The Isle of Man government is making final preparations to implement a central database of corporate beneficial ownership, as the launch date of 1 July 2017 approaches. The Financial Services Authority will issue guidance before the June sitting of Tynwald, the Isle of Man’s parliament.
With a small number of exceptions, the new regime applies to all legal entities incorporated, registered or established in the Isle of Man. The Companies Registry will contact them shortly with details of how to upload the information to the new central database. Most types of legal entities have to appoint a nominated officer to provide the required details. They will be sent an enrolment code no later than the end of June 2017, which will enable them to submit the registrable beneficial ownership information via government online services. In the case of legal entities using a licensed corporate service provider, the responsibilities to be undertaken by the nominated officer will fall to the corporate service provider.
The information must be submitted by the earlier of the date on which the legal entity’s next annual return must be filed, or 30 June 2018.
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 IOM 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 Isle of Man government is making final preparations to implement a central database of corporate beneficial ownership, as the launch date of 1 July 2017 approaches. The Financial Services Authority will issue guidance before the June sitting of Tynwald, the Isle of Man’s parliament.
With a small number of exceptions, the new regime applies to all legal entities incorporated, registered or established in the Isle of Man. The Companies Registry will contact them shortly with details of how to upload the information to the new central database. Most types of legal entities have to appoint a nominated officer to provide the required details. They will be sent an enrolment code no later than the end of June 2017, which will enable them to submit the registrable beneficial ownership information via government online services. In the case of legal entities using a licensed corporate service provider, the responsibilities to be undertaken by the nominated officer will fall to the corporate service provider.
The information must be submitted by the earlier of the date on which the legal entity’s next annual return must be filed, or 30 June 2018.
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 IOM 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).
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