Regulatory Alerts2024-12-04
BVI Business Companies and Limited Partnerships (Beneficial Ownership) Regulations, 2024
The Cabinet of the Virgin Islands issued these Regulations to establish a comprehensive framework for the identification, recording, and maintenance of beneficial ownership information for BVI business companies and limited partnerships. The rules mandate that legal entities and their registered agents file specific data with the Registrar to populate the Beneficial Ownership Register, while defining beneficial owners as natural persons holding 10% or more of shares, voting rights, or control. The Regulations further outline inspection rights for competent authorities and foreign parties under the UK-Virgin Islands Exchange of Notes, alongside provisions for penalties regarding contraventions and data protection compliance.
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