Regulatory Blog

On 7 March 2025, the British Virgin Islands Financial Services Commission issued an update through Industry Circular 12 of 2025 regarding the implementation of beneficial ownership filing requirements. This blog post outlines the key changes under the BVI Business Companies and Limited Partnerships (Beneficial Ownership) Regulations, 2024 and provides guidance on the phased implementation.

On 7 March 2025, the British Virgin Islands Financial Services Commission published its detailed timeline for the rollout of key functionalities related to Beneficial Ownership filings, as well as the management of Registers of Directors, Registers of Members, Registers of Limited Partners, and Registers of General Partners. This phased approach aims to enhance compliance and operational efficiency for stakeholders.

On 31 January 2025, the BVI Financial Services Commission published a news release summarising key takeaways from its two key international regulatory forums: the Meet the Regulator Forum in Hong Kong and the BVI Financial Services Round Table in London.

On 13 January 2025, the BVI Financial Services Commission released detailed FAQs addressing the implementation of the Beneficial Ownership Regulations clarifying key compliance requirements effective 2 January 2025. It mandates identity verification for beneficial owners by licensees and registered agents, prohibits nil filings and sets a 30-day filing window for BVI Business Companies and Limited Partnerships.

The BVI has implemented changes to its beneficial ownership framework as relevant to companies and limited partnership, with key changes effective from 2 January 2025. In this Q&A, we break down and summarise the new requirements relating to the changes, and what these mean for owners and operators of BVI entities and registered agents operating within the jurisdiction.

The British Virgin Islands Government has initiated a public consultation on its proposed policy for access to the register of beneficial ownership. This consultation, launched on 17 January 2025, represents a significant step in aligning the Territory with international standards for transparency and combating illicit finance.

On 13 December 2024, the BVI Financial Services Commission notified the industry that the transfer of beneficial ownership information to the FSC’s Registry of Corporate Affairs would begin from 2 January 2025. Following this date the relevant registers of beneficial ownership for all registered BVI Business Companies and Limited Partnerships will be maintained via the FSC's flagship VIRRGIN platform.

On 20 November 2024, the Bermuda government announced that it is consulting to establish a unified register for beneficial ownership of legal entities, aligning with international transparency standards. Bermuda is advancing efforts to enhance transparency and combat financial crimes through a proposed Central Register of Beneficial Ownership.

On 21 November 2024, the Cayman Islands issued a press release to reaffirm its commitment to cooperating with the UK on beneficial ownership transparency. At the same time the release outlines Cayman’s plans to ensure access to beneficial ownership information is granted based on legitimate interest protocols, in line with evolving global standards.