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

Summary

This consolidated statutory instrument combines two sets of regulations made under the Beneficial Ownership Secure Search System (BOSS) Act, 2017. It sets out the fees and penalties registered agents must pay to use the BOSS system, and separately fixes the time limit within which registered agents must enter prescribed beneficial ownership information onto the RA database.

Fees and Penalties Regulations

• Who pays: Registered agents (as defined under the BOSS Act, 2017) of the legal and corporate entities subject to the Act.
• Annual fee: An annual cloud and management services fee tiered by the number of companies under the registered agent's management, ranging from US$5,000 (1 to 2,000 companies) up to US$40,000 (over 40,001 companies).
• Due date: Fees were due on or before 30 June 2019 and thereafter annually on the anniversary of that date.
• Late payment penalties: Tiered penalties for late payment: US$1,000 (1 to 30 business days late), US$3,000 (31 to 60 days), US$5,000 (61 to 90 days), US$10,000 (91 to 120 days), and beyond 120 business days late, removal of access to the BOSS system and reporting to the Financial Services Commission.

Time Limit for Filing Prescribed Information

• Who must file: Registered agents, in respect of prescribed information under sections 10(3)(a) and 10(3)(e) to (j) of the BOSS Act.
• Deadline: Prescribed information for any financial period must be entered on the RA database within six months from the end of that financial period.

Key obligations

• Registered agents must pay the annual cloud and management services fee set out in Part A of the Schedule, tiered by the number of companies under their management.
• Registered agents must pay the fee on or before 30 June 2019 and thereafter annually on the anniversary of that date.
• Registered agents who pay late must pay the tiered late payment penalties set out in Part B of the Schedule, escalating with the length of delay.
• Registered agents whose fee payment is more than 120 business days late will have their access to the BOSS system removed and the matter reported to the Financial Services Commission.
• Registered agents must enter the prescribed information required under sections 10(3)(a) and 10(3)(e) to (j) of the BOSS Act onto the RA database within six months from the end of the relevant financial period.

Applies to

registered agents

Deadlines

• 30 June 2019, and thereafter annually on the anniversary of that date: Annual cloud and management services fee due and payable by registered agents
• six months from the end of the financial period in question: Time limit for registered agents to enter prescribed information on the RA database