element --><\/div><\/div><div id='av_section_2'  class='avia-section av-av_section-7af9a1a620ce4f39c9b9e05e20762bd9 main_color avia-section-default avia-no-border-styling  avia-builder-el-4  el_after_av_section  el_before_av_section  avia-bg-style-scroll container_wrap fullsize'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-full alpha units'><div class='post-entry post-entry-type-page post-entry-461'><div class='entry-content-wrapper clearfix'>\n<div class='flex_column_table av-av_four_fifth-8a58639afa400a410e48c8abf84368e2 sc-av_four_fifth av-equal-height-column-flextable'>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_four_fifth-8a58639afa400a410e48c8abf84368e2\">\n.flex_column.av-av_four_fifth-8a58639afa400a410e48c8abf84368e2{\nbackground-color:#ffffff;\n}\n<\/style>\n<div  class='flex_column av-av_four_fifth-8a58639afa400a410e48c8abf84368e2 av_four_fifth  avia-builder-el-5  el_before_av_three_fourth  avia-builder-el-first  first flex_column_table_cell av-equal-height-column av-align-bottom  '     ><p><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_hr-3a876428eececa9d35452247ddb053af\">\n#top .hr.hr-invisible.av-av_hr-3a876428eececa9d35452247ddb053af{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-av_hr-3a876428eececa9d35452247ddb053af hr-invisible  avia-builder-el-7  el_after_av_codeblock  avia-builder-el-last '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div><\/p><\/div><\/div><!--close column table wrapper. Autoclose: 1 --><div class='flex_column_table av-av_three_fourth-8a58639afa400a410e48c8abf84368e2 sc-av_three_fourth av-equal-height-column-flextable'>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_three_fourth-8a58639afa400a410e48c8abf84368e2\">\n.flex_column.av-av_three_fourth-8a58639afa400a410e48c8abf84368e2{\nbackground-color:#ffffff;\n}\n<\/style>\n<div  class='flex_column av-av_three_fourth-8a58639afa400a410e48c8abf84368e2 av_three_fourth  avia-builder-el-8  el_after_av_four_fifth  el_before_av_one_fourth  first flex_column_table_cell av-equal-height-column av-align-bottom  '     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lybqn24b-824486eeda1bdf46d58dc73f46ee1b89\">\n#top .av-special-heading.av-lybqn24b-824486eeda1bdf46d58dc73f46ee1b89{\npadding-bottom:10px;\ncolor:#020202;\nfont-size:38px;\n}\nbody .av-special-heading.av-lybqn24b-824486eeda1bdf46d58dc73f46ee1b89 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-lybqn24b-824486eeda1bdf46d58dc73f46ee1b89 .av-special-heading-tag{\nfont-size:38px;\n}\n.av-special-heading.av-lybqn24b-824486eeda1bdf46d58dc73f46ee1b89 .special-heading-inner-border{\nborder-color:#020202;\n}\n.av-special-heading.av-lybqn24b-824486eeda1bdf46d58dc73f46ee1b89 .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-lybqn24b-824486eeda1bdf46d58dc73f46ee1b89 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-lybqn24b-824486eeda1bdf46d58dc73f46ee1b89 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-lybqn24b-824486eeda1bdf46d58dc73f46ee1b89 av-special-heading-h1 custom-color-heading blockquote modern-quote  avia-builder-el-9  el_before_av_textblock  avia-builder-el-first  av-inherit-size'><h1 class='av-special-heading-tag'  itemprop=\"headline\"  >Register of Beneficial Ownership Act, 2018<\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n<section  class='av_textblock_section av-lybqnot8-3f35a1c0279e814489522a9d0ceeb98b '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p>The Register of Beneficial Ownership Act (the \u201cAct\u201d) came into force on the 20 December, 2018. The Act provides for the Competent Authority to establish a secure system to enable each Registered Agent to maintain a database of required particulars on the beneficial owner(s) of a legal entity for which it has responsibility.<\/p>\n<p>A legal entity is defined as an entity incorporated, registered, continued or otherwise established in accordance with the Companies Act or the International Business Companies Act.<\/p>\n<p>The secure system will only be accessible by a designated person from a designated secured location within The Bahamas. The database will be subject to search by either the name of an individual or the name of a legal entity, and the fact that a search has been requested\/made will not be communicated to any person except in accordance with the Act.<\/p>\n<p>The following information will be kept in the database:<\/p>\n<p>a) <strong>With respect to the legal entity:<\/strong><br \/>\nThe name, incorporation number, date of incorporation, status, registered address and any other particulars as the Minister may by Order specify.<\/p>\n<p>b) <strong>With respect to each beneficial owner of the legal entity:<\/strong><br \/>\nThe full legal name, residential address and address for the service of notices, country of ordinary residence or domicile, date of birth and nationality, and information identifying the person from their passport, driver\u2019s license or other government-issued document.<\/p>\n<p>c) <strong>With respect to each registrable legal entity of the legal entity:<\/strong><br \/>\nThe details of the registerable legal entity; the jurisdiction in which the registrable legal entity is formed; the basis upon which the legal entity is designated as a registrable legal entity; where the registrable legal entity is a foreign regulated person, the name of the jurisdiction of regulation and the name of the foreign regulator; where the registrable legal entity is a foreign state or a wholly-owned subsidiary of a foreign state, the name of that foreign state and\/or wholly-owned subsidiary.<\/p>\n<p>d) <strong>With respect to an exempt person:<\/strong><br \/>\nThe details of the exempt person and the basis upon which the exempt person is designated as an exempt person.<\/p>\n<p><strong>Who can request a search:<\/strong><br \/>\nThe Register of Beneficial Ownership is not accessible to the public. Only a designated officer of a regulatory authority may request a search. Regulatory authorities in the Bahamas include:<\/p>\n<p>\u2013 The Office of the Attorney General<br \/>\n\u2013 The Financial Intelligence Unit<br \/>\n\u2013 The Central Bank of The Bahamas<br \/>\n\u2013 The Compliance Commission<br \/>\n\u2013 The Securities Commission<\/p>\n<p>The Registered Agent is required to keep the information maintained in the database for five years after the legal entity has been dissolved, ceases to be a legal entity or the Registered Agent ceases to be the Registered Agent of the legal entity.<\/p>\n<\/div><\/section><\/p><\/div><div class='av-flex-placeholder'><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_one_fourth-b9b2a0bc9aa2512cefc5e0e7e7441cc9\">\n.flex_column.av-av_one_fourth-b9b2a0bc9aa2512cefc5e0e7e7441cc9{\nbackground-color:#ffffff;\n}\n<\/style>\n<div  class='flex_column av-av_one_fourth-b9b2a0bc9aa2512cefc5e0e7e7441cc9 av_one_fourth  avia-builder-el-11  el_after_av_three_fourth  avia-builder-el-last  flex_column_table_cell av-equal-height-column av-align-bottom  '     ><\/div><\/div><!--close column table wrapper. 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