BVI Ready To Share Beneficial Ownership
by Mike Godfrey, Lowtax.net, Washington
28 June, 2017
BVI Finance, the territory's financial services promotion agency, says the legislative requirements for the territory's Beneficial Ownership Secure Search system (BOSSs) are now complete, paving the way for its implementation on June 30, 2017.
Developed following an April 2016 exchange of notes with the UK on the sharing of beneficial ownership information, BOSSs is a technology-enabled searchable portal that marks a change in the way beneficial ownership information on any British Virgin Islands' company is held, accessed and, where appropriate, shared with appropriate authorities.
Ahead of the platform going live on June 30, corporate service providers are required to upload the beneficial ownership information of their clients to BOSSs. Once live, BOSSs can be searched by the territory's International Tax Authority, which has responsibility for administering the sharing of beneficial ownership information.
The territory's Premier and Minister of Finance, Orlando Smith, commented: "Through its electronic search engine, BOSSs will ensure there is even greater rigor in our systems and processes relating to beneficial ownership information."
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