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Beneficial ownership register put to test

Businessman challenges process and purpose

It has taken well over a year to set up and the road to its formation has not always been smooth - but the Isle of Man's register of beneficial ownership is now a reality.

All corporate and legal entities must identify any person owning or controlling more than 25% of the company on a central database.

Firms and corporate service providers representing client firms, have now been notified to input data via Government Online Services.  

Nominated officers have a legal responsibility to declare  beneficial ownership, irrespective of the nature or size of the enterprise.

That has angered Ramsey businessman David Dorricott, who acts as company secretary to a property management company for an apartment block in the town, on a voluntary basis.

He's encountered frustating teething problems with the system and says the extra bureacracy is proving a major headache:

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The Companies Registry says Mr Dorricott has been guided through the process, and has apologised for the inconvenience caused.

Mr Dorricott maintains he will not and can not make the required declaration.

The Island will share information on request with UK intelligence, tax and law enforcement agencies, as part of an agreement on transparency, designed to combat tax evasion, money laundering and serious crime.

The information must be added to the register by 30 June 2018 at the latest.

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