New Legislation Improves Ease of Doing Business

LionPress Winter 2022 Issue

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The Bahamas has amended two pieces of legislation and enacted a new statue designed to improve ease of doing business. The amendments affect the International Business Companies Act and the Companies Act while the Property (Execution of Deeds and Documents) Act, 2020 is a new piece of legislation. These changes, which became effective on December 11, 2020, abolished the need for a seal to be affixed to a document in order for the document to be a deed. It is sufficient now for the document, inclusive of Powers of Attorney and trust deeds to simply say “executed as a deed” and once signed by persons properly authorized to sign on behalf of the entity, the deed is a valid and binding document. Companies may still, however, opt to have seals and to execute documents or deeds under seal. With respect to share certificates, there is no longer a requirement for share certificates to have the company’s seal on same. There is also no need for an existing company’s memorandum and articles of association to be amended in order to benefit from these new provisions. These provisions only apply to deeds and documents executed from December 11, 2020, onwards.

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