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BO Information: What You Need to Know

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The Beneficial Ownership Secure Search (BOSS) Act requires entities registered in the British Virgin Islands (BVI) to disclose specific information about their beneficial ownership and economic substance. Failure to comply with these requirements can result in significant penalties.

What Is BO Information?

BO information includes details about the entity itself, such as:

Name
Incorporation number
Date of incorporation
Status
Registered address
Business address
Whether it carries on any relevant activities

Additionally, entities must provide information about their beneficial owners, including:

Names
Residential addresses
Dates of birth
Taxpayer identification numbers
Nationalities

What About Relevant Activities?

Entities must also disclose the name of its ultimate parent, immediate parent, and any other particulars as prescribed by the relevant minister. For foreign regulated persons, this includes:

Name of the jurisdiction of regulation
Name of the foreign regulator

How Is BO Information Stored?

BO information is stored on a secure, encrypted system subject to robust procedural safeguards under the BOSS Act. The information will be maintained for five years after an entity ceases to exist or is dissolved.

Consequences of Non-Compliance

Failure to comply with the BOSS Act can result in significant penalties, including:

Fines up to US$250,000
Five years’ imprisonment

Who Can I Contact For Further Information?

If you have any questions about beneficial ownership or economic substance reporting requirements, please contact [author name] or your usual Harneys contact. You can also subscribe to our mailing list for legal updates on these subjects.

Additional Resources

Harneys’ original guide to the BOSS Act is available online
Guides to the Economic Substance Act (ES Act) and related reporting obligations are also available