Who Can
Request Your Information
Under the amended framework, any
person who can demonstrate a "legitimate interest" may apply to the
BVI Registrar of Corporate Affairs to inspect or obtain a copy of information
recorded in the Register of Beneficial Owners (ROBO). A legitimate interest
generally means the request is connected to investigating, preventing, or
detecting money laundering, terrorist financing, or proliferation financing.
Persons who carry out customer due diligence obligations under BVI law also
qualify.
The information subject to disclosure
is limited to individuals who directly or indirectly hold a 25% or greater
ownership interest—or exercise equivalent control—over a BVI entity. What can
be disclosed includes the beneficial owner's full legal name, month and year of
birth, nationality, and the nature of their interest or control. Each request
is subject to a non-refundable government fee of US$75.
How
to Apply for an Exemption from Disclosure
Beneficial owners can apply for a
general exemption from disclosure at any time after entity incorporation.
Applications may be filed directly or through a legal representative. To
succeed, the applicant must provide a clear explanation of the circumstances
justifying the exemption, along with supporting evidence. Grounds for exemption
include situations where disclosure may expose the beneficial owner—or persons
connected to them—to a risk of harm or vulnerability, or where the beneficial
owner is a minor or otherwise lacks legal capacity.
Supporting documentation will depend
on the circumstances but may include proof of age, official government
correspondence involving national security concerns, or affidavits evidencing
reasonable belief and identifying individuals at risk. The Registrar reviews
each application individually and may grant exemptions subject to conditions or
for a specified duration. If the underlying circumstances change, the
beneficial owner must notify the Registrar.
A key advantage of a general
exemption is that, once granted, it can apply across multiple entities owned by
the same beneficial owner.
How
to Object to a Specific Disclosure Request
When the Registrar receives a request
and is satisfied there is no good reason to refuse it, the Registrar will
notify the legal entity through its Registered Agent. The legal entity then has
five days from receipt of notice to file a notice of objection. That objection
must clearly explain why the Registrar should not grant access.
The Registrar's notice will include
the purpose for which the information will be used. If the requesting party is
a legal entity, the notice will also identify the name of that entity.
If a timely notice of objection is
filed, the legal entity has an additional five days to submit a formal
application opposing disclosure. Acceptable grounds include that the request
was not made for a proper purpose, contains misleading or inaccurate information,
is likely to cause risk of harm to the beneficial owner, or involves a
beneficial owner who is a minor or lacks legal capacity. Supporting evidence is
required. If the Registrar rejects the application, the applicant has a right
to appeal.
Unlike a general exemption, an
objection is time-sensitive and applies only to the specific entity named in
the request.
Exemption
vs. Objection: Know the Difference
The two mechanisms serve different
purposes and have different strategic implications. A general exemption can be
filed proactively at any time and covers multiple entities. An objection is
reactive, time-limited, and entity-specific. Importantly, neither mechanism
restricts access by competent authorities or law enforcement.
Given the tight timelines
involved—particularly the five-day windows for objections—beneficial owners of
BVI entities should not wait until a disclosure request arrives to consider
their options. Proactive planning, including evaluating whether to seek a
general exemption now, is the best way to protect your interests.
If you own or control a BVI entity,
consult with qualified legal counsel to assess whether a general exemption
application is appropriate for your circumstances. Ensure your Registered Agent
is prepared to notify you immediately if a disclosure request is received so
you can act within the required deadlines. The cost of being unprepared—given
the five-day response windows—is far greater than the cost of planning ahead.
Contact the Tax Lawyers at
www.TaxAid.com or www.OVDPLaw.com
or Toll Free at 888 8TAXAID (888-882-9243)
