UBO reporting obligations under the BOSS Act for BVI companies
Under the Beneficial Ownership Secure Search System Act (the BOSS Act), all companies and limited partnerships registered in the BVI are required to report information regarding their beneficial ownership. The information must then be uploaded by their registered agent onto a confidential secure database, which is only accessible by competent regulatory authorities. There are exemptions for certain investment funds and listed companies (and their subsidiaries) and licensees under financial services legislation.
Entities and their directors (or general partners) and operators should be aware of their obligations under the BOSS Act, as the potential penalties for non-compliance are significant.
Harneys detailed client guide is published and can be found here. For more information regarding the beneficial ownership or economic substance reporting requirements, please contact the author below or your usual Harneys contact.