Financial Crime World

Here’s the rewritten article in markdown format:

Due Diligence for Financial Transactions in the British Virgin Islands

The British Virgin Islands (BVI) has a complex regulatory environment that affects due diligence for financial transactions. In this jurisdiction, there are nuances between information available on the public record and what requires the company’s consent or court order.

Understanding Publicly Available Information

General information about companies formed in the BVI, such as registration number, registered office, incorporation date, status, and authorized capital, can be obtained from the BVI Registrar of Companies. This publicly available information includes:

  • Memorandum of Association and Articles of Association: These documents contain more details on the governing of the company.
  • Certificate of Incorporation: A one-page certificate confirming that a company is duly registered.
  • Certificate of Good Standing: Available if the company is up to date with its annual registry fee, this certificate shows both registration and current status.
  • Register of Charges: A simple company search will reflect mortgages and charges.

Non-Public but Required Company Information

In 2016, the BVI Business Companies Act was amended to introduce a requirement for all BVI companies to file a copy of their register of directors with the BVI Registrar. This information is not available for public inspection unless the company opts to allow it. Additionally, information on beneficial owners must be uploaded to the Beneficial Owner Secure System (BOSS) Portal.

Accessing Additional Information

While general information about a BVI company registration, Memorandum and Articles of Association, Certificate of Incorporation, Certificate of Good Standing, and Register of Charges can be accessed in the public record, additional information may require permission from the target company. The company’s BVI registered agent typically has access to this information but will only release it with consent.

Due diligence regulations in the BVI can be complex, requiring careful navigation to ensure compliance and accuracy. Understanding what information is available on the public record and how to access non-public information is crucial for financial transactions in this jurisdiction.