The BVI Business Company is widely used globally as the core of
many corporate financing investment, asset holding and private
wealth structures. As one of the world’s leading offshore
corporate domiciles, efficiency and transparency are important
tools necessary for the BVI to maintain its position as a market
leader for corporate vehicles and services.

Key contributors to this continued success are two of the most
innovative and efficient electronic financial services systems,
namely the BVI Registry of Corporate Affairs’ Virtual
Integrated Registry Regulatory General Information Network or
“VIRRGIN” and the
“BOSSs” (Beneficial Ownership Secure
Search System).

In 2006, the British Virgin Islands Financial Services
Commission (BVIFSC) launched an internet-based
system, VIRRGIN, which allowed industry practitioners an electronic
platform and mechanism for handling, processing and receiving
corporate registry feedback on critical documents filed with the
Registry of Corporate Affairs. BVI business companies worldwide now
number approximately one million, of which almost 375,000 are
active. Instrumental in growing the appeal of BVI companies is the
availability of the VIRRGIN platform. It is one of the world’s
most innovative and efficient electronic systems for incorporating
companies and administering corporate filings and records. It would
not otherwise be feasible to effectively administer approximately
375,000 active companies and their related daily corporate filings
without having a sophisticated user-friendly system such as VIRRGIN
in place. Using VIRRGIN incorporations are effected within 48
hours.

In response to the need for expediency in the processing of
corporate transactions, the Registry introduced its Premium Service
Transactions in 2016. Premium Service Transactions are ideal for
filing of documents in order to achieve time sensitive, complex
cross-border transactions. These transactions include
continuations, mergers, consolidations, amendments to memoranda and
articles of association and registration of security charges. In
most cases filings made using the Premium Service can be processed
within 4 hours. This demonstrates the BVI’s continued
adaptability to providing a world class efficient and expedient
service. In early 2016, “VIRRGIN Lite”
was launched as a well-needed and welcomed addition to the already
stellar services, and allowed users located in Hong Kong external
access to the online BVI Registry system from outside the BVI. This
created access for a limited number of persons to undertake
transactions such as name reservations and company searches. The
VIRRGIN Lite system has been used to ensure continuity of service
in disaster recovery scenarios, such as the September 2017
hurricanes. This system ensured that service providers and clients
would not be hampered, delayed or interrupted in achieving their
corporate needs.

In the face of increasing international pressures for greater
corporate transparency, the BVI responded by again harnessing its
technological capital to maintain compliance with international
standards. In 2017, a new innovative technology platform, BOSSs
(Beneficial Ownership Secure Search System), was unveiled to
industry. BOSSs is one of the World’s leading corporate
beneficial ownership register platforms, and through the use of
sophisticated technology is a searchable portal that marks a steep
change in the way beneficial ownership information on any BVI
company is stored, accessed and, where appropriate, shared with
competent authorities in the BVI and the United Kingdom (UK). The
BOSSs platform allows only those appointed BVI law enforcement
officials and bodies to access information on that platform and
share that information with UK law enforcement and regulatory
agencies within 24 hours. The information remains confidential on
the individual corporate service provider registered agents’
database but can be accessed only by those appointed BVI officials.
This demonstrates the BVI’s ongoing commitment to ensuring its
systems and processes remain at the forefront of the IFC market.
Integral to the BOSSs platform are the enhanced security features,
which protect the personal and private information of persons
affiliated with BVI entities. This searchable portal provides BVI
law enforcement authorities with direct, exclusive and immediate
access to verified beneficial ownership information on any BVI
company. The BOSSs speaks to the BVI’s innovative and state of
the art response to improving transparency and continued efforts to
tackle financial crime.

The BOSSs platform has very recently been enhanced
(BOSSs V2) as to enable Economic Substance
(ES) filings to be made in respect of BVI business
companies and relevant limited partnerships. ES requirements were
introduced by the European Union (EU) and continue
to be required under the supervisor of the Organisation of Economic
Development (OECD).

The fact that the BVI already had the BOSSs platform in place,
which could then be enhanced to meet the new ES filing requirement,
has placed the BVI in the forefront of jurisdictions when it comes
to ES reporting.

These technological tools reflect the BVI’s commitment to
being an innovative, pioneering and forward-looking jurisdiction.
Both VIRRGIN and the BOSS v2 platforms continue to place the BVI on
the cutting edge of financial services technology, as the BVI
continues to grow as a leader in offshore financial services.

Originally published by Appleby, September 2020

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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