Going forward, a new regulation will require certain British Virgin Islands companies to gather and retain details of Beneficial Owners with 25% or more of the company’s shareholding rights, with an ongoing requirement to keep the details up to date.

Each company in BVI found to fall within the definition of an In-Scope Entity will be required to identify and collect details of its Beneficial Owners and provide details of the legal entity to the registered agent.

The following BVI companies are exempt from this requirement as they classify as an out-of-scope entity:

• BVI Investment funds.
• BVI Listed companies.
• Companies subject to certain regulatory oversights in the BVI either directly or indirectly.

OBLIGATIONS OF AN IN-SCOPE ENTITY

If no exemption applies, an in-Scope entity must identify:

• Whether any individual or legal entity is a qualifying Beneficial Owner of the in-scope entity.
• Whether the in-scope-entity qualifies as an individual or legal entity.

All individuals who are qualifying Beneficial Owners, and registrable legal entities, will have their information provided to the in-scope entity’s registered agent.

WHAT FURTHER ACTIONS DO BVI COMPANIES NEED TO TAKE?

All BVI companies will now need to take steps in order to determine whether they are in-scope entities or whether they fall outside the scope of the Regime. Those entities which are exempt should also document their determination as to their status.

To prepare for the changes, qualifying in-scope entities should start to take steps to identify, and obtain information about their Beneficial Owners and registrable legal entities and be ready to submit them accordingly.

Should you require assistance with reporting requirements for any BVI company, contact us, we’d be happy to help.