Business

Symonette lauds removal of defaulted companies from register

The recent striking off of more than 11,000 companies from the register of companies demonstrates The Bahamas’ commitment to upholding international best practices and remaining ahead of the game in terms of international finance, former Minister of Financial Services, Trade and Industry Brent Symonette said.

The Central Bank of The Bahamas last week published to its website 11,402 defaulted companies that were struck off the Registrar General Department’s list of companies.

“Recently there were some 7,000 companies struck off the register of records, which was an updating and purging of old companies. For instance, when we were in Brussels the other day they said, you have 44,000 companies on your register, but I think only let’s say 6,000 paid business licenses. And it was a lack of understanding that many of us use companies as a holding company, inactive companies, et cetera,” he said while seconding the Investment Funds Amendment Bill, 2020 which was passed in the House of Assembly Wednesday.

“So, this striking off of about 11,000 companies that were purged from the list for inactivity was part of the government’s ongoing updating of our rules, our regulations, our practices, so that we constantly maintain our standing in the world community.”

Symonette lauded The Bahamas’ efforts to “measure up” to nearly all of the ever-changing requirements that are levied on this financial jurisdiction in recent years.

“We are constantly updating our laws, we are making sure, with all these initials you hear, FATF, CRS and all these initials, we are ahead of the game,” he said.

Last July, Attorney General Carl Bethel announced that the 11,402 companies that are 20 years in default on filing annual returns or the payment of associated fees would be struck from the register.

Upon removal from the register, any property owned by the company will be vested in the treasurer and after a further period of twenty years, will be deemed bona vacantia and will be vested in the treasurer in trust for the Bahamian people.

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Paige McCartney

Paige joined The Nassau Guardian in 2010 as a television news reporter and anchor. She has covered countless political and social events that have impacted the lives of Bahamians and changed the trajectory of The Bahamas. Paige started working as a business reporter in August 2016. Education: Palm Beach Atlantic University in 2006 with a BA in Radio and Television News

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