New Registration Requirements in the BVI: Enhanced Corporate Security

As of January 2, 2025, companies incorporated in the British Virgin Islands are subject to new corporate requirements that significantly increase corporate transparency.

The main changes focus on the centralization and continuous updating of corporate registers, ensuring that competent authorities have fast and accurate access to information, without resulting in unrestricted public disclosure.

One of the key changes is the mandatory filing of the Register of Members (ROM) with the BVI Registry. This register must include detailed information on shareholders, shareholdings, and voting rights, as well as, where applicable, the identification of the party who appointed any nominee shareholders.

There are also new requirements related to the Register of Directors (ROD). Where a director acts through a licensed service provider, the company must disclose who appointed that director or, in the case of external director services, identify the beneficial recipient of such services.

A highly significant development is the introduction of the Register of Beneficial Ownership (ROBO), which must be filed within 30 days of incorporation or of any change to the company’s ownership structure. This register identifies individuals who hold effective ownership (Ultimate Beneficial Owners – UBOs), particularly those with 10% or more control, while allowing for specific safeguards in certain cases, such as data protection concerns or minor beneficiaries.

Another practical implication of these changes relates to the issuance of the Certificate of Good Standing, which will now only be granted if the registers of members, directors, and beneficial ownership are fully up to date.

For clients maintaining structures in the BVI, these new requirements call for an urgent review of corporate compliance. Aurora, as a licensed Registered Agent in the British Virgin Islands, is fully prepared to support clients throughout this process.