Recent and Important News about the BVI Beneficial Owner Registry

As you know, as of this year all BVI Business Companies and Limited Partnerships are required to file details of the beneficial owners at the BVI Registry of Corporate Affairs. The BVI government has done an excellent job in not allowing persons without a “legitimate interest” to obtain registered information on the beneficial owners of a particular BVI entity.  At MMG BVI (Trust) Ltd. we feel satisfied with the solutions and the process in which the BVI government handled this delicate situation.

We are even more pleased that the BVI authorities have approved certain exemptions regarding access to the beneficial ownership registry. Here is the list of those exemptions:

BO information is not required to be registered with the BVI Registry when the company:

• Is listed on a recognized stock exchange.
• Is a subsidiary of a company listed on a recognized stock exchange.
• Is a private, professional, public or private investment fund.
• Is a subsidiary of a fund (including foreign funds) providing the fund collects, keeps, and maintains BO information which can be provided to the Registry, if necessary, within 24 hours of request; incubator or approved funds.
• Has shares issued to a licensed trustee in the BVI or to a trustee regulated for AML, ATF, and APF purposes in a country other than the BVI.
• Has 50% or more of the shares or voting rights held by the BVI Government or any foreign government; or
• Was dissolved prior to the Regulations coming into force and has not been restored.

Please note that including a trust in your structure allows you to benefit from the exemption described above, while also providing an effective succession planning mechanism to bypass probate.

Our team is fully prepared to assist you in the structuring and formation of TRUSTS in the BVI (including both standard and VISTA trusts), Nevis, Panama, and Wyoming, where we hold authorized licenses in each jurisdiction. Additionally, we are licensed to manage investment funds in The Bahamas.

Please contact us at: [email protected]