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Our specialist regulatory lawyers have a great understanding of the rules of Beneficial Ownership and the Isle of Man

We will work with you to ensure you understand compliance with the beneficial ownership rules.

The Beneficial Ownership Act 2017 which entered into force on 1 July 2017 places all Isle of Man corporate and legal entities under the same legislation regarding beneficial ownership.

In the Act, ‘beneficial owner’ means the person who ultimately owns or controls a legal entity to which the Act applies, in whole or in part, through direct or indirect ownership or control of shares or voting rights or other ownership interest in that entity, or who exercises control via other means.

Any beneficial owner who owns or controls more than 25 per cent of the beneficial ownership of a legal entity to which this Act applies is a ‘registrable beneficial owner’ and the required details of any registrable beneficial owner must be submitted electronically to the Isle of Man Database of Beneficial Ownership by the nominated officer. The Act requires every legal entity to which it applies to appoint a ‘nominated officer’ who must be a natural person who is resident on the Isle of Man.

Beneficial Ownership and the Isle of Man | What you can expect

There is a statutory obligation on the legal owners to provide the nominated officer with details of the beneficial owner of the shares if it is not them. There is also a duty on the beneficial owners and intermediate owners to assist the legal owner to ascertain the beneficial owner. There is presently no public access to this information.

Failure to meet these obligations, compliance with which is overseen by the Isle of Man Financial Services Authority, is an offence under the Act which may result in a fine and the striking off of the entity concerned.

As a result, our specialist regulatory lawyers can help you comply with the Beneficial Ownership Rules.

Talk to us today
If you need to talk to someone around Beneficial Ownership and the Isle of Man, then take the first step. You can email [email protected] or call us on 01624 639350 to arrange your free consultation with us today.

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MannBenham Advocates | 49 Victoria Street, Douglas, Isle of Man, IM1 2LD | Email: [email protected] | Telephone: +44 (0)1624 639350