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Guidance Living in South Korea
Information for British citizens moving to or living in South Korea, including guidance on residency, healthcare, driving and more.
Changes To The BVI Eligible Introducer Regime And Public Filing Of Registers Of Directors
The BVI government shows ongoing commitment in maintaining the jurisdictions’ competitiveness by staying compliant with international transparency standards. The local government has announced two key changes that will improve the authorities’ timely access to information.
The British Virgin Islands (BVI) are a leading international finance centre; well known for complying with the highest international regulatory standards.
At the time of writing, the draft legislation has not been made public. However, the Government has issued a press release informing of their intent.
Subject to finalization, a summary of the changes are as follows:
Eligible Introducers
Effective from 1 January 2016, any new BVI company incorporated via an Eligible Intermediary will have to provide the registered agent with information on the beneficial owner.
Details include:
• Full name
• Date of birth
• Residential address
• Nationality
Where the provider, like TMF Group, already requests the name and residential address of the beneficial owner, the additional details of date of birth and nationality, are not expected to cause much of inconvenience or adjustment.
This will be a requirement for all existing companies. Providers will have a transition period to collect the information.
Register of Directors
All new companies will have to file a current Register of Directors with the Registry (existing companies may have to transition to this during the course of 2016). Only current directors need to be disclosed; this is not a public document and access is only permissible to competent local authorities or via a BVI Court Order.
For both cases there are a range of penalties and censures for any company that fails to comply with the new laws.
Get in touch with our local team to learn more