Companies (Beneficial Ownership) Act 2012

Following on from Appleby’s recent article on the Companies (Prohibition of Bearer Shares) Act 2011, which highlighted the risks associated with members remaining anonymous (including fraud, concealment of assets and undisclosed transfers of beneficial ownership), the Companies (Beneficial Ownership) Act 2012 further demonstrates the Isle of Man’s commitment to seeking transparency in the ownership of companies.

Royal Assent was given to the act on 11 December 2012. However, the operative provisions of the act are yet to come into operation. Given that the intention of the act is to comply with an International Monetary Fund (IMF) recommendation, it is likely that the appointed day order bringing the operative provisions of the act into force will be passed in the not-too-distant future.

The act, which requires certain companies to appoint nominated officers to hold information about their beneficial owners, will apply to all companies that are incorporated under the Companies Acts 1931 to 2004. The act does not apply to companies that are incorporated under the Companies Act 2006…

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