Corporate Governance, Compliance and Management of Information and Records

25 February 2021

Introduction 

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

  • This questionnaire is to be completed by a director or corporate secretary of the company which is recorded in the corporate records at CAIPO.
  • Its completion is mandatory for all companies and societies with restricted liability registered with CAIPO. 
  • This questionnaire only applies to incorporated entities. This means that persons with registered business names or charities SHOULD NOT complete this questionnaire.
  • Submission Deadline: 20 March 2021.

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 info@ft-legal.com. We are here to support and guide you.