Friday 26 May 2017

Isle of Man: The Beneficial Ownership Act 2017

The Beneficial Ownership Act 2017 received Royal Assent last month. The Act - available here (pdf) - replaces the Companies (Beneficial Ownership) Act 2012 (here, pdf). An overview of the new Act is available here. In very general terms, the Act sets out the framework whereby details of those controlling more than 25% of the beneficial ownership of a company are held in the Isle of Man database of beneficial ownership.

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