The British Virgin Islands’ Government has signed new legislation regarding Beneficial Ownership & Technical Protocol with the UK which will come into force in June 2017, which is hoped to improve the exchange of beneficial ownership information between the UK & BVI law enforcement for taxation rulings.
As per the agreement, the UK Government will treat the BVI’s Corporate Service Provider Model as a legitimate equivalent to the UK’s public registry of beneficial ownership. BVI’s model will also incorporate an online platform called BOSSs (Beneficial Ownership Secure Search System) in an attempt to modernize and innovate the current systems and processes.
The launch of the platform is scheduled for June 2017 and will allow all beneficial ownership information to be shared with the UK within a 24 hour period and is thereby available to the US upon respect specific request. It will also provide BVI authorities immediate access to verified beneficial ownership information on any company registered in the British Virgin Islands.
Information to be submitted on the BOSS platform will include:
- Company name.
- Incorporation number.
- Registered Office Address.
- Incorporation date.
- Beneficial Owner name.
- Beneficial Owner date of birth.
- Beneficial Owner Particulars such as passport number.
- Status of Entity (whether active or inactive etc.).
- Date Liquidation commenced & completed (where applicable).
- Reasons as to why any information is incomplete or not provided.
Each agent registered with the system will have their own user profile and secured space to store the required information (as listed above).
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