Corporate Service Provider Business Act 2012 - Exemption Notification

Summary

This is a standard form issued by the Bermuda Monetary Authority under the Corporate Service Provider Business Exemption Order 2015. It allows a corporate service provider or individual to formally notify the BMA that it qualifies for one of four statutory exemptions from the licensing requirement under the Corporate Service Provider Business Act 2012, and to confirm the scope of corporate service provider activities it carries out.

• Exemption 1: Fund administrators licensed under the Fund Administration Provider Business Act 2019 providing registrar and transfer services connected to their licensed fund administration business.
• Exemption 2: Companies carrying on corporate service provider business only for members of their own corporate group (parent, subsidiaries, affiliates).
• Exemption 3: Single-director service companies where activities are restricted to providing director services and the company is owned and solely staffed by that one shareholder controller.
• Exemption 4: Insurance managers providing corporate service provider business only to licensed insurers or their parent companies.

The form requires the filer to identify which exemption applies for the calendar year, confirm the specific corporate service activities performed (e.g. company formation agent, nominee services, registered office, administrative and secretarial services, resident representative functions), list the number of entities serviced under each exemption category, and provide director signature and contact details.

Exempt persons have an ongoing annual filing obligation and must re-notify or seek licensing if their exempt status changes.

Key obligations

• All specified persons exempt from the prohibition on carrying on corporate service provider business must file an Annual Declaration with the BMA (via csp.filings@bma.bm) on or before 31 March each year confirming continued qualification for the exemption.
• If the entity's business changes such that the selected exemption(s) no longer apply, the provider must submit a new Exemption Notification to the Authority or apply for a corporate service provider business licence under section 10 of the Corporate Service Provider Business Act 2012.
• The filer must specify, for each applicable exemption category, the total number of entities serviced and the specific corporate service provider activities performed (Part B of the form).

Applies to

corporate service providers, fund administrators licensed under the Fund Administration Provider Business Act 2019, companies providing corporate services within a company group, single-director service companies, insurance managers

Deadlines

• on or before 31 March in each year: Deadline for exempt corporate service providers to file an Annual Declaration with the BMA confirming continued qualification for exemption.