Thursday, June 15, 2017

Are You Hiding Assets in the BVI? Beneficial Ownership Register Starting July 1st!

On May 12, 2017 we poste Are You Hiding Assets in the BVI? NOT Anymore Your NOT! where we discussed that The British Virgin Islands’ Government signed new legislation regarding Beneficial Ownership & Technical Protocol with the UK which will come into force in June 2017, which is hoped to improve the exchange of beneficial ownership information between the UK& BVI law enforcement for taxation rulings.
As per the agreement, the UK Government will treat the BVI’s Corporate Service Provider Model as a legitimate equivalent to the UK’s public registry of beneficial ownership. BVI’s model will also incorporate an online platform called BOSSs (Beneficial Ownership Secure Search System) in an attempt to modernize and innovate the current systems and processes.
The British Virgin Islands (BVI) government will enact legislation so that by July 1, 2017, registered agents (though not other BVI institutions) will have to maintain their own databases with basic beneficial information about the BVI companies they administer.
The threshold requirement for disclosure is 25 per cent of the ownership interests. BVI law enforcement officials will be able to use the Beneficial Ownership Secure Search (BOSS) system to search these databases and exchange the information with the UK.
This platform will allow all beneficial ownership information to be shared with the UK within a 24 hour period. It will also provide BVI authorities immediate access to verified beneficial ownership information on any company registered in the British Virgin Islands.
Information to be submitted on the BOSS platform will include:
  • Company name.
  • Incorporation number.
  • Registered Office Address.
  • Incorporation date.
Beneficial Owner details will include the following:
  • Beneficial Owner name.
  • Beneficial Owner date of birth.
  • Beneficial Owner Particulars such as passport number.
  • Status of Entity (whether active or inactive etc.).
  • Date Liquidation commenced & completed (where applicable).
  • Reasons as to why any information is incomplete or not provided.
Each agent registered with the system will have their own user profile and secured space to store the required information (as listed above).
Do You Still Have Undeclared Income from
Offshore Banks or BVI Companies?
Want to Know if the OVDP Program is Right for You?
Contact the Tax Lawyers at 
Marini& Associates, P.A.  
for a FREE Tax Consultation
Toll Free at 888-8TaxAid (888) 882-9243


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