Regulated funds and subsidiaries
Under the BO Regime BVI companies and limited partnerships must collect, maintain and (subject to certain exemptions) file up-to-date beneficial ownership information with the BVI Registrar of Corporate Affairs (“Registrar”).
Private, professional, public, private investment, incubator or approved funds registered or recognised by the BVI Financial Services Commission are exempt from the filing obligation, provided beneficial ownership information can be supplied to the Registrar within 24 hours of request. Subsidiaries of funds (including foreign funds) are also exempt, provided the fund collects, keeps and maintains adequate, accurate and up to date information on the beneficial owners of the legal entity and can provide that information to the Registrar within 24 hours of request. For these purposes, a legal entity is a subsidiary of another legal entity (the “parent”, ie the fund) if the parent holds, directly or indirectly (i) a beneficial interest in 75% or more of the shares in the subsidiary; or (ii) 75% or more of the voting rights in the subsidiary.
For more information on other exemptions, key filings and updates to the BO Regime, please see our client update.
