BVI Introduces Beneficial Ownership Reporting Requirements

Under recently passed legislation, certain British Virgin Islands ("BVI") companies will be required to identify and collect details of the individuals who ultimately own or control 25% or more of the shares or voting rights or who otherwise exercise control over the management of the company, together with details of certain intermediate holding companies through which such interests are held (the "Regime").¹ 

The new Regime codifies a commitment agreed by the BVI (together with other Crown dependencies and overseas territories) with the UK Government by way of an Exchange of Notes in April 2016, to enhance existing robust arrangements on the exchange of beneficial ownership information to assist law enforcement agencies combat tax evasion and money laundering.