03 September 2020

Bahamas Financial Services Board

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Take Notice of the following:

A. Section 7 of the NPO Act, provides that a Non-ProfitOrganisation shall not carry out its operations unless it isregistered under the NPO Act;

B. Section 2 of the NPO Act defines a Non-Profit Organisation as-

"a body of persons whether incorporated or unincorporated,formed and established for the purpose of promoting public policiesor objects that are religious, charitable, educational, scientific,environmental, historical, cultural, fraternal, literary, sporting,artistic, athletic or promoting health, and whose gross annualincome or any part thereof, if any, and other income are applied tothe promotion of those objects, and there is a prohibition of anydividend or refund of contributions to its members, but excludes areligious or charitably founded school registered with the Ministryof Education, and any organisation with politicalobjectives";

C. When submitting the completed registration form for anunincorporated and incorporated Non-Profit Organisation, thefollowing must be attached to, or fully disclosed in theregistration form -

Applications for registration can be downloaded from theAttorney-General's website athttp://www.bahamas.gov.bs/attorneygeneral or the Registrar GeneralDepartment's website http://www.bahamas.gov.bs/rgd commencingMonday, 25th May, 2020. Completed forms along with supportingdocuments should be submitted to the following email address:nporganisations@bahamas.gov.bs;

D. Registration forms must be completed in full. The Registrarof Non-Profit Organisations accepts no responsibility for anyinformation that is inaccurate or incomplete;

E. Section 7 of the NPO Act provides that a person who carrieson operations without registering commits an offence and is liableon summary conviction to a fine not exceeding ten thousand dollars($10,000.00) or a term of imprisonment not exceeding one year, orto both such fine and term of imprisonment; and

F. Section 25 of the NPO Act provides further, that a financialinstitution or a designated non-financial business and professionshall not open or maintain

for a non-profit organisation unless the organisation hasregistered under the Act and presents evidence of suchregistration.

Dated this 25th day of May, 2020

The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circumstances.

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