The British Virgin Islands are now discussing implementation of new rules for beneficial owners. It is a problem of particular interest due to growing number of Asian beneficial owners of BVI companies. BVI House Asia, financial services promotion agency, organized a seminar in Hong Kong to discuss and inform Asian entrepreneurs about newest regulations.

Above mentioned regulations are mostly related to non-contentious probate and estate administration. In addition, new register is available that allow to conduct search on beneficial owners. Eastern Caribbean Supreme Court is the initiator of these changes. Statistics shows that around 40 percent of companies registered in British Virgin Islands are owned by Asians, mostly Chinese and Hong Kong citizens.

Information for seminar participants contained of the main point. After beneficial ownership information is changed, company must notify its registered agent within 15 days. If the company does not comply with this requirement it will be fined up to USD 10,000. Moreover, registered agent is also subject to fine, if he does not pass information about beneficial owner change within 15 days from the effective date of the change, he will be fined up to USD 40,000.