The BVI has recently announced a number of changes relating to its Anti-Money Laundering (AML) and Counter Terrorist Financing regimes and its Business Companies Act legislation. With these new changes BVI companies will need to opt for reputable registered agents, as the changes intend to enhance BVI’s reputation as both a flexible and well regulated offshore jurisdiction.
According to the amendments of the legislations, the following requirements are expected:
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Requirement to register details about the current directors of each BVI company with the Registrar of Corporate affairs. This requirement is expected to come into effect from 1 January 2016 and will apply to all existing and new BVI companies.
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Requirement that all registered agents obtain at the least the name and residential address of the UBO on each company.
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The BVI Financial Services may also require that registered agents obtain the date of birth and nationalities of UBOs.
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Agents will also need to know and understand the purpose of each BVI company in order to be able to effectively risk assess the business.
It is noteworthy to state that the registers will not be public, but interested parties will have rights to access them in some circumstances.
Registered agents need to gather this information on all BVI entities until the 31 December 2016. If you have any questions regarding how these new regulations might affect you and your business please contact us as
info@internetincorporate.com.
Source: Elizabeth Wilkinson, Maitland Intouch, November 2015.
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