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British Virgin Islands: the Beneficial Ownership Secure Search System (BOSS)


				16.08.2017
						

The Law on the Beneficial Ownership Secure Search System (BOSS) entered into force on June 30, 2017 as part of the BVI's fulfillment of its obligations to the UK to immediately exchange information on beneficial ownership. In order to implement the Law, the Beneficial Ownership Secure Search System (BOSS) was launched, which began operating on July 1, 2017.

Thus, corporate entities, as well as registration agents, are obliged to "take reasonable steps to identify beneficial owners" of each company in the BVI, and then upload the received data to the BOSS system within 15 days of the identification of such person or organization.

Data reflected in the system:

In relation to the company:

In relation to the the beneficial owner:

 Name;

 Registration number;

 Date of registration and status;

 Jurisdiction of the place of incorporation;

 Name;

 Address of residence;

 Date of birth;

 Citizenship;



For non-compliance with the requirements for the provision of information on an obligated person, a fine of up to $ 250,000 or imprisonment up to 5 years is imposed. For providing false information - $ 75,000 or imprisonment up to 4 years.

The information will be publicly closed, but competent BVI bodies will have access to it to ensure compliance with international commitments undertaken by the country. At the moment, the only foreign body that has the right to request the BVI to search the system is the National Crime Agency of Great Britain (Financial Intelligence Unit).

A source: http://www.totalserve.eu/Assets/Images/uploadedContent/CMS/documentsImages/no15of2017beneficialowner... 

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