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The government of the British Virgin Islands (BVI) plans to create a public register of beneficial owners (RBO) of companies registered locally by 2023. In this regards, the business owners of an entity will be shown at the Registry publicly from year 2023. This is a measure adopted in accordance with international anti-money laundering standards and becomes a significant step in fighting corruption and financial crimes.
What information will the public register contain? The public register is expected to be the same information as contained in the existing private registers except that residential addresses will not be made publicly.
As a British Overseas Territories, the information of the BVI public registers, more specifically, will be in equivalent to UK’s person with significant controller (PSC) register required since 2016. For PSC, a “person with significant control” is, essentially, an individual who controls, directly or indirectly, 25% or more of the company’s shares, or who can appoint and remove the directors or otherwise exert significant control over the company.
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Disclaimer: Whilst reasonable care has been taken in provision of information above, it does not constitute legal or other professional advice. INTERSHORES does not accept any responsibility, legal or otherwise, for any error omission and accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, readers are advised to take appropriate professional advice before committing themselves to any involvement in jurisdictions, vehicles or practice.
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