The International Business Companies Act, 2016 (the "Act") came into force on 1 December 2016, replacing the International Business Companies Act, 1994 (the "1994 Act").
This New Act introduces changes which all Companies need to comply. Some of the key reforms are as follows:
RECORD KEEPING REQUIREMENTS
• Register of beneficial owners: Beneficial ownership register must be kept at the registered office of the IBC. The information that must be provided for each beneficial owner is:
(a) Name, residential address, date of birth, nationality, (b) Beneficial interest, (c) Date a person became beneficial owner, (d) Date a person ceased to be a beneficial owner
• Register of directors: All companies are required to produce a register of directors which shall be maintained at the registered office of the Company. The register of directors must be filed at the Registrar of Companies and will be made publicly available.
• Register of members: Register of members must be kept at the registered office of the IBC and must be fully up to date at all times.
• Register of changes whether created before or after the commencement of the 2016 Act: All companies are responsible to file the register of changes at the registered office of the company.
Timeframe: The above mentioned registers have to be filed by the 30th November 2017
Penalties: Failing to provide the register of beneficial owners, directors and members will result to a penalty of US$500 and an additional US$50 for each day that the breach continues. For the register of changes the penalty amounts to US$100 and daily penalties of US$25.
ABOLITION OF BEARER SHARES - Bearer shares are now prohibited.
FILING REQUIREMENTS WITH REGARDS TO ANNUAL RETURNS - Each company is obliged to furnish the agent with an Annual Report by the 31st December of each year after its incorporation. The return includes information such as the location of the accounting records, minutes and resolutions.
ACCOUNTING RECORDS - meaning records that provide a clear picture of the company's transactions and financial position. It is not obligatory to file the accounting records to the Registrar.