The BVI government has introduced (the

British Virgin Islands

Introduction of Beneficial Ownership Secure Search System (BOSS system)

The BVI government has introduced (the "Act") a new legislation known as the Beneficial Ownership Secure Search System Act, 2017.

This new legislation was established on June 12, 2017 in order to allow the BVI to keep comply the obligation under the Exchange of Notes Agreement entered into with the UK back in April 2016.

The Exchange of Notes agreement allows for the sharing of beneficial ownership information between the BVI and the UK government. In order to comply with the terms of this agreement, the BVI government has implemented a system to house the relevant details of the beneficial owners of BVI Companies.

This system is referred to as the Beneficial Ownership Secure Search System (BOSS System), which enables the relevant BVI Authorities to have a searchable database with information on BVI Companies and their beneficial owners.

''The Act'' requires both the corporate and legal entity as well as the Registered Agent to identify the beneficial owners of each BVI company and insert this information into the BOSS System.

The deadline for all the Registered Agents to have the relevant details of beneficial owners placed into the BOSS System is until June 30, 2017 as the system will go live on July 1, 2017.

The BVI government 2019's goal for implementing this new regime is aimed towards meeting international standards as well as maintaining a reasonable balance between appropriate privacy and transparency.