Appendix V - Certificate of Compliance

Summary

This is the standard form (Appendix V) that licensed corporate service providers in Bermuda must use to certify annual compliance with the Corporate Service Provider Business Act 2012, as required under section 46 of that Act. Officers of the licensed undertaking sign the certificate confirming that the business was conducted in accordance with the minimum licensing criteria and the relevant Codes of Practice during the financial year just ended.

• Who signs: One or more officers of the corporate service provider business licence holder (limited or unlimited licence).
• What is certified: That, to the best of the signatories knowledge and belief, the licensee's business during the stated financial year complied with the Act's minimum licensing criteria and the Codes of Practice.
• Filing deadline: The completed certificate must be delivered to the Bermuda Monetary Authority within four months of the end of the licensee's financial year.
• Penalty for default: A civil penalty of up to 5,000 dollars per week (or part week) of default applies under section 46(2) of the Act if the certificate is not delivered as required.

Key obligations

• Every licensed corporate service provider undertaking must deliver a signed 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.
• Failure to deliver the certificate as required exposes the undertaking to a civil penalty of up to $5,000 per week or part week of default.

Applies to

corporate service provider business licence holders

Deadlines

• within four months from the end of its financial year: Deadline for a licensed corporate service provider to deliver the Certificate of Compliance to the Bermuda Monetary Authority.