The BVI Financial Services (FSC) has announced the launch of the Beneficial Registry Regime at its annual Meet the Regulator (MTR) on Thursday, 12th December 2024, at the Eileen L. Parsons Auditorium of the H. Lavity Stoutt Community College (HLSCC). Photo: FSC

Managing Director and CEO Mr Kenneth Baker told stakeholders their input and engagement are welcomed, necessary and invaluable at the 2024 Meet the Regulator forum. Photo: FSC

A FSC press release said, “As of 2nd January 2025, the BVI Financial Services Commission will maintain registers of beneficial ownership for all registered BVI Business Companies and Limited Partnerships. This follows from the Territory’s commitment to ensure that beneficial ownership information is adequate, accurate and up to date.”

A public authority to now hold beneficial ownership information

Beneficial ownership information will be filed with the Registry of Corporate Affairs through the Commission’s flagship VIRRGIN platform.

With the change, beneficial ownership information will now be held by a public authority, the Commission’s Registry of Corporate Affairs, in keeping with the international standards and requirements, the release added.

The FSC established a new Beneficial Ownership Unit within the Registry with dedicated resources for the receipt and verification of all beneficial ownership transactions in anticipation of the transition on December 13, 2024.

Filing of beneficial ownership information for existing entities will be at no cost until July 2, 2025.

Meanwhile, at the MTR, Managing Director and CEO Mr Kenneth Baker said to stakeholders, “Your input and engagement are welcomed, necessary and invaluable. We hope you will recognise that it has been instructive and instrumental in the shaping of the legislative amendments.”

He also stated it was integral that all participants in such an ecosystem are clear about regulatory requirements and the consequences of breaches of their obligations.