Закон страна: Багамы; язык закона: Английский
Commercial Entities (Substance Requirements) Act, 2018
Закон о коммерческих предприятиях (требования по экономическому присутствию) на Багамских островах, 2018
Оригинал закона
Аннотация
A BILL FOR AN ACT TO PROVIDE FOR SUBSTANTIAL ECONOMIC PRESENCE AND ANNUAL REPORTING OF A COMMERCIAL ENTITY CARRYING ON RELEVANT ACTIVITIES IN THE BAHAMAS AND FOR CONNECTED PURPOSES
Enacted by the Parliament of the Bahamas
PART 1 – PRELIMINARY
1.Short title and commencement.
- (1) This Act may be cited as the Commercial Entities (Substance Requirements) Act, 2018.
- (2) This Act shall come into force on such date as the Minister may appoint by Notice published in the Gazette.
2. Interpretation
In this Act –
- “Authority” – means the Minister of Finance as Competent Authority under the Automatic Exchange of Financial Account Information, Act, 2016 (№ 37 of 2016);
- “commercial entity” is an entity incorporated, registered or continued under the –
- (a) Companies Act (Ch. 308); or
- International Business Companies Act (Ch. 309), but does not include an entity under paragraphs (a) and (h) which –
- (i) is resident owned The Bahamas; and
- (ii) conducts its core income generating activities within The Bahamas;
- “fiscal year” means an annual accounting period with respect to which the included entity prepares its financial statements;
- “included entity” means an entity which –
- (a) is a commercial entity;
- (b) is engaged in relevant activities;
- (c) generates revenue from relevant activities;
- “resident owned” means a commercial entity beneficially owned by a natural person treated as resident for exchange control purpose.
PART II – SUBSTANCE REQUIREMENTS
3. Requirements to meet substantial economic presence.
- (1) An included entity must have substantial economic presence in The Bahamas.
- (2) In order to satisfy the requirement under subsection (1), an included entity shall satisfy the requirement of section 5 and 7.
4. Meaning of relevant activities.
For the purpose of this Act, a commercial entity is engaged in a relevant activity if that entity carries out any of the following activities in or from within The Bahamas, namely –
- banking business;
- insurance business;
- fund management business;
- financing and leasing business;
- headquarters business;
- distribution and service centres business;
- shipping business;
- commercial use of intellectual property; or
- as a holding company engaged, or where one or more of its subsidiaries is engaged, in any of the activities listed under paragraphs (a) to (h) in or from within The Bahamas.
- Meaning of core income generating activities.
- (1) An included entity carrying on relevant activities in The Bahamas must conduct core income generating activities in The Bahamas.
- (2) Core income generating activities of an included entity presupposes adequate –
- (a) amounts of annual expenditure;
- (b) levels of qualified full-time employees;
- (c) physical offices;
- (d) levels of board management and control,
- within The Bahamas.
- (3) Where any part of the core income generating activities are outsourced in The Bahamas there must be adequate –
- (a) amounts of annual operating expenditure;
- (b) levels of qualified full-time employees; and
- (c) physical offices,
- within The Bahamas, and the included entity must be able to monitor and control the carrying out of that activity by the other entity.
- (4) The core income generating activities referred to in subsection (2) may include, but are not limited to the following if carrying on the business of –
- (a) banking –
- (i) the raising of funds, managing risk including credit, currency and interest risk;
- (ii) taking hedging positions;
- (iii) providing loans, credit or other financial services to customers;
- (iv) managing regulatory capital, and preparing regulatory reports and returns;
- (b) insurance –
- (i) the predicting and calculating of risk;
- (ii) insuring or re-insuring against risk, and providing client services;
- Fund management –
- (i) the taking of decisions on the holding and selling of investments;
- (ii) calculating risks and reserves;
- (iii) taking decisions on currency or interests fluctuations and hedging positions; and
- (iv) preparing relevant regulatory or other reports for government authorities and investors;
- (a) banking –
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