BVI Beneficial Ownership Secure Search System

The BVI has passed new legislation which requires BVI Registered Agents to make available information on the beneficial owners of BVI companies/partnerships via a Government search system.

The Act enters into force on 30 June 2017 by which Registered Agents in the BVI must have collected and uploaded the required information onto their respective secure databases. It includes the legal framework for recording accurate beneficial ownership information/disclosure of information to authorities with which the BVI has entered into bilateral agreements.  It is noted that at present only UK authorities can request information from the BVI on beneficial ownership via the BOSS system.  Such information includes the name, nationality, date of birth and residential address of the beneficial owner of a BVI company.  Where the beneficial owner is a company then the information includes name, incorporation number, date of incorporation, status and registered address

Obligations of the Registered Agent

By 30 June 2017, each Registered Agent must create a database and upload to the BOSS system the beneficial ownership information for all companies under their administration. Furthermore, Registered Agents have 15 days from receiving notification to upload any changes to the beneficial ownership information.

Obligations of Legal Entities

The company must inform its Registered Agent of its beneficial owners within 15 days and if there are any changes these must be communicated to the registered agent within 15 days.

Failure to comply or intentionally providing false information will result in significant penalties/fines and can be levied against both companies and Registered Agents.

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