Appendix V - Certificate of Compliance (Corporate Service Provider Business Act 2012)

Summary

This is a standard form, Appendix V, used by corporate service provider licence holders in Bermuda to certify annual compliance with the Corporate Service Provider Business Act 2012. Officers of the licensed undertaking sign the certificate confirming that, during the financial year just ended, the business was conducted in accordance with the minimum licensing criteria in the Act and the relevant Codes of Practice.

• Who completes it: Officer(s) of a corporate service provider business licence holder (limited or unlimited licence) under the Corporate Service Provider Business Act 2012.
• What it certifies: That the licensed business has, to the best of the signing officers knowledge and belief, been conducted in accordance with the Acts minimum licensing criteria and the relevant Codes of Practice for the financial year ended.
• Filing deadline: The certificate must be delivered to the Bermuda Monetary Authority within four months from the end of the undertakings financial year.
• Penalty for non delivery: Failure to deliver the certificate as required exposes the undertaking to a civil penalty of up to $5,000 for each week or part week of default, under section 46(2) of the Act.

Key obligations

• Every licensed corporate service provider undertaking must deliver a certificate of compliance to the Bermuda Monetary Authority within four months from the end of its financial year.
• Officers signing the certificate must confirm the business was conducted in accordance with the minimum licensing criteria in the Act and the relevant Codes of Practice.

Applies to

corporate service provider business licence holders (limited and unlimited)

Deadlines

• within four months from the end of its financial year: Deadline for a licensed undertaking to deliver its certificate of compliance to the Authority