Since 2017 beneficial ownership information in the BVI has been stored under the so-called ‘BOSS’ infrastructure under the Beneficial Ownership Secure Search System Act, 2017, which is now being phased out, but will remain the portal for economic substance filings.

In preparation for this transition, the FSC has established a Beneficial Ownership Unit within its Registry. Filing for existing entities will be free of charge until 2 July 2025, providing ample time for entities to comply. Under the relevant legislation, existing entities have a six-month grace period to provide their information.

Speaking at the Meet the Regulator Forum on 12 December 2024, FSC Managing Director and CEO Kenneth Baker highlighted the importance of collaboration with registered agents and other industry stakeholders in undertaking the transfer. The forum also included presentations from senior FSC officials, who outlined the objectives of the regime, the legislative framework, and demonstrated how filings will work within the VIRRGIN system. Over 500 local and international professionals attended, reflecting strong interest in this regulatory enhancement.

The FSC is expected to publish guidance and FAQs on filing beneficial ownership information under the new regulations. The BVI Government and FSC are also expecting to launch a consultation in January about allowing certain entities that can demonstrate a ‘legitimate interest’ some access to beneficial ownership information.

The press release can be found here.

While there has been no formal announcement yet by the BVI on access rights to its UBO register, UK Overseas Territories and Crown Dependence have generally opted to implement their regimes in line with European Union standards, whereby a legitimate interest is required for access. See further our blog on the Cayman Islands position here.