Harneys is advising clients that there are new regulations governing the use of restricted company names in the British Virgin Islands.
The BVI Financial Services Commission (FSC) recently added 46 names to the schedule of restricted company names with the publication on 29 August 2013 of the BVI Business Companies (Restricted Company Names) Notice, 2013. The Notice, which revokes and replaces a previous 2011 Notice, brings to 217 the number of words or phrases whose use is restricted.
According to FSC guidelines the Registrar shall not register a company that contains a restricted word or phrase in its name unless the FSC has granted prior written consent for its use. A non-refundable application fee of US$100 is payable by persons applying to use a restricted name. The complete list of restricted words and phrases is available here.
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