BVI Beneficial Ownership Registers
BVI Business Companies and
Limited Partnerships
The British Virgin Islands (BVI) has introduced comprehensive regulations regarding the disclosure of Ultimate Beneficial Ownership (UBO) information for all BVI Business Companies (BCs) and Limited Partnerships (LPs). These rules aim to enhance transparency while maintaining privacy for owners and businesses operating in the jurisdiction.
The key rules and requirements surrounding Beneficial Ownership for BVI entities are regulated by the BVI Financial Services Commission (FSC), with a focus on the collection and maintenance of up-to-date ownership data, starting on January 2, 2025,
This move aims to improve corporate transparency and ensure alignment with global compliance standards. The UBO data will be securely stored by the Registry of Corporate Affairs, a public authority, guaranteeing that ownership records are continuously updated and accessible to authorized parties.
Below is a detailed breakdown of the Beneficial Ownership terms, requirements, and the associated rules for BVI Business Companies and Limited Partnerships.
UBOs
Required Information for Ultimate Beneficial Owners
For Individual Beneficial Owners:
- Full legal name
- Current residential address
- Date of birth
- Nationality
- Ownership or control details
For Legal Entities Acting as Beneficial Owners:
- Legal name
- Registered address
- Country of incorporation
- Registration or identification number
- Ownership or control details
Submission Process and Deadlines
Submitting Beneficial Ownership details to the Registry of Corporate Affairs via the FSC is not an annual obligation but must ensure that the information remains current.
Initial Submission:
Starting on January 2, 2025, all entities are required to submit BO details. For companies or partnerships established after this date, BO details must be provided during the incorporation process.
Updates:
Any changes to the BO data must be reported within 15 days of the modification.
Data Security and Confidentiality
The FSC prioritizes the confidentiality of beneficial ownership data, implementing stringent security protocols within the VIRRGIN system to safeguard the data’s integrity and prevent unauthorized access.
Although the information is managed by a public authority, the Register of Beneficial Ownership (RBO) is not accessible to the general public. Access is limited to authorized bodies such as law enforcement, regulatory agencies, and the Financial Investigation Agency (FIA), as well as the FSC. Certain financial institutions, including banks, may also access the data for compliance and due diligence purposes. While discussions have taken place regarding the potential for public access, the BVI has opted to keep the register confidential.
To oversee the proper collection and verification of beneficial ownership data, the FSC has set up a dedicated Beneficial Ownership Unit within its Registry. The FSC encourages entities and beneficial owners to carefully review the provided guidelines to ensure full compliance with regulations.
Penalties for Non-Compliance
Failure to submit the required BO data or to update it within the specified time frame may result in penalties, including financial fines. The FSC assesses each case’s circumstances and the severity of any breaches to determine appropriate enforcement actions.
As an independent regulatory authority, the FSC is responsible for supervising, regulating, and monitoring financial services within and from the BVI. Its primary goal is to uphold the stability and reputation of the financial system while positioning the BVI as a leading global financial services center.
