Financial and Corporate Services - Securities Commission of The Bahamas
Fees
For the promulgated fees in effect, please refer to the Financial and Corporate Service Providers Act, 2020
Application and Annual Renewal Fees for Financial and Corporate Service Providers licensed or registered under the Financial and Corporate Service Providers Act
| Corporate Services | ||
| Application Fee | Annual Fee + IBC Fee | |
| Corporate services provided for IBC’s and ELP’s | ||
| Less than 100 | $500.00 | $750.00 |
| 101 - 500 | $500.00 | $1,500.00 |
| 501 - 1000 | $500.00 | $4,000.00 |
| Over 1000 | $500.00 | $7,500.00 |
| NB: In addition to the Annual Fee, licensees shall pay on or before the 1st April, $50 for each registered IBC. | ||
| Agent, Trustee, Administrator or Representative of Executive Entities, Foundations, ICONs, PTC and SACs | $500.00 | $2,500.00 |
| Outsourced Compliance Services | $500.00 | $2,500.00 |
| Financial Services | ||
| Application Fee | Annual Fee | |
| Bill Paying Services | ||
| Corporate Entities | $1,000.00 | $3,000.00 |
| Money Broking/Debt Collection | ||
| Corporate Entities | $1,500.00 | $5,000.00 |
| Financial Leasing/Financial Advisory or Consultancy Services/Financial Intermediation Services | ||
| Corporate Entities | $3,000.00 | $10,000.00 |
| Trading in Commodities and other financial instruments | ||
| Corporate Entities | $9,500.00 | $25,000.00 |
| Custody of Digital Assets/Digital Asset Wallet Provider | ||
| Corporate Entities | $3,000.00 | $10,000.00 |
Applications
To apply for a Financial and Corporate Service Licence, applicants must submit the appropriate applications together with the information and documents specified.
Ongoing Reporting Obligations and Forms
Financial and Corporate Service Providers licensed under the Financial and Corporate Service Providers Act are required to adhere to the following ongoing reporting requirements:
| Obligation | Timeline | Legislative Reference |
| Renewal of License | ||
| Fees | Payable on or before January 31st each year | s. 8 |
| Annual Update and Declaration Form | On or before January 31st each year | Regulation 3 |
| Interim Financial Statements | Within 30 days following end of each quarter | Regulation 6 |
| Annual Financial Statements | Within 120 days of the financial year end | Regulation 6, s. 22(2) |
| Annual Auditor’s report | Within 120 days of the financial year end | Regulation 6 |
| Capital Requirements | Maintain adequate financial resources and solvency | s. 20 |
| Indemnity Insurance | On or before January 31st each year | s. 21 |
| Any other reports and information | Licensees shall make, keep and maintain relevant information and documents | Regulation 5 |
| Advise of specific financial or corporate services being offered | Applicants for a FCSP licence must advise the Commission whether they are seeking to provide ‘financial services’ or ‘corporate services’ at the time of | s. 4 (c)(i); Regulation 2(2) |
| Self-Risk Assessments | Due as per the risk rating or immediately upon a change in rating | s.5 FTRA 2018 |
| Certified Copy of Business License | Upon receipt after renewal | s.16(2) |
| Material Change/ Reporting | ||
| Outsourcing | Notify the Commission prior to entering into any outsourcing arrangements | Regulation 18(3) |
| Notice of information after licensing (i.e. address; contact information, etc.) | Licensee must immediately notify the Commission upon the occurrence of any material change relating to registration | s. 18 |
| Notice of change to structure (i.e. transfer of shares, appointment of directors, etc.) | Licensee must obtain written approval from the Commission for certain changes | s. 19 |
| Notice of intention to Surrender | Licensee may voluntarily surrender a licence by written notice to the Commission | s. 12 |
Other Information
Alerts and Notices
