The BVI Beneficial Ownership Register is a legal requirement established under the BVI Business Companies Act and the Limited Partnership Act. It mandates BVI companies and BVI limited partnerships to file Beneficial Ownership (BO) registers via the FSC’s VIRRGIN system with the BVI Registrar of Corporate Affairs (the “Registrar”). This legislation came into effect on January 2, 2025, marking a significant step in enhancing corporate transparency and compliance.
“Beneficial Owners”
A Beneficial Owner (BO) means a natural person who ultimately owns or controls a BVI company or BVI limited partnership.
In case of a company, a BO is a natural person who: (1) ultimately owns or controls 10% or more of the shares or voting rights in the company; (2) holds the ability to appoint or remove the board of directors; or (3) the ability to influence company decisions.
In the case of a limited partnership, a BO is natural person who: (1) is entitled to, directly or indirectly, 10% or more share of the capital or profits of the partnership; or (3) controls 10% or more of the voting rights in the partnership; or (3) otherwise exercises control over the partnership.
In the case of a trust, a BO is (1) the trustee; (2) the settlor; (3) the protector; (4) the beneficiaries with a vested interest in the trust at the time of a distribution; and, (5) any other natural person exercising ultimate effective control over the trust.
The required BO information
In the case of an individual: (1) the full legal name as it appears in a passport or other government-issued identity document; (2) date and place of birth; (3) gender; (4) occupation; (5) Nationality and tax residence, including residential address; (6) nature of interest/control in the legal entity.
In the case of legal entities that are BOs: (1) name, including alternative names; (2) incorporation number or its equivalent; (3) date of incorporation; (4) address of the principal office or registered office; (5) country of incorporation or registration; (6) legal form of the legal entity and the law by which it is governed; (7) the type of register in which it is registered; (8) the nature of its interest in, or control over, the legal entity for which it is considered a BO.
Exemptions from the BO Register
A number of exemptions are available, including for: (1). Companies listed on recognized exchanges; (2). most types of BVI funds, provided that certain information is filed with respect to the fund; (3) companies whose shares are held by a licensed BVI trustee, provided the name of the BVI trustee is filed with the Registrar; (4) subsidiaries of BVI entities that are subject to the requirements of the new BO law; (5) non BVI legal entities which are subject to equivalent transparency rules.
Filling Deadlines
Filling fees for BO Register
Access to the Beneficial Ownership Register
The BO register is non-public and may only be accessed by a BVI competent authority or law enforcement agency, including the Attorney General; the BVI FIA; the BVI FSC; the BVI ITA; such other authority as the Governor may designate.
Contact us for more help with understanding and complying with the new Beneficial Ownership Regime. We are here to guide you through the process! CISA is not a legal or tax advisor, and this memo is intended only for general information.
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