Bahamas: Ministry of Finance promotes CESRA

Bahamas: Ministry of Finance released a press that promotes the process for the Commercial Entities (Substance Requirements) Act 2018 (“CESRA”). It also elevates its outreach and stakeholder education to help businesses avoid late penalties.

The Ministry of Finance organized a webinar in which more than over 450 participants a previous week in two global webinars on the reporting process for the Commercial Entities (Substance Requirements) Act 2018 (“CESRA“).

In a strengthened application to support businesses in meeting their journalism obligations, the Ministry outlined a three-part webinar series for business stakeholders to learn more about the legislation,

the newsgathering process, and address the various challenges businesses have encountered. The Ministry also published the first of several “How to” video tutorials that will further guide firms through the reporting process.

“The enterprise community has been very receptive to our ongoing outreach, as there are many reasonable faith efforts to comply with the new CESRA regulations. It is a new process, so generally, there are many questions. The sentences for non-compliance are relatively high, given the legislation’s importance, but they are intended as restraints for those trying to complete the process. 

According to Kwasi Thompson, Minister of State for Finance, so, they are encouraging efforts to help businesses who need a bit more support to complete the process and avoid late penalties.” During the two sessions, the technical teams were able to field some 400 questions, varying from the bill in general to the describing platform in particular.

“The webinar sessions provided corporate service providers, business persons, and indeed the general public with a practical, step by step tutorial on the process to register entities for CESRA using the portal. Melinda Riger commented, “It would have been nice to have been included. Will the videos will be available online for those us left out?”

According to Coakley Wells. “In these webinars, we have endeavored to explain CESRA and the economic substance reporting method to as wide an audience as possible.” 

Click here for more news