Effective January 2, 2025, the BVI Financial Services Commission (FSC) began maintaining registers of beneficial ownership for all registered BVI Business Companies and Limited Partnerships. Photo: FSC

The Guidance on the Filing of Beneficial Ownership Information under the BVI Business Companies and Limited Partnership (Beneficial Ownership) Regulations, 2024, is expected to be published soon. Photo: Internet Source

In preparation for the transition, the FSC had established a new Beneficial Ownership Unit within its Registry, dedicated to focusing on receiving and verifying all beneficial ownership transactions, signifying a robust approach to regulatory compliance and transparency.

The initiative was initially unveiled during the Meet the Regulator (MTR) Forum on December 12, 2024, at which time, FSC Managing Director and CEO Kenneth Baker, spoke to the importance of collaboration between the Commission and industry stakeholders.

“Your input and engagement are welcomed, necessary, and invaluable; We hope you will recognise that it has been instructive and instrumental in shaping the legislative amendments,” Mr Barker adumbrated, while further emphasising the need for all participants in the financial ecosystem to understand regulatory requirements and the consequences of non-compliance.

Guide to filing to be published soon

As part of the transition, the FSC had also indicated that the filing of beneficial ownership information for existing entities will be available at no cost until 2nd July 2025.

The Guidance on the Filing of Beneficial Ownership Information under the BVI Business Companies and Limited Partnership (Beneficial Ownership) Regulations, 2024, is expected to be published soon.

The FSC is an autonomous regulatory authority responsible for regulating, supervising, and inspecting all financial services conducted within the Territory.