Beneficial Ownership Secure Search System (Fees) Regulations (Revised 2020)

The Government of the Virgin Islands issues these revised regulations to establish a tiered fee structure for registered agents utilizing the Beneficial Ownership Secure Search System. The framework mandates annual cloud and management service payments ranging from US$5,000 to US$40,000 based on the number of managed companies, with dues due annually by June 30. Additionally, it imposes escalating late-payment penalties from US$1,000 to US$10,000 and authorizes system access removal for delays exceeding 120 business days.

British Virgin Islands

British Virgin Islands Financial Services Commission

VIRGIN ISLANDS BENEFICIAL OWNERSHIP SECURE SEARCH SYSTEM ACT Statutory Instruments Revised Edition showing the law as at 1 January 2020 This is a revised edition of the law, prepared by the Law Revision Commissioner under the authority of the Law Revision Act 2014. This edition contains a consolidation of the following laws— Page BENEFICIAL OWNERSHIP SECURE SEARCH SYSTEM (FEES) REGULATIONS 3 S.I. 13/2019 .. in force 1 March 2019 Amended by S.I.s.: 36/2019 .. in force 20 June 2019 40/2019 .. in force 28 June 2019

BENEFICIAL OWNERSHIP SECURE SEARCH SYSTEM (TIME LIMIT FOR FILING PRESCRIBED INFORMATION) REGULATIONS 5 S.I. 78/2019 .. in force 1 October 2019

Published in 2021 On the authority and on behalf of the Government of The Virgin Islands by The Regional Law Revision Centre Inc. For information contact— Attorney General’s Chambers Government of the Virgin Islands P.O. Box 242 Road Town Tortola, VG1110 British Virgin Islands Tel: (284) 468 - 2960 Email: agc@gov.vg Printed on the authority and on behalf of the Government of The Virgin Islands by The Regional Law Revision Centre Inc. P.O. Box 1626, 5 Mar Building, The Valley, AI-2640, Anguilla Authorised Printers for this Revised Edition

Beneficial Ownership Secure Search System (Fees) Regulations 3 Revision Date: 1 Jan 2020 [Statutory Instrument] LAW OF VIRGIN ISLANDS BENEFICIAL OWNERSHIP SECURE SEARCH SYSTEM (FEES) REGULATIONS – SECTION 17 (S.I.s 13/2019, 36/2019 and 40/2019) Commencement [1 March 2019] Short title

These Regulations may be cited as the Beneficial Ownership Secure Search System (Fees) Regulations. Fees payable
(1) The fees outlined in Part A of the Schedule shall be paid by the registered agents who are the subject of Beneficial Ownership Secure Search System Act, 2017 and the term “registered agents” shall be construed within the meaning of that Act. (2) The penalties specified in Part B of the Schedule shall be paid by the registered agents referred to in subregulation (1) for late payment of the fees payable under that subregulation. (Amended by S.I. 40/2019) (3) The fees outlined in Part A of the Schedule become due and payable by the registered agents of the legal and corporate entities who are the subject of the Beneficial Ownership Secure Search System Act, 2017 on or before the 30th day of June, 2019 and thereafter annually on the anniversary of that date. (Substituted by S.I. 40/2019)

Beneficial Ownership Secure Search System 4 (Fees) Regulations [Statutory Instrument] Revision Date: 1 Jan 2020 LAW OF VIRGIN ISLANDS SCHEDULE (Regulation 2) PART A FEES Nature of Fee Fee (US$) Annual cloud and management services fee: (a) 1 to 2,000 companies under the management of the same registered agent 5,000 (b) 2,001 to 8,000 companies under the management of the same registered agent 10,000 (c) 8,001 to 20,000 companies under the management of the same registered agent 20,000 (d) 20,001 to 40,000 companies under the management of the same registered agent 25,000 (e) Over 40,001 companies and above under the management of the same registered agent 40,000 PART B PENALTIES FOR LATE PAYMENT Nature of Fee Fee (US$) Late payment of annual cloud and managed services fee: (a) 1 to 30 business days late $1,000 (b) 31 to 60 business days late $3,000 (c) 61 to 90 business days late $5,000 (d) 91 to 120 business days late $10,000 (e) More than 120 business days late Removal of access to the BOSS system and reporting to the Financial Services Commission

Beneficial Ownership Secure Search System (Time Limit for Filing Prescribed Information) Regulations 5 Revision Date: 1 Jan 2020 [Statutory Instrument] LAW OF VIRGIN ISLANDS BENEFICIAL OWNERSHIP SECURE SEARCH SYSTEM (TIME LIMIT FOR FILING PRESCRIBED INFORMATION) REGULATIONS – SECTIONS 10(3A) AND 17 (S.I. 78/2019) Commencement [1 October 2019] Citation

These Regulations may be cited as the Beneficial Ownership Secure Search System (Time Limit for Filing Prescribed Information) Regulations. Interpretation
In these Regulations, unless the context otherwise requires— “Act” means the Beneficial Ownership Secure Search System Act; “registered agent” has the meaning assigned to it under the section 2 of the Act; “RA database” has the meaning assigned to it under the section 2 of the Act. Time limit for filing prescribed information
For the purposes of section 10(3)(a) and 10(3)(e) to (j) of the Act, the time limit within which the prescribed information shall be entered by the registered agent on the RA database in respect of any financial period shall be the period of six months from the end of the financial period in question.