BVI's Updated Beneficial Ownership Reporting Regime Takes Effect

The British Virgin Islands will implement its new beneficial ownership reporting regime on July 1, 2017, by virtue of the recently passed Beneficial Ownership Secure Search System Act, 2017, (BOSSs), which comes into force on June 30, 2017.

The Act was passed subsequent to an agreement with the UK Government by the BVI, other crown dependencies, and overseas territories via an Exchange of Notes in April 2016. The Exchange of Notes called for a system that facilitates the exchange of beneficial ownership information to assist law enforcement agencies in combatting tax evasion and money laundering.

A BVI company that falls within the regime contemplated by the Act will be required to identify and collect certain information in respect of its beneficial owners and registrable legal entities, and provide that information to its Registered Agent in the BVI.