BVI Beneficial Ownership Developments

Legislation has been passed which will require each BVI licensed registered agent to establish and maintain a dedicated database of the BVI companies ("Companies") for which it acts. Partnerships and foreign companies registered in the BVI as foreign companies are not within scope.

The BVI Government is establishing a secure non-public electronic platform which will allow access to each registered agent's database only by a designated person, from a single designated secure location within the BVI. Information will only be shared upon the certified lawful request of specified BVI or UK law enforcement authorities.

What do registered agents need to do?

Each registered agent is required to establish and maintain a dedicated database and enter information obtained by it with respect to each Company. Unless a Company falls within one of the exemptions discussed below, each registered agent "shall take reasonable steps to" identify the "beneficial owners" and