The Government of the Virgin Islands has completed the legislative requirements that pave the way for implementation of the Beneficial Ownership Secure Search system (BOSSs).
Developed following an Exchange of Notes with the UK in April 2016, BOSSs is an innovative technology-enabled searchable portal that marks a step change in the way beneficial ownership information on any BVI company is held, accessed and where appropriate shared with competent authorities in the BVI and the UK. 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 BVI competent authority with information available within 24 hours, or more quickly if needed.
Other jurisdictions are taking a similar approach as part of a global drive to further improve standards for holding and making beneficial ownership information accessible to competent authorities.
Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE said, “Through its electronic search engine, BOSSs will ensure there is even greater rigor in our systems and processes relating to beneficial ownership information.”
The Premier added, “Through its use of technology BOSSs perfectly blends the principles of privacy and security and is entirely fit for purpose. Working with BDO, we have developed a world class platform that will benefit all stakeholders, including corporate service providers, company owners and law enforcement agencies. I would like to express my appreciation to the private sector in the BVI for their support and partnership in making this initiative a success.”
Over the past few months in anticipation of meeting a deadline of June 30, BDO, on behalf of the Government of the Virgin Islands has been providing the required support to service providers to ensure that their systems and processes meet the standards needed to comply with this new legal requirement.
The Government of the Virgin Islands remains committed to improving transparency and maintaining the standards of a world-class financial services jurisdiction.