The Government of the Virgin Islands is pleased to announce that the Beneficial Ownership Secure Search system (BOSSs) has successfully gone live following the 1 July deadline.
Government commissioned the BDO to build the BOSSs which has so far seen significant activity with the necessary information for tens of thousands of companies having already been uploaded to the platform. The Ministry of Finance is continuing to work closely with the industry to get the remaining companies onto the system as soon as possible.
There is a six month grace period before the penalties referenced in the Beneficial Ownership Secure Search System Act, 2017 will apply.
Commenting on BOSSs, Executive Director of the Office of International Business (Regulations), Mr. Neil Smith said, “BOSSs is a truly innovative platform that puts the BVI at the helm of global initiatives to combat trans-border crime and illicit financial activity. I am delighted that having carefully developed the cloud-based technology platform, it is now live and operating successfully.”
“BOSSs is a world class platform that the BVI can be proud of and it will positively benefit all stakeholders,” he added.
The 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 United Kingdom (UK). It was developed following an Exchange of Notes with the UK in April 2016.
Source: Governemt of the Virgin Islands