Further to our previous updates regarding changes to the
legislation of the British Virgin Islands (BVI), the relevant
anticipated legislation has now been published.
The BVI Business Companies (Amendment) Act, 2015 (the
"Amendment Act"), which includes new requirements for the
filing of director information with the BVI Registry, among other
changes, was published on 31 December 2015. The Amendment Act
will come into force on 15 January 2016, but sections 27 and 28
(which include the provisions on the Registers of Directors) will
come into force on 1 April 2016.
The amendments to the Anti-Money Laundering Code of Practice and
Regulations, which deal with changes to the Eligible Introducer
Regime, came into force on 1 January 2016.
The Amendment Act and Director Filings
A key provision of the Amendment Act is the new requirement for
companies to file their register of directors, with the BVI
From 1 April 2016, for new incorporations, the Register of
Directors would need to be filed within 14 days after the first
directors have been appointed. Thereafter, any changes to the
Register are to be recorded within 21 days. For existing
companies, there will be a 12-month transitional period, from 1
April 2016 until 31 March 2017 to comply with the requirement.
Other changes included in the Amendment Act are seen as
improvements, and are intended to maintain the BVI's position
as the most popular offshore corporate domicile. This is
achieved by ensuring that its corporate legislation remains modern
and flexible, and also keeps pace with international regulatory
standards. The changes include:
Listed Companies: Express statutory
recognition of share transfers through stock exchange clearing
systems and greater flexibility in relation to the form and
contents of its share register. Bonus Shares: Bonus Shares are deemed fully
paid on issue. Surrender of Shares: Companies are empowered
to accept a surrender of shares for no consideration. Instructions to Registered Agent: Registered
Agent must act upon a valid resolution of the board of directors of
a company. Register of Charges: A company is required
to update its private register of charges within 14 days of any
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.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Following an evaluation of Hong Kong in 2008, the Financial Action Task Force ("FATF")1 identified the following deficiencies in the Hong Kong anti-money laundering ("AML") and counter-terrorist financing ("CTF") regime
Public-private partnerships are a growing trend in many countries, and are fast becoming an efficient mechanism for large energy and infrastructure projects and essential services in Sub-Saharan Africa.
Last week Chief Minister Fabian Picardo, in the company of his Deputy Dr Joseph Garcia and newly-appointed Attorney General Michael Llamas, inaugurated the new Gibraltar office in Brussels...
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).