Description

As part of the BVI’s commitment to the FATF Recommendations on the availability of basic company information via a company registry, from 1 January 2023, the names of directors of BVI companies will be made available by the Registry of Corporate Affairs in the BVI (the Registry) for payment of a fee.

What we know so far:

• A list of directors will be available via the Registry on payment of a fee of US$75
• If a BVI service provider is approached to obtain the information from the Registry, it is likely they will charge an additional fee 
• The information available will be limited to the names of current directors - other personal information such as dates of birth and addresses will not be included
• The details of any former directors will not be available
• It will only be possible to request a list of directors of a particular entity – it will NOT be possible to request a list of entities which a particular person is a director of

What do you need to do?

While we are not yet clear on the exact mechanism for the provision of the list of directors by the Registry it is important that you are aware that the Registry will make available, on request and payment of a fee, the names of the directors as at the date of the search.

Take action now to check your register of directors to ensure the copy held by your registered agent is up to date. Harneys Fiduciary clients can log on to the Harneys Connect Portal to check.

We recognise that some clients may have legitimate concerns about their director names being public, and we would be happy to discuss those with you.

If any changes need to be made to the register of directors, please contact your usual Harneys contact urgently to ensure there is time for the registered agent to file the necessary update at the Registry before the 1 January 2023 effective date.