Training offered for new beneficial ownership regime
The Registrar of Companies will issue guidance notes this month to assist corporate entities with understanding their obligations for the new framework under the Beneficial Ownership Act 2025.
Regulations for the purposes of the Act, as well as consequential amendments to the Act and other legislation will be made by order.
A government statement said that the affiliated regulations and orders were expected to be brought into force by notice in the Official Gazette on November 3.
In view of the anticipated transfer of the central register from the Bermuda Monetary Authority to the Registrar of Companies, the BMA will not be accepting any applications as of 5pm on October 28 to allow for the processing of all applications submitted before the transfer date.
To also support operational readiness, a series of 75-minute training sessions will be scheduled for coverage of different aspects of the new regime.
October 15: Introduction to the beneficial ownership register/Registering a company limited by shares/Q&A
October 22: Authorisation to manage beneficial ownership/Maintaining beneficial ownership/Q&A
October 29: General system usage/Most requested by industry/Q&A
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