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Anguilla Commercial Registry and Beneficial Ownership Act No. xx/2021 Registration System Act, 2021

Overview

The Anguilla Commercial Registry and Beneficial Ownership Act No. xx/2021 Registration System Act, 2021 is primarily focused on registering beneficial ownership information of companies in Anguilla. It requires Anguillian companies to identify their beneficial owners and maintain records of their beneficial ownership information.

Key Points

Registration System: The act establishes a registration system for beneficial ownership information.
Beneficial Owner Definition: A person is considered a beneficial owner if they meet one or more of the specified conditions (holding more than 25% of issued shares, exercising control over voting rights, etc.).
Registrable Persons: A registrable person is either a beneficial owner or someone who would be a beneficial owner if an individual.
Anguilla Company Duty: An Anguillian company must:
- Identify and keep records of its beneficial owners.
- Provide written notice to beneficial owners and any other persons it believes are registrable.
Penalties for Non-Compliance: Failure to comply with the act’s requirements can result in fines.

Specific Sections

Some specific sections that stand out include:

Section 15: Application of the Act: Defines when the act applies to an Anguillian company.
Section 16: Determining Beneficial Ownership: Describes the conditions for determining beneficial ownership.
Section 17: Registrable Persons: Specifies who is considered a registrable person.
Section 18: Identifying and Recording Beneficial Owners: Requires Anguillian companies to identify and keep records of their beneficial owners.

Restrictions on Access

The Registrar may impose restrictions on access to the CDD Register when operationally necessary, including maintenance of the register.

If you have any specific questions about this document or need further clarification on certain points, please don’t hesitate to ask.