UK Privy Council delays beneficial ownership register

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THE introduction of Guernsey's new Beneficial Ownership Register has been delayed by legislative process in the UK.

The register was due to become effective from the weekend but is not because the UK Privy Council has not yet ratified the legislation required.

The Guernsey authorities expect that this will happen in the next couple of weeks and that the register, based at the Guernsey Registry, will go live shortly.

Industry has been warned that the implementation date will not now be until 31 July at the earliest.

Under the terms of the new register, all Guernsey companies, limited liability partnerships and foundations will have to provide information on ultimate beneficial ownership. However, the States has decided that although newly-incorporated companies should provide the information on registration, established companies can do so with their annual validation reports at the beginning of next year, with a deadline of 28 February.

Filings can be made from the implementation date and Alan Bougourd, registrar of companies, said filings should be made as early as possible.

A bulk upload facility is due to be introduced later this summer.

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