BOSS Act: What You Need to Know
The recent BOSS Act legislation has introduced significant changes for registered agents (CSPs) and BVI Business Companies. In this article, we will outline the key requirements and implications of the new regulations.
RA Database Not Specified in BOSS Act
The collection of beneficial ownership information by CSPs is considered compliant with the BOSS Act. Registered agents are not in breach of any agreement, professional code of conduct or rule of law to which they are subject.
Ongoing Obligations
BVI Companies must notify their registered agent within 15 days of a change in beneficial ownership information. The registered agent must then update the RA database with this information within 15 days of receiving notification from the company.
Who Can Access RA Database?
The RA database is only accessible to designated persons, including:
- Financial Investigation Agency
- Financial Services Commission
- International Tax Authority
- Attorney General’s Chambers
The data will not be available for public inspection.
Exemptions
Certain companies are exempt from the BOSS Act requirements, including:
- Mutual funds
- Listed securities
- Exempted companies by legislation
- Subsidiaries of listed or mutual fund companies
- Licensees
Companies Struck Off, Liquidated, or Continued-Out
BVI Business Companies struck off after 31 December 2015 are not exempt and must ensure their registered agent has correct beneficial ownership details. Companies dissolved prior to 1 July 2017 are exempt, but those dissolved after 30 June 2017 will have had their beneficial ownership information uploaded to the RA database.
Grace Period
The BVI government has announced a six-month grace period for penalties under the BOSS Act. This extra-statutory concession is expected to be used to resolve disparities between the secure portal and the BOSS Act.
Steps to Follow
To ensure compliance with the BOSS Act, follow these steps:
- Determine if your company is in or out of scope under the BOSS Act.
- Ensure beneficial ownership details are complete, correct, and current.
- Obtain information on beneficial owners from companies and enter details into the RA database.
- Upload information to the RA database within 15 days.
For guidance on the BOSS Act and its implications for your company, please contact Harneys at [insert contact information]. This guide does not constitute legal advice, but rather serves as an informational update on the new regulations.