BAHAMAS AMENDMENT ACT 2011, SECTION 67 ENTERED IN FORCE

Bahamas IBC (Amendment) Act 2011, Section 67 entered into force

 

Gabriel Aguilar/Partner

Lombardi Aguilar Group

www.laglex.com

    

 The Bahamas  International  Business  Companies (Amendment)  Act  2011, Section 67, establishes that it is mandatory for all Bahamas companies to keep reliable accounting records.

 

Reliable  accounting  records shall  include the  informatio on all sums  of  money  received  and expended by the company, the assets and liabilities of the company, and the detail of transactions with  underlying  documentation.  The  accounting  records  should be  sufficient  to determine the financial position of the company with reasonable accuracy. 

 

The Amendment Act also specifies that accounting records shall be kept for a minimum of five years from the date of transactions.   

 

Anyone who contravenes this requirement is liable to a fine of USD 10,000.

 

If  your company  does not keep  sufficient  accounting  records, LAG can  help you comply with this requirement. For companies with less than 10 transactions per year, LAG can provide assistance in preparing  an  Initial Opening  Balance  and a subsequent  Account  Balance on a yearly basis, both verified and certified by a qualified and accredited CPA in the Republic of Panama.      

For an Initial Opening Balance Fee and a Annual Balance Fee send your request to: gabriel.aguilar@laglex.com