From January 2, 2025, the British Virgin Islands Financial Services Commission (FSC) will maintain registers of beneficial ownership for all registered business companies and limited partnerships in the BVI. This initiative is part of the jurisdiction’s commitment to ensuring the relevance, accuracy, and completeness of beneficial ownership information.
The information for the register will be submitted through the Commission’s flagship platform, VIRRGIN. Beneficial ownership data will be stored in a public authority (the Commission’s Registry of Corporate Affairs).
As part of the preparations for the launch of the register, the Commission has created a new Beneficial Ownership Unit within the Registry, which will have dedicated resources for receiving and verifying all transactions related to beneficial ownership.
The Commission has also announced that the submission of beneficial ownership information for existing entities will be free of charge until July 2, 2025.
It is expected that the Commission will publish guidance on submitting beneficial ownership information by the end of 2024.
12 November, 2024
