In an effort to strengthen transparency, combat financial crime and align Barbados with international standards, the Government of Barbados has established a Central Beneficial Ownership Register under the Beneficial Ownership Transparency and Register Act, 2026 (BOTRA). This week’s Ask the Expert seeks to help you understand your obligations under this Act.
Q: What is Beneficial Ownership Reporting?
Answer: Beneficial Ownership Reporting is the process by which entities identify and report the natural persons who ultimately own or control them. The information is maintained in the Central Beneficial Ownership Register to promote transparency and support national and international efforts to prevent money laundering, terrorist financing and other financial crimes.
Q: Who is considered a Beneficial Owner?
Answer: A Beneficial Owner is a natural person who directly or indirectly owns or controls 20 per cent or more of an entity’s shares, voting rights, partnership interests or ownership interests. A person may also qualify as a Beneficial Owner if they exercise significant influence or effective control over the management or operations of an entity through other means, including contractual arrangements, shareholder agreements or the power to appoint or remove directors.
Q: Which entities are required to file Beneficial Ownership information?
Answer: The reporting requirements apply to Companies incorporated or continued under the Companies Act, Cap. 308, Societies with Restricted Liability (SRLs), Limited Partnerships, External Companies registered to conduct business in Barbados and other legal entities established under Barbadian law.
Q: How can entities submit their Beneficial Ownership information?
Answer: There are two filing options:
Filing Channel 1 – Through Business Barbados (In Person)
Entities may file directly with Business Barbados if they are domestic companies or societies with annual gross revenue of BDS$1 million or less and are not required to appoint a Corporate and Trust Service Provider (CTSP).
Filing Channel 2 – Through a Corporate and Trust Service Provider (CTSP)
A licensed CTSP must submit Beneficial Ownership information on behalf of companies or societies with annual gross revenue exceeding BDS$1 million, External Companies registered under the Companies Act and Limited Partnerships required by law to appoint a CTSP.
Q: What information must be provided?
Answer: Beneficial Owners may be required to provide personal information such as their full name, residential and mailing address, email address, telephone number and Tamis number. Information relating to the nature and extent of ownership or control, including ownership percentages and dates ownership commenced or ceased, may also be required. Supporting documentation may be requested to verify the information submitted.
Q: What happens if ownership information changes?
Answer: Entities are required to keep their Beneficial Ownership information accurate and up to date. Changes involving Beneficial Owners, nominee directors, nominee shareholders or other material ownership and control information must be reported within 14 days of the change occurring.
Q: Is Beneficial Ownership information publicly available?
Answer: No. Beneficial Ownership information is not publicly accessible. Access is restricted to authorised personnel and designated authorities and is maintained solely for regulatory, compliance and law enforcement purposes in accordance with the law.
Q: What are the consequences of failing to comply with filing requirements during the transition period (September 1-November 30, 2026)?
Answer: Failure to comply with Beneficial Ownership reporting requirements during the transition period will result in the entity being struck off the register.
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