11/05/18

IoM: 82% already submitted to register

(IOM Today) -- More than 80% of businesses that need to go on the beneficial ownership register have already submitted details.

The database of beneficial ownership went live in June last year.

Enterprise Minister Lawrence Skelly said: ’As of May 2, 2018, 82% of the legal entities covered by the Beneficial Ownership Act 2017 had met their obligations, in line with the expected gradual population and aligned to the annual return date for each company.’

In response to a question from Jason Moorhouse (Arbory, Castletown and Malew), Mr Skelly added:

’We are pleased with the result to date. Eighteen per cent is a relatively small number but there is still a deadline date to meet with regard to the annual returns and the campaign.

’We will push that out and make sure that those who have not completed will complete hopefully on time.’

The Beneficial Ownership Act requires nominated officers or corporate service providers for legal entities to submit details of registrable beneficial owners where any beneficial owner holds more than 25% of the legal entity’s shares.