We reported in September of last year on the recommendations that the British Virgin Islands (BVI) was implementing as part of a commissioned report in order to conform with modern challenges so that the BVI could maintain its position as one of the most attractive jurisdictions for offshore incorporations.
As part of this continuing process of modernisation the BVI has introduced the BVI Business Companies (Amendment) Act 2015 of which all provisions are now effective from 1 April 2016.
A summary of some of the main provisions are:-
– Registration of directors. All companies must now file a copy of the register of directors with the Registrar. It should be noted that this information is not public and is only accessible via obtaining a court order or by a competent authority, but if this raises concerns one of our staff members will be happy to discuss this requirement including the directorship services that Chesterfield offers.
– Optional registration of members. There is now the option of filing the register of members with the Registrar.
– Financial accounts. These can be retained within or outside the BVI as determined by the directors as long as they are able to be provided upon request and must reflect the financial position of the company with reasonable accuracy.
– Arbitration. The amending act now allows for any dispute to be settled through arbitration in the BVI.
– Surrender of shares. The company may now acquire its own fully paid shares for no consideration by way of surrender of shares.
If you would like to discuss any of the above amendments in further detail please do not hesitate to contact us.