Bahamas Enacts Corporate Transparency Laws

The Government of the Commonwealth of The Bahamas has enacted the International Business Companies (Amendment) Act, 2025, and the Companies (Amendment) Act, 2025, introducing new corporate transparency requirements applicable to International Business Companies (IBCs) and companies incorporated in the jurisdiction. These amendments, effective June 19, 2025, establish significant changes, particularly regarding the prohibition of nominee directors and the mandatory disclosure of nominee shareholders to the Competent Authority.

With immediate effect, the appointment of nominee directors is no longer permitted for Bahamian IBCs and companies. Nominee directors are defined as individuals who act under the control, instruction, or influence of another party—whether formal or informal, direct or indirect—outside the proper exercise of corporate governance or fiduciary duties.

Additionally, the amendments require the mandatory disclosure of nominee shareholders to the Competent Authority. This measure aims to enhance transparency and accountability within corporate structures, aligning The Bahamas with international standards and best practices in corporate governance.

These legislative changes reflect The Bahamas' commitment to strengthening its regulatory framework and promoting a transparent business environment. Companies operating within the jurisdiction are advised to review their corporate structures and ensure compliance with the new requirements to avoid potential penalties.

For more information, please visit the official announcement: https://omcgroup.com/industry-news/bahamas-new-corporate-transparency-rules/