7 December 2015
BVI UPDATE - Changes to the BVI's Eligible Introducer Regime
In its effort to ensure continuous compliance with the evolving international standards of transparency, the British Virgin Islands (BVI) has announced amendments in its anti-money laundering regime. The recommended changes will have most impact on the Eligible Introducer Regime and are to take effect on 1 January 2016.
In line with these changes, compliance requirements will include the following:
New Companies
From 1 January 2016, BVI registered agent will need to hold information about ultimate beneficial ownership (“UBO”). The required information will include name, date of birth, residential address and nationality. Additionally, as of 1 January 2016 upon incorporation of a BVI Company the Register of Directors would need to be filed with the BVI registry after the first directors have been appointed. The Director information filed at the BVI registry will be private and not be publicly available other than to the BVI regulatory and law enforcement authorities.
Existing Companies (incorporated prior to 1 January 2016)
A 12-month transitional period will be given to allow existing BVI Companies to become compliant with the requirements in which disclosure of the UBO's information to the BVI registered agent and filing of the Registry of Directors on the BVI registry is required.
Therefore, by the 31st December 2016 the BVI registered agent should have all the information about the UBO and moreover BVI registered agent is expected to have completed filing of the register of directors to the BVI registry.
Should you require a list of documents, please contact our accounting department below.
CONTACT INFORMATION
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