General Requirement to Maintain Beneficial Ownership Information
Subject to certain exemptions, all British Virgin Islands ("BVI") companies and limited partnerships are required to collect, keep and maintain adequate and up to date information on their beneficial owners and file the same with the BVI Registrar of Corporate Affairs ("Registrar"). Such beneficial ownership information is not available to the public. However, in line with the approach taken by several other Overseas Territories, access may be granted to:
- competent authorities;
- law enforcement agencies;
- parties to the Exchange of Notes between the BVI Government and the United Kingdom Government; and
- persons with a "legitimate interest" upon satisfactory application and payment of a prescribed fee.
Information Available Upon Successful Application
Upon successfully demonstrating a legitimate interest, and payment of a non-refundable fee of US$75, access may be granted to information in respect of beneficial owners holding 25% or more of an interest in the relevant BVI entity. Such information is limited to the person's:
- name
- month and year of birth
- nationality; and
- nature of interest/ control over the entity
Exemptions from Disclosure
It is possible for a person to apply to the Registrar in advance to seek an exemption from the disclosure of their beneficial ownership information in certain circumstances, including:
- reasonable concern of fraud, kidnapping, blackmail, extortion, harassment, violence, intimidation or other similar harm;
- information relating to a child or individual who lacks legal capacity;
- national security issues;
- public interest grounds;
- any other special reasons.
Application Process and Objection Rights
The Registrar has strict processing timelines in place in respect of LIA requests.
Where a LIA application has not been refused, the first step is to notify the Registered Agent of the entity of the request.
The Registered Agent will have five (5) days to file a notice of objection and a further five (5) days to file an application opposing disclosure of beneficial ownership information.
Where a notice of objection is received, the Registrar will notify the requestor of the information and will make a determination.
That decision will then be communicated to both the requestor and the objector, including their respective rights of appeal.
Appeal Process
An intent to appeal must be filed within three (3) days of the Registrar's decision, and a notice of appeal must then be filed within twenty-one (21) days thereafter.
Timing for Disclosure
If the Registrar is satisfied that there is a legitimate interest in disclosing the beneficial ownership information, and no notice of objection is filed, the Registrar will provide access to the requested beneficial ownership information within twelve (12) days.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
