It should be noted that the two bills do not contain comprehensive information on the subject covered in this article. BVI Business Companies (Amendment) Act, 2015 has not yet been published or passed. The document contains clear information only within the framework of the directors` provisions. As far as shareholders are concerned, disclosure requirements are not mandatory to date, but first, the language of the bill may change and, second, information on many companies is most likely provided on the basis of the definition of a beneficial owner, which is defined in the 2015 anti-money laundering regulations (amendment regulation). This means that the beneficiary, who in any case owns more than 10% of the company, is subject to the law and the registrar collects information about him. Anti-money laundering (amendment) Regulations, 2015 contain the definition of a beneficial owner, but that the legislature is not limited to them. Essentially, it means that all beneficiaries can be subject to the law. Moreover, Parliament does not define the content of the information necessary for transmission and the means to obtain it, which essentially means that it is legal means and information. Today, registrars are in standby mode awaiting legislative explanations on the practical application of the amendments adopted. The information should be treated strictly confidentially by the Clerk (registrar) and may only be provided after the ruling of the BVI Court or at the request of the public authorities. However, in the event of further legislative changes regarding the disclosure of information, information about directors, shareholders and beneficiaries will be immediately available due to their availability in public authorities.
Given global trends in transparency and information exchange, such a scenario should be considered. If you want to open a business, you can simply use the application form on our website and select the Nominee service as part of your application. If we get your data, we get to work immediately and you could have your new business as soon as possible.