PUBLIC ALERT - ROYAL INVESTMENT CONSORTIUM (2023-04-21)

Summary

This is a public warning issued by the Bermuda Monetary Authority (BMA) about Royal Investment Consortium, an entity claiming it can form offshore companies in Bermuda. The BMA confirms the Company holds no licence, registration, or exemption from the Authority and does not appear on Bermuda's register of companies.

• No licence or exemption: The Company has not been issued a licence under the Corporate Service Provider Business Act 2012 (CSPB Act), nor an exemption under it, nor any licence or registration in any BMA-regulated sector.
• Not on register: The Company does not appear on the register of companies maintained by the Registrar of Companies in Bermuda.
• Legal offence noted: The Authority reminds the public that conducting corporate service provider business in Bermuda without a CSPB Act licence, or without filing a notice of exemption under the Corporate Service Provider Exemption Order 2015, is an offence under Section 8 of the CSPB Act.
• Related foreign warning: The Malta Financial Services Authority has also published a warning about the same Company.
• Added to warning list: Royal Investment Consortium has been added to the BMA's public warning list of unauthorised firms and individuals.

This notice is informational and warns the public of the risks of dealing with this unregulated entity; it does not create ongoing compliance obligations for regulated firms, though it reiterates the existing statutory licensing requirement under the CSPB Act.

Key obligations

• Any person or business conducting corporate service provider business in Bermuda must hold a licence under the CSPB Act or have filed a notice of exemption under the Corporate Service Provider Exemption Order 2015, or else commits an offence under Section 8 of the CSPB Act.

Applies to

corporate service providers, members of the public/investors