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Beneficial ownership registers are now at full operation in Bermuda

The deadline for legal entities to submit their information to Bermuda’s beneficial ownership register was reached on 30th April 2019.

A beneficial owner is any individual or individuals who directly or indirectly own or control more than 25% of the shares, have voting rights or interest in a company. In the event no one is identified, the senior managers of the company will be regarded as beneficial owners.

The legislation is primarily imposed on companies and partnerships existing under Bermudian laws and failure to comply with the legislation can result in fines. The exceptions to this requirement include companies listed on an approved stock exchange, overseas companies with a branch office in Bermuda, financial institutions licensed to carry on regulated activities in or from Bermuda.

Currently, the information on the central register will not be accessible publicly, and there is no indication this will be the case, unless it becomes a global standard.

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