Beneficial Ownership Reporting Regime

1. BENEFICIAL OWNERSHIP TRANSPARENCY ACT

On 31 July 2024, the Beneficial Ownership Transparency Act, 2023 (BOT Act), the Beneficial Ownership Transparency Regulations 2024 and related guidance came into force (together, the BO Regime). The BO Regime requires, subject to certain exemptions, that information on beneficial owners must be requested and verified by a licensed corporate service provider (CSP). The CSP must promptly file beneficial ownership information to the designated competent authority.

2. Who does it apply to?

The BO Regime applies to a:

• Cayman company (including an exempted company) incorporated under the Companies Act (as revised);
• Limited liability company established under the Limited Liability Companies Act (as revised);