Beneficial Ownership Amendment Act 2025

What this bill does

This bill makes technical fixes to Bermuda's beneficial ownership laws, which require companies to keep records of who really owns and controls them. The changes expand reporting requirements, give the Registrar of Companies more authority over ownership transfers, and fix an error about how fees are set.

If passed (voted YES)

• Companies will need to report more detailed information about "registrable persons" (not just beneficial owners) to help authorities track who controls businesses
• The Registrar of Companies will gain authority to approve or reject when someone wants to become a beneficial owner of any Bermuda company, including exempted companies
• A technical error about fee-setting procedures will be corrected to follow proper parliamentary approval processes

If rejected (voted NO)

• Companies will continue reporting under the current, more limited requirements that may not fully meet international standards
• The Registrar of Companies will have less oversight power over beneficial ownership changes in some types of companies
• The technical error about fees will remain, potentially causing confusion about proper procedures

Who it affects

This primarily affects Bermuda companies and their owners, as well as the Registrar of Companies who administers these rules. The changes help ensure Bermuda meets international Financial Action Task Force standards for tracking business ownership.