Earlier this year the Isle of Man Government enacted the Beneficial Ownership Act 2017. The new legislation means that details of beneficial owners of Isle of Man companies are now required to be maintained on a central database administered by our Government. See here for more information.
The information on the database is not accessible to the public but it is available to the Isle of Man Government and certain law enforcement & statutory agencies in the UK.
The new law requires that each Isle of Man entity appoints a nominated officer / corporate service provider who is responsible for ensuring the information on the database in respect of the entity is correct and complete.
Where a client uses a corporate service provider, the default position is that they are appointed to the role. We have revised our Terms and Conditions of Business to reflect this which will ensure that our client companies continue to comply with Isle of Man law.
Please let us know if you have any questions about this.