Jurisdictional Updates

Quick Guide: Bahamas CESRA Economic Substance Reporting

If your company is registered in the Bahamas, you may be required to submit an Economic Substance Report under the Commercial Entities (Substance Requirements) Act 2023 (CESRA).

¿Who must file?

Entities incorporated under:

  • Companies Act
  • International Business Companies Act
  • Partnership Act
  • Partnership Liability Act
  • Exempted Limited Partnership Act

 

Filing deadline:

The Economic Substance Report must be filed within 9 months after the end of your company's fiscal year. For example, if your fiscal year ends on December 31, the report is due by September 30 of the following year.

 

What is required?

  • Economic Substance Report: Entities must submit an annual Economic Substance Report through its registered agent in the Bahamas BOSS Registered Agent portal.
  • Information to Report:
    • Whether the entity is a relevant entity or not.
    • Whether the entity derives income from a relevant activity.
    • If applicable, details of the relevant activity, including:
      • Amount and type of gross income.
      • Amount and type of expenses and assets.
      • Number of employees.
      • Whether the entity conducts Core Income-Generating Activities (CIGA) in the Bahamas.

 

Penalties for non-compliance:

Failure to file the Economic Substance Report on time may result in penalties or annulment of the entity's registration.

Who can file?

The Economic Substance Report must be filed by the entity’s registered agent through the Bahamas BOSSs system.

Need assistance?

Got questions or need help? Reach out anytime at quijano@quijano.com — we’re ready to assist!

For more details, please see our past memos on this topic and the applicable legislation and guidance here:

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