The BVI is expected to enact legislation to implement a networked database of beneficial ownership interests in companies incorporated or domiciled in the jurisdiction.
The database, known domestically as the Beneficial Ownership Secure Search (BOSS) System, is being rolled out so that the BVI can comply with its obligations under the Exchange of Notes agreement entered into with the UK in April 2016 (UK Exchange of Notes). The UK Exchange of Notes modernises the way in which the BVI competent authorities may gain access to beneficial ownership information of BVI companies.
This update is based on the latest available draft legislation on BOSS and other information made available by the BVI Government to the industry. Please contact Colin Riegels, Aki Corsoni-Husain, Ayana Hull, Mirza Manraj or your normal Harneys contact if you have any questions.
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