The BVI plans to update its Eligible Introducers Regime to ensure that beneficial ownership information of BVI companies is available to Competent Authorities. This change will come into force on January 1 2016.
Companies can't afford to do business in countries that might cause them a reputational issue, so the better BVI's transparency and reputation, the better it is for business and inter jurisdictional competition. In August the OECD recognised the BVI as a high quality legal jurisdiction by upgrading its tax transparency rating to "largely compliant" (the same rating as the US, UK, Hong Kong, and Singapore). The new beneficial ownership measure will additionally ensure that the BVI will attract high quality business looking for a competitive, stable, and secure business environment.
For the full government press release please use the link below:
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