BVI publishes FAQs on Beneficial Ownership Regulations implementation
03 Feb 2025
|
On 13 January 2025, the BVI Financial Services Commission (FSC) released detailed FAQs addressing the implementation of the Beneficial Ownership (BO) 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 FAQs outline key regulatory requirements, including:
- Enactment and application of new requirements
- Filing requirements
- Individual filings
- Legal arrangement filings
- Trust filings
- Nominee shareholder filings
- Non-profit organisations “NPOs”
- Change in BO information
- Who can be exempt from BO filings
- Who will have to view BO filings
- Ownership interest
- VIRRGIN and filing processes
- Technical issues
- BOSSs
- Fess and penalties
There is no transitional period, and filings must be completed by 30 June 2025. Exemptions, thresholds, and nominee shareholder rules are defined. Details on access controls, penalties, and future bulk filing functionality are also included.
Details are available in the FAQs here.
Our recent article on Beneficial Ownership can be accessed here.
