25 February 2021
Are your corporate records kept at the registered office address of the company or its corporate services provider? When there is a change in the corporate structure of the company, do you file the requisite documents at the Corporate Affairs and Intellectual Property Office (CAIPO)? Is your company up to date with filing its annual returns? Are you collecting due diligence on your directors, shareholders and ultimate beneficial owners? Is this information up to date? Has the gross revenue of the company exceeded BD$1 million dollars (approximately US$500,000) and, if so, have you appointed a licensed corporate services provider? These are all questions related to good corporate governance. Corporate governance is vital matter to be addresses in attending to a company’s affairs and involves various functions including compliance and risk management. Proper record keeping is a crucial component of any organisation’s corporate governance and is essential to its accountability and performance. CAIPO has recently launched an initiative to collate information from all companies and societies with restricted liabilities in relation to their compliance with standards relating to filings, beneficial ownership and record keeping practices. All companies and societies with restricted liabilities are therefore required to participate and complete a compliance questionnaire and submit this to CAIPO.
FT Legal Guidance Note
We at FT Legal are cognisant that this may be a tedious undertaking and more importantly that you may wish, in this context to conduct a corporate “health check”. Our team would be happy to assist you with this process. Feel free to reach out to us at email@example.com. We are here to support and guide you.