The Companies Registry has reported encouraging rates of registration for beneficial ownership, with over two thirds of listed companies having made their annual declaration.
Following Royal Assent in April 2017, the Beneficial Ownership Act requires nominated officers or Corporate Service Providers for legal entities to submit details of registrable beneficial owners where any beneficial owner holds more than 25% of the legal entities’ shares.
Nine months in, the database now holds the details of 68 percent of the legal entities to which the Beneficial Ownership Act 2017 applies.
Laurence Skelly MHK, Minister for Enterprise, commented:
‘The Beneficial Ownership Act was introduced in July 2017 in line with the Isle of Man Government’s commitment to enhance agreements for the sharing of information about the beneficial ownership of corporate and legal entities, to help the UK evade financial crime and terrorism.
‘It’s encouraging to see the engagement from our business community and the high rate of compliance with the Act as we maintain our shared commitment to meet international standards in relation to transparency.’
Nick Cowell, Companies Registry Manager, commented:
‘We are pleased with the response to date, with registered numbers ahead of projected figures, but will remain consistent in continued communication to nominated officers and CSPs as the June 2018 deadline approaches.
‘I’d like to thank Isle of Man companies for being vigilant and upholding their legal responsibility to accord with the Act and also to remind nominated officers and CSPs of the legal requirement to confirm that all information submitted for entry on the Database is up to date and correct.’
Details of registrable beneficial owners must be submitted electronically to the Isle of Man Database of Beneficial Ownership by no later than the 30 June 2018, with a statement of compliance being included in the annual return.
Visit Government Online Services to register or contact Companies Registry on 01624 689389.