The Isle of Man has launched a database of corporate beneficial ownership.

The Beneficial Ownership Act was given Royal Assent in April 2017 and the central database went live on 1 July 2017.

Under the Act, a beneficial owner is defined as a natural person who ultimately owns or controls a legal entity in whole or in part, through direct or indirect ownership or control of shares or voting rights or other ownership interest in that entity, or who exercises control via other means.

Any beneficial owner who owns or controls more than 25% of the beneficial ownership of a legal entity to which this Act must submit details of any registrable beneficial owner electronically to the Isle of Man Database of Beneficial Ownership by their nominated officer/CSP. Were a corporate service provider is used it will nominate an officer.

Information is submitted by the earlier of 30 June 2018 and the first filing date of the annual return following 1 July 2017.

The information is not being kept on public record but will be available to the UK authorities under a beneficial ownership sharing agreement, see HMRC information powers: client briefing.

IOM Beneficial Ownership Act

Comments (0)

Rated 0 out of 5 based on 0 voters
There are no comments posted here yet

Leave your comments

  1. Posting comment as a guest.
Rate this post:
Attachments (0 / 3)
Share Your Location