The Isle of Man Beneficial Ownership Act 2017
Isle of Man Beneficial Ownership Register
The Isle of Man Government has recently passed into law the Beneficial Ownership Act 2017 (“the Act”). The Act affects information retained on the beneficial owners of Isle of Man entities at the Isle of Man Companies Registry.
All Isle of Man companies, partnerships, foundations and business names are affected by the Act and will be required to have a Nominated Officer appointed to make a disclosure under the Act. This disclosure is of the legal person(s) who hold more than 25% of the shares/rights to the entity back to the point where there is an individual(s). Disclosure is to be made annually to a Beneficial Ownership Register.
Importantly, this Beneficial Ownership Register is not available to the public, unlike in the UK.
It will only be viewable by the following –
• The Nominated Officer
• Parts of the Isle of Man Government i.e. Company Registry, Isle of Man Government IT department
• The Financial Intelligence Unit
There are protections within the Act and criminal offences applicable where information is disclosed to outside parties without the permission of the Nominated Officer. The Financial Intelligence Unit is the only body allowed to disclose information without an offence being committed as it will be responding to potential adverse information and will only search on this basis.
The Nominated Officer for entities managed by us will be Fortress Management Services Limited.
Please be aware that beneficial owners are obliged under the Act to inform the nominee entity maintaining the shares/rights on their behalf of any changes that they may have made. If the beneficial owners do not inform the Nominated Officer of any changes, (for example a change of address or a transfer of shares) this is an offence under the Act and the Nominated Officer is obliged to inform the regulator and withhold access to the company.
As always, we are available to assist with any queries you may have in relation to the Isle of Man Beneficial Ownership Act 2017.