OFFSHORE SERIES | BVI Introduces New Regulations, Impacting All Companies from 2025!
With the increasing global demand for corporate compliance and transparency, the government of the British Virgin Islands (BVI) has recently issued new regulatory requirements. These new regulations came into effect on January 1, 2025, and pertain to the compliance management of all newly registered companies and existing BVI companies.
To enhance transparency and strengthen measures against money laundering and tax evasion, the BVI government requires companies to file detailed records of shareholders and beneficial owners. For many companies, this is a new regulation that must be strictly adhered to; failure to complete the filing on time will result in compliance risks.
The BVI government charges fees for the filing of shareholder and beneficial owner information, which means that from 2025 onwards, the costs associated with registering a BVI company and changing/filing shareholders and beneficial owners will increase accordingly.
Below are the key points of the new BVI regulations that you need to be aware of:
I. For Newly Registered BVI Companies
From January 1, 2025, all newly registered BVI companies will be required to complete the Register of Members (ROM) and the Ultimate Beneficial Owner (UBO) filing. This new regulation is an important step for BVI in strengthening anti-money laundering regulations and increasing corporate transparency, ensuring that global businesses are more compliant and open.
1.Register of Members (ROM) Filing
According to the new regulations, starting from 2025, all newly registered BVI companies must submit the Register of Members (ROM) within 30 days after registration. If there are changes in the company's shareholders, the shareholder information must also be updated and filed within 30 days after the change.
2.Ultimate Beneficial Owner (UBO) Filing
Newly registered BVI companies must also complete the Ultimate Beneficial Owner (UBO) filing within 30 days after registration. If there are any changes in the UBO of the company or any information related to the UBO's interests in the company, the company must update and file the UBO information within 30 days after becoming aware of the change.
This requirement ensures that the actual controllers behind BVI companies are clearly disclosed, further enhancing the effectiveness of anti-money laundering and tax evasion prevention.
II. Key Deadlines for Existing BVI Companies
Existing BVI companies will face stricter compliance requirements. All existing companies must complete the filing of the Register of Members (ROM) and the Ultimate Beneficial Owner (UBO) by June 30, 2025.
Tips
Existing companies must note: June 30, 2025, is the final deadline for completing the filing of existing companies. Missing this deadline may result in compliance issues and corresponding fines (please see Table 1-1). To avoid unnecessary legal risks, please ensure that the filing is completed within the specified time.
Newly registered companies must note: Once there is a change in the company's shareholders or beneficial owners, the filing must be completed within 30 days. Delaying the filing will not only affect the company's compliance but may also lead to unnecessary troubles.
The new BVI regulations will have a profound impact on all BVI companies. Whether it is a newly registered company or an existing one, it is essential to complete the filing of shareholders and beneficial owners in a timely manner to ensure compliance with the new requirements. If your company has not yet prepared, please arrange the filing matters as soon as possible to avoid missing important compliance deadlines and to ensure a smooth response to future legal challenges.
Compliance is no small matter; timely preparation is key. By promptly understanding and implementing these new regulations, you can minimize compliance risks and ensure the long-term healthy development of your company. Should you have any related needs, please contact the professionals at Sinobravo.
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