The British Virgin Islands (BVI) Business Companies (Amendment) Act 2024 (the Act) has received governor's assent and was gazetted on 26 September 2024.

The Act sets out some important reforms regarding beneficial ownership, nominee shareholders, the register of members, rectifying the register of directors, director duties and more. The Act has not yet been brought into force, although that is thought to be 'imminent', according to law firm Mourant. It is probable that the Act's measures will be brought into effect in a staged manner. When in force, beneficial ownership information will have to be filed with the Registrar of Corporate Affairs (the Registrar), although it will not be publicly accessible at present. In the case of a trust, the beneficial owners are deemed to be the trustee; the settlor; the protector; the beneficiaries or class of beneficiaries, whether trust property or income has been distributed or not; and any other natural person exercising direct or indirect control.