BVI Implementing Beneficial Ownership Search Platform

The BVI government completed legislative requirements to implement the Beneficial Ownership Secure Search system - an innovative technology-enabled searchable portal changing the way how beneficial ownership information on BVI companies is held and accessed, and also shared with competent authorities in the BVI and the United Kingdom. The new platform was developed following the exchange of notes with the UK in April 2016.

Corporate service providers are required to upload the beneficial ownership of their clients to the new system, where the BVI competent authorities may find information available within 24 hours. By words of BVI Premier and minister of finance, Dr Orlando Smith, “Through its use of technology BOSSs perfectly blends the principles of privacy and security and is entirely fit for purpose. Working with BDO, we have developed a world class platform that will benefit all stakeholders, including corporate service providers, company owners and law enforcement agencies.

Other jurisdictions are acting similarly to further improve standards for holding and making beneficial ownership information accessible to competent authorities.

Financial Services Statistics Published for the First Quarter of 2017

The BVI Financial Services Commission has published the forty-sixth volume of its Quarterly Statistical Bulletin, providing important statistics, analysis and information on financial services in the British Virgin Islands in the first quarter of 2017. In this period, 8695 new business companies were incorporated in the jurisdiction, compared to 7,780 companies registered in the fourth quarter of 2016, and 9,456 new companies in the first quarter of the previous year. Cumulative number of BC's incorporated in the British Virgin Islands as at 31 March 2017 was 431,776. 

Also, according to the statistics of the Registry of Corporate Affairs, in the reported period 32 Private-Trust Companies and 16 Limited Partnerships were registered (27 and 20, respectively, in the same period of 2016). 

In the Insolvency Services sector, 26 fully licensed Mutual Funds were incorporated or re-registered in the first quarter of 2017. In the Insurance Services, total number of insurers as at March 31, 2017 was 172, this figure including captives and domestic.

In the sphere of International Co-operation, there were 169 enforcement matters and 16 enforcement investigations reported. 87 ongoing supervision matters were referred to LSC and related to Banking, Insolvency and Fiduciary Services, 79 were related to Investment Business, and 56 related to Insurance. Other statistics and information can be found on http://www.bvifsc.vg/.

BVI Strengthens Relations with Association of Caribbean States

BVI London Office director, Benito Wheatley, met with Dr June Soomer, secretary general of the Association of Caribbean States (ACS), in Trinidad to discuss the potential advantages of the ACS to the British Virgin Islands. During the exploratory meeting, Soomer provided summary of Association's core areas, and highlighted benefits of ACS membership for member states and associate members.

The meeting came as BVI Premier Dr Orlando Smith continued to deepen BVI engagement with Latin America and the Caribbean territories to strengthen country's international ties, and position the territory for the future. Wheatley said in his comments on the meeting: “The secretary general provided an excellent overview of the impressive work currently being done by the ACS across a number of areas of importance to the BVI.” 

The main aim of the Association is strengthening of regional co-operation and integration process, its member states include Antigua and Barbuda, Bahamas, Barbados, Belize, Colombia, Costa Rica, Cuba, Dominica, Dominican Republic, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, Suriname, Trinidad and Tobago, and Venezuela.