Communication of the new beneficial ownership regime to all Isle of Man corporate and legal entities is underway for registration on the central database of corporate beneficial ownership.

The Companies Registry has sent all relevant Corporate Service Providers (CSPs) and nominated officers an enrolment code in the post.
This code will give them restricted access to the Isle of Man Database of Beneficial Ownership, via Government Online Services, where they must enrol on the system no later 1 August 2017.

After enrolling, any person owning or controlling more than 25% of the legal entity must then be registered on the database. The CSP or nominated officer must submit this either by the business’ next annual return date, or by 30 June 2018, whichever is earlier.

As well as the details of how to upload the information being sent to every Isle of Man-registered entity, the Department has also created a short video which offers a step by step process on how to populate the database. This is available to view at www.gov.im/boa.

Minister for Economic Development, Laurence Skelly MHK, commented:

‘The launch of the central database of corporate beneficial ownership further demonstrates the Isle of Man’s ongoing commitment to actions to counter the threat of money laundering, tax evasion and serious crime.’

The Nominated Officer/CSP must submit beneficial ownership information by the date on which the legal entity’s next annual return must be filed or by 30 June 2018, whichever is earlier, but in any event as soon as reasonably practicable after the information has been submitted to the nominated officer. Any changes to the information must also then be submitted to the database within one calendar month of the Nominated Officer being made aware of the said changes.

The secure central private database will be maintained as part of the Companies Registry and overseen by the Isle of Man Financial Services Authority.

Information held on the central database will not be public and will only be accessible by a small number of designated officials in a limited number of Isle of Man authorities and, on request to the Island’s Financial Intelligence Unit, by the intelligence and law enforcement agencies of countries with which the Isle of Man has a beneficial ownership sharing agreement (currently only the UK).

The legislation was developed in line with the Isle of Man Government’s commitment, made to the United Kingdom Government last year, to enhance arrangements for the sharing of information about the beneficial ownership of corporate and legal entities.

Other Crown Dependencies and the British Overseas Territories have all made the same commitment.

Further information about beneficial ownership will be made available on the Companies Registry website at www.gov.im/boa.