BRITISH VIRGIN ISLANDS

BENEFICIAL OWNERSHIP SECURE SEARCH SYSTEM ACT, 2017 (the BOSSs)

BENEFICIAL OWNERSHIP SECURE SEARCH SYSTEM (AMENDMENT) ACT, 2017 (the BOSS AMENDMENT)

 


 

Date of Effect

 

The Beneficial Ownership Secure Search System Act, 2017 (the “BOSS Act”) and the Beneficial Ownership Secure Search System (Amendment) Act, 2017, came into force on the same day on 30 June 2017.

 

Object and Purpose

 

As per the preamble of the Act, the BOSS is an Act to establish a secure search system to facilitate the effective and efficient storage and retrieval of beneficial owner information for all corporate and legal entities using the system and to provide for matters incidental thereto.

 

Designated Person

 

Section 13(6) of the Act provides that a designated person shall execute a search of the Beneficial Ownership Secure Search System if formally requested to do so by a senior officer of any of the following authorities: 

(a) the Financial Investigation Agency;

(b) the Financial Services Commission;

(c) the International Tax Authority;

(d) the Attorney General's Chambers.

 

Obligaiton of BVI Company to identify beneficial owner

 

Section 9(2) provides that a corporate and legal entity shall identify any person who is a beneficial owner or a registrable legal entity of that corporate and legal entity and notify the registered agent of those persons so identified as beneficial owners and those legal entities so identified as registrable legal entities within 15 days of identifying such person or entity;

 

Penalty for Non-compliance of section 9(2)


Section 9(6) provides that where a corporate or legal entity fails to comply with a requirement of this section without reasonable cause he or she commits an offence and is liable

(a) on summary conviction to a fine not exceeding forty thousand dollars ($40,000) or to imprisonment for a term not exceeding six months or both; or

(b) on conviction on indictment, to a fine not exceeding two hundred and fifty thousand dollars ($250,000) or to imprisonment for a term not exceeding five years, or both. 

 

Obligation to notify Registered Agent of Change in Beneficial Owner

 

As per section 12 (1) of the BOSSs Act, a corporate and legal entity shall, within 15 days of becoming aware of a change of any of the prescribed information relating to beneficial owners or registrable legal entities, notify its registered agent of such changes and the date such changes took place. 

 

Penalty for Non-compliance of section 12(1)

 

 

As per section 12(4) of the BOSSs Act, where a corporate and legal entity fails to comply with a requirement of this section without reasonable cause he or she commits an offence and is liable

  • (a) on summary conviction to a fine not exceeding five thousand dollars ($5,000); or
  • (b) on conviction on indictment, to a fine not exceeding ten thousand dollars ($10,000). 

 


 

Go back to BVI Business Companies Act