Bvi New Disclosure Of Information Law

The Government of the British Virgin Islands (“BVI”) has agreed to exchange information of Ultimate Beneficial Ownership (“UBO”) under a number of different agreements between the Government of the United Kingdom and Northern Ireland, and the Government of the BVI. The Beneficial Ownership Secure Search system Act, 2017 (“BVI BOSS SYSTEM”), which is expected to come into force on 1 July, 2017, will facilitate the effective and efficient storage and retrieval of beneficial owner information for all corporate and legal entities, using an electronic platform BVI BOSS SYSTEM.

A designated person who shall have access to the BVI BOSS SYSTEM from a physically secure premise and a secure IT system, shall execute a search of BVI BOSS SYSTEM if formally requested to do so by a senior officer of any of the following competent authorities:

 

(a)        the Financial Investigation Agency;

(b)        the Financial Services Commission;

(c)        the International Tax Authority; and

(d)       the Attorney General’s Chambers.

The information maintained on each “RA database” is confidential, and shall not be accessible by any person except the designated person through BVI BOSS SYSTEM and the Registered Agent (“RA”) to whom the RA database relates. At the time being the system will not be shared with third parties.

UBO details will not be declared in the BVI BOSS SYSTEM in the following cases:

  • Where the UBO holds less than 25% controlling interest in the corporate entity; and
  • In case where there is a Discretionary Trust on top of the structure, only the Trustee should be declared.