The Corporate Service Provider Business Act 2012 (“the Act”) came into force on 1 January 2013. The Act prohibits a person from carrying on corporate service provider business in or from within Bermuda unless that person is for the time being a licensed undertaking under the Act. The Act confers regulatory and information gathering powers of the Bermuda Monetary Authority (“the Authority”).
“Corporate Service Provider Business” is defined in section 2(2) of the Act as “the provision of any of the following corporate services for profit—
- acting as a company formation agent, or agent for the establishment of a partnership
- providing nominee services, including (without limitation) acting as or providing nominee shareholders
- providing administrative and secretarial services to companies or partnerships, including one or more of the following services
- providing a registered office
- providing an accommodation, correspondence or administrative address
- maintaining the books and records of a company or partnership
- filing statutory forms, resolutions, returns and notices
- acting as or fulfilling the function of or arranging for another person to act as or fulfil the function of a person authorised to accept service of process on behalf of a company or partnership or to accept any notices required to be served on it
- acting as or fulfilling the function of or arranging for another person to act as or fulfil the function of a director, officer, secretary, alternate, assistant or deputy secretary of a company or an officer of a partnership
- keeping or making any necessary alteration in the register of members of a company in accordance with section 65 of the Companies Act 1981
- the performance of functions in the capacity of resident representative under the Companies Act 1981, Exempted Partnerships Act 1992 and the Overseas Partnerships Act 1995
- providing any additional corporate or administrative services as may be specified in regulations
Licensed undertakings must provide a Certificate of Compliance to the Authority within four months from the end of its financial year. Routine on-site review visits are undertaken by the Authority's staff (including anti-money laundering compliance testing) and the Authority also has the power by notice in writing to require the production of documents as it may reasonably deem necessary in the performance of its functions under this Act.
