British Virgin Islands' Government Has Signed New Legislation Regarding Beneficial Ownership & Technical Protocol With The UK
19 April, 2017
The British Virgin Islands' Government has signed new legislation regarding Beneficial Ownership & Technical Protocol with the UK which will come into force in June later this year, 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 modernise and innovate the current systems and processes.
The launch of the platform is scheduled for June and will allow all beneficial ownership information to be shared with the UK within a 24 hour period. 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 details will include the following:
- 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).
Each user profile will be:
- Unique, secure and totally separate to any other registered agent on the platform.
- Encrypted by the registered agent and inline with industry standards (at AES-256 bits) to prevent data being accessed through spyware.
- Can be accessed only by a registered user using a registered computer in order to ensure full confidentiality.
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