Nonprofit Organizations Act, 2019
The Non-profit Organizations Act, 2019 required all non-profit organizations (“NPOs”) to register with the Registrar General by 23rd August, 2020. The deadline for registration was recently extended to 8th September 2020. There is now a forbearance period of one month that will expire on 8th October, 2020.
Financial institutions are required to obtain a Certificate of Registration from NPOs as confirmation of compliance with the Act. You are required to submit proof of a Certificate of Registration to the Bank no later than 8th October, 2020. If we do not receive a Certificate of Registration, the Bank is required by law to freeze your bank account(s) and you will not be able to open any new accounts or operate your existing accounts unless you have registered.
If we do not receive proof of a Certificate of Registration from you by 30th November, 2020, take notice that your accounts may be closed on that date.
If you have any questions about the NPO Act and how to register we recommend that you visit the government websites at http://www.bahamas.gov.bs/attorneygeneral or http://www.bahamas. gov.bs/rgd. If you have any other questions regarding your account, please contact your nearest branch or account manager. We look forward to hearing from you and to our continued valued relationship.