BVI Registry Updates: Directors, Members, Beneficial Owners, and Limited Partnerships

Recent updates to BVI registry requirements are shaping how companies and partnerships manage their filings. Here’s a comprehensive look at what’s changed:

The changes to the Register of Directors are minimal but important. If a regulated BVI director services provider offers professional director services, the register must now include the name and address of the individual on whose behalf these services are provided. Additionally, in cases of errors or omissions, affected parties can now apply for court rectification of the register.

BVI Business Companies must now file their register of members with the Registrar of Corporate Affairs on a private basis. Exceptions apply to listed entities and funds regulated under the Securities and Investment Business Act, which must instead file details of their exemption. The register must include names, addresses, membership dates, share details, and voting rights. For nominee-held shares, additional information about the nominator is required. Entities incorporated before 2025 have at least six months to comply, with filings facilitated via registered agents. Updates to filed particulars must be submitted within 30 days of changes.

These filings are private and accessible only to registered agents and authorized authorities through the VIRRGIN system. Public filing remains an option. Importantly, existing entities can file their register without disbursement fees between January and June 2025.

General Partners must now be registered for all Limited Partnerships (LPs). However, SIBA-licensed funds are exempt from filing their limited partner register but must still file exemption details.

Key filing requirements include:

• Filing within 30 days of registration, continuation, or restoration.
• Updates within 30 days of changes to partners or their particulars.

The names of General Partners will be publicly accessible for a fee, while limited partner information will remain available only to registered agents, competent authorities, and law enforcement. Additionally, LPs must ensure their registered agent holds the latest Limited Partnership Agreement and updates it promptly for amendments.

A new central Register of Beneficial Owners for both BVI Business Companies and Limited Partnerships will be maintained by the Registry of Corporate Affairs.

Who needs to file? All BVI Business Companies and Limited Partnerships, except for:

• • Entities with shares traded on regulated markets.
  • Entities already subject to disclosure and transparency rules under recognized international standards (details of exemptions must still be filed).

Filing deadlines:

• • Within 30 days of incorporation or continuation.
  • Updates must be submitted within 30 days of changes.
  • Companies incorporated before 2025 will have at least six months to comply.

Who must be identified?

• • Individuals holding at least 10% of shares or voting rights.
  • Those with the power to appoint/remove a majority of the board.
  • Any person exercising significant control.

Access: Information will be accessible to entities (via their registered agent), competent authorities, and law enforcement. For beneficial owners with a 25% or greater interest, details will eventually become publicly available, pending a legitimate interest filter subject to a government consultation expected in 2025.

Our team is ready to help you understand the new requirements. Don't hesitate to each out if you have questions.