System ess British Virgin Islands

When should a BVI entity submit an ES declaration?

Entities should also ensure they have considered their reporting obligations, as every Entity is required to submit an annual ES declaration to the ITA via its BVI registered agent within six months of the end of the relevant ES financial period (the FP, which is not the same thing as an accounting or fiscal year).

Can a registered agent make a boss declaration in the Virgin Islands?

The Government of the Virgin Islands has commissioned the extension of the BOSSs platform to allow for declarations to be made in line with the Economic Substance requirements in the Virgin Islands. All legal entities must make these declaration via their Registered Agents as ONLY Registered Agents have access to the BOSS (ES)s portal.

What is the BVI 'BOSS ACT'?

The Amendment Act amends the BVI's Beneficial Ownership Secure Search System Act 2017 ("BOSS Act"). The BOSS Act is the BVI's key legislation relating to the confidential reporting of beneficial ownership ("BO") information to regulators.

Why should the Virgin Islands use boss?

In updating the Territory on the Financial Services Industry on July 14, Premier and Minister of Finance, Honourable Andrew A. Fahie said that utilising the BOSS system platform has enabled the Virgin Islands to also rise to meet European Union standards on data collection with an efficiency and effectiveness that some of our competitors may envy.

What are es requirements?

Gross income guidance - The guidance regarding Rule 1 makes clear that, in order to be subject to ES requirements, an Entity must be conducting a relevant activity which generates (or may be expected to generate) gross income.