BVI: enhanced beneficial ownership reporting requirements from 2025
The British Virgin Islands are implementing amendments to the BVI Business Companies (Amendment) Act, 2024, which strengthen requirements for collecting and maintaining information on beneficial owners (BOs).
Essence of the change
The Act introduces and clarifies the company's obligation to:
- collect,
- store,
- and maintain up-to-date information on beneficial owners.
The new section 96A explicitly stipulates the requirement to ‘collect, keep and maintain ... beneficial ownership information’.
Submission of information to the registrar
BO information must be submitted to the registrar:
- within 30 days of incorporation, or
- within 30 days of continuation in the BVI.
Similar deadlines apply to updates when BO data changes.
Practical significance
- Companies' responsibility for the accuracy of BO data is increasing.
- BO compliance is becoming an ongoing obligation rather than a one-off formality.
- The risks of sanctions and regulatory issues are increasing if the submission deadlines are not met.
