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Do I Need to Declare My Beneficial Owners?

Yes.
In most jurisdictions today, you are legally required to declare your company’s beneficial owners to the relevant authority, registered agent, or corporate service provider.
This is part of global transparency standards aimed at preventing money laundering, tax evasion, and the misuse of offshore entities.

A beneficial owner is the individual who ultimately owns, controls, or benefits from the company — even if their name does not appear as a shareholder or director on public records.

Why Declaration Is Required

Governments and international organizations such as the OECD, FATF, and EU AMLD directives have pushed for transparency in corporate ownership.
As a result, most offshore jurisdictions now maintain a Beneficial Ownership Register (BOR) — either private (accessible only to regulators) or public.

Declaring your beneficial owners ensures:

  • Compliance with local anti–money laundering (AML) laws

  • Smooth bank account opening and KYC verification

  • Protection from potential legal penalties or business restrictions

Jurisdiction Is Declaration Required? Public or Private Register
BVI ✅ Yes – to registered agent Private (non-public)
Seychelles ✅ Yes – to the regulator (FSRA) Private
Cayman Islands ✅ Yes – to competent authority Private
Mauritius ✅ Yes – to the Registrar Private
Singapore ✅ Yes – Register of Controllers Not public, accessible to ACRA
Hong Kong ✅ Yes – Significant Controllers Register Maintained at registered office

What Happens If You Don’t Declare?

Failure to declare beneficial owners may result in:

  • Administrative fines or penalties

  • Company suspension or strike-off

  • Difficulties opening or maintaining bank accounts

  • Regulatory red flags that can affect your business reputation

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