Corporate Service Providers Business Licence Application Form (CSP Form 1)

Summary

This is BMA Form 1, the application form that a person or entity must complete to obtain a Corporate Service Provider (CSP) business licence under the Corporate Service Provider Business Act 2012. It sets out the guidance, required supporting documentation, and the information the Bermuda Monetary Authority needs to assess an applicant's fitness, business plan, ownership and controllers before granting a licence.

• Who completes it: A Senior Executive or other person with legal capacity to sign on behalf of the entity applying to carry on CSP business (company formation agents, registered office providers, nominee shareholders, secretarial/administrative service providers, resident representatives, etc.).
• Documentation required: Certified Memorandum and Bye-laws (or Certificate of Incorporation/Partnership Agreement), a Business Plan, copies of client agreements and advertisements, CSP Form 2 (Institutional Questionnaire) and CSP Form 3 (Personal Questionnaire) for controllers/officers, and written policies and procedures covering governance, AML/ATF, business acceptance, risk management and compliance.
• Applicant details: Information on formation, registered office, other Bermuda and overseas offices, other regulated activities, other regulators involved, scope of CSP services offered, client numbers, PEP exposure and geographic breakdown of beneficial owners.
• Operations disclosure: A full list of shareholders, directors, secretary, Bermuda resident officer, MLRO and Compliance Officer, with controller categories identified.
• Prior issues questionnaire: Disclosure of past licence refusals, unsatisfied judgments, insolvency events, regulatory investigations, censures or litigation affecting the applicant or related entities.
• Business plan (section 10(2)(a)): A three-year business plan covering aims, current and proposed activities, financial projections, group structure chart, AML/ATF policies, client vetting systems and any outsourcing arrangements.
• Declaration and warning: The applicant must sign a declaration confirming compliance with the Act and truthfulness of the application; knowingly or recklessly providing false or misleading information is an offence carrying fines up to $50,000 and/or imprisonment up to four years.

The form itself imposes no ongoing periodic filing deadlines; it is a one-time licence application document, with the substantive obligations arising from truthful completion, required attachments, and the statutory declaration.

Key obligations

• The signatory must initial each page of the application and supplementary sheets and sign the declaration on the last page
• The applicant must submit the completed application, typed or in block capitals, together with all required supporting documents (Memorandum/Bye-laws or equivalent, Business Plan, client agreements/advertisements, CSP Forms 2 and 3, and policies and procedures)
• The applicant must provide a three-year business plan under section 10(2)(a) of the Act covering aims, current and proposed activities, financial projections, ownership structure, AML/ATF policies, client vetting systems and outsourcing arrangements
• The applicant must disclose all prior regulatory, insolvency, litigation and disciplinary issues affecting itself or related entities
• The applicant must declare that the particulars supplied are true to the best of its knowledge and belief, and that the business will be conducted in accordance with the Act, Statement of Principles, Guidance Notes and relevant Regulations

Applies to

Corporate Service Providers (CSPs), company formation agents, nominee shareholders, registered office providers, resident representatives, persons providing administrative or secretarial services to companies or partnerships