If you own a company in the British Virgin Islands (BVI), you’ve probably heard about the Beneficial Ownership Information Register, or BOIR. Maybe you came across it while renewing your company services, or maybe your registered agent mentioned it in an email. Either way, here’s a clear explanation of what it is, how it works, and what you need to do.
BOIR is the system the BVI uses to keep track of the real people who own or control companies. These people are called beneficial owners.
This register is not public. There’s no government filing portal and it’s not something that can be searched online or accessed by competitors or the general public. Instead, the information goes into a secure platform called Beneficial Ownership Secure Search system or just BOSSs, which is only accessible by BVI authorities and certain UK agencies, but only under specific circumstances like a criminal investigation.
The purpose of the register is to help prevent money laundering, tax evasion, and other financial crimes. At the same time, the system is designed to protect the privacy of legitimate business owners.
If you directly or indirectly own or control 25% or more of a BVI company, you’re considered a beneficial owner. Your information needs to be recorded by your company and submitted by your registered agent to the BOSSs platform.
It’s also your responsibility to let your agent know if anything changes. This includes changes in ownership, control, or even your personal details like a new address. Updates must be submitted within 15 days of the change.
You don’t file anything yourself. Your registered agent takes care of that. They usually collect the following details and enter them into the BOSS system:
This is standard information used to verify your status as a beneficial owner.
If your company doesn’t submit the required information, the consequences can be serious. Fines can go up to $250,000, and your company may even be struck off the register. In some cases, the agent might resign, which can cause disruptions to banking and legal matters.
That’s why it’s important to make sure your records are accurate and updated.
If you’re not sure whether your company is up to date with its BOIR obligations, here’s what you can do:
The BVI’s BOIR system is straightforward if you have the right support. It doesn’t affect how you run your business day-to-day, and your information stays private. But it is mandatory, and failing to comply can create legal and financial risks.
If you’re planning to open a BVI company or if you already have one, make sure your BOIR obligations are covered. Your agent is there to help, and keeping everything in order is easier than it sounds.