The principal statute is the bvi business companies act, 2004 and this edition incorporates amendments effected by the following legislation. Section 98 of the bvi business companies act 2004 bca has been recently amended by the bvi business companies amendment act 2015 to require as follows. The aim of the act is to ensure that the bvi corporate vehicle is modern and well suited for current conditions and international standards. Gazetted 29th december, 2004 enacted by the legislature of the virgin islands as follows. Permissible activities for ibcs a bvi business company bvi bc or company is a legal entity in its own right separate from its members and. It made a number of changes to the bvi business companies act, 2004, the bc act generally, and more specifically it made significant changes to the voluntary liquidation process for solvent companies.
New british virgin islands trust and estate legislation. In this memorandum of association and the articles of association of the company, if not inconsistent with the subject or context. The bvi business companies act no 16 of 2004 is the principal statute of the british virgin islands relating to british virgin islands company law, regulating both offshore companies and local companies. Introduction to the bvi business companies act, 2004. The major amendments are, specifically, the mandatory filing of the register of directors with the bvi registry as well as the establishment.
Bvi business companies law compendium page 1 preface we have prepared this bvi business companies act, 2004 compendium as a service to our clients. A bedrock principle of flexibility underpins the current bvi corporate statute, the bvi business companies act the act. The holding of financial records by a bvi business company. Section 184c of the bvi business companies act 2004 provides that a derivative claim may be brought only with the permission of the court, and that in deciding whether to give permission the court must take into account a whether the member. At the top of the document the jurisdiction appears territory of the british virgin islands along with the current legislation bvi business companies act, 2004.
The bvi business companies amendment act, 2015 has been published in the bvis official gazette. Read more about business professions and trade licenses act youth courts act, 2005 this act provides for trial by youth courts when a child or young person is charges with any offence punishable by summary conviction and prescribes the procedure to be followed on the hearing of such charge. Data protection laws of the world british virgin islands. Record keeping obligations for bvi companies, partnerships. Older certificates may show the previous legislation international business companies act, 1984. Whilst every effort has been made to ensure correctness, no responsibility is assumed for any errors which may appear. Mar 18, 2014 on 15 october 2012 the bvi business companies amendment act, 2012 the bc amendment act came into force. Construction of references in other acts to companies registered under companies consolidation act 1908 and act of 1963. The purpose of this client briefing is to provide a market update and high level overview of recent trends in the bvi. In 2014, the british virgin islands marked 30 years of success as a wellregulated global financial jurisdiction, due to the enactment of the international business companies ibc act, 1984. The bvi business companies act, 2004 based on the bvi business companies act, 2004 no. Later today, i will introduce the bvi business companies amendment act, 2015. In honour of this milestone, the bvi international finance centre bvi ifc, hosted a series of commemorative events, under the theme the ibc act 1984. The bvi business companies amendment act, 2015 and the bvi business companies amendment act 2016 the amending acts were recently gazetted in the official gazette of the british virgin islands bvi and introduce amendments to the bvi business companies act, 2004 the act to provide further flexibility and certainty to.
The renowned bvi business companies act which came into effect 2005 and modernised the bvi corporate law regime promulgated under the earlier international business companies act of 1984, is to be further enhanced through amendments under the bvi business companies amendment act, 2015 the amendment act. The bvi business companies amendment 18 march 2014. The bvi business companies amendment act was gazetted on the 5 january 2016. Legislation government of the british virgin islands. Data protection laws of the world british virgin islands date of download. Introduction to the bvi business companies act, 2004 lexology. The bvi business companies amendment 18 march 2014 act 2012. Section 98 of the bvi business companies act 2004 bca has been recently. The bvi business companies act, 2004 compendium contains a consolidated version of the bvi business companies act, 2004, incorporating all amendments, to date, including consolidated versions of related regulations and statutory instruments. To the bvi business companies act, 2004 viewed on the bvi financial services commission website at. The new arbitration act, 20, which came into force on 1 october 2014, provides the bvi with a modern statutory framework incorporating the uncitral model law into domestic legislation. Solvency test and source of funds bvi law applies a single unified test to all distributions. The amendment act was passed following the financial services commissions consultation with the private sector, with walkers being closely involved in the consultation process. As a leading offshore service provider, our core services comprise business consultancy, asset protection and the formation of offshore companies, the establishment of foundations and trusts across the globe.
Incorporated the 14th day of december 1993 as amended and restated dated this 16 th january, 2014. This new law has replaced and superceded the previous bvi companies act cap 285 and the bvi international business companies act 1984. Bvi is also an increasingly popular choice for establishment of investment funds. The bvi business companies act 2004 also provides for a possibility to configure a business company with shares issued in bearer form. While representing the ultimate way of ensuring the anonymity of offshore company owners, at the moment the use of bearer shares is strictly limited by law. It is also intended to provide for greater flexibility and certainty for those operating bvi companies. The court found that no additional advantage would be gained by. Section 2 of the bvi business companies act, 2004 hereinafter referred to as the principal act is amended. The decision to replace the international business. No 5 of 2012 bvi business companies amendment act, 2012.
It replaced the extremely popular and highly successful international business companies act. British virgin islands the bvi business companies act, 2004. Section 10a arbitration allows the articles of company to contain a provision for settlement of disputes involving the company or the company and its members or. Amended and restated articles and memorandum of association. Annual return for unlimited company not authorised to issue shares. Bvi business companies act 2004 this is the main and the most important piece of legislation, which currently regulates the registration, status and operation of the business companies in british virgin islands. Definitions of holding company, wholly owned subsidiary and group of companies 9. This was done by amending the mutual legal assistance tax matters act, 2003 in 2012 and again in 2014.
With almost 500,000 active british virgin islands bvi business companies in existence, and over 10,000 new incorporations per quarter, the bvi is universally recognised as one of the worlds leading offshore jurisdictions. An act to amend the bvi business companies act, 2004 no. Bvi business companies act 2004 british virgin islands. The act played in a huge role in the economic and financial development of the territory in the 1990s.
Jan 11, 20 section 175 of the bvi business companies act, 2004 as amended, the act provides, in outline, that where a company proposes to dispose of 50% or more of its assets other than in the. Segregated portfolio companies regulations, 2005 s. Dispositions of assets by a british virgin islands company. The bvi business companies amendment 18 march 2014 act. Detailed transitional provisions were enacted in schedule 2 of the new act to deal with discrepancies between the two sets of legislation. Key amendments to the bvi business companies act have been finalized and will take effect on april 1st, 2016, for the mandatory filing of the register of directors, and january 15, 2016 for all other amendments. Gazetted 31st december, 2015 enacted by the legislature of the virgin islands as follows. Bvi business companies act to be further enhanced oneal. Dec 04, 2014 the bvi business companies act no 16 of 2004 is the principal statute of the british virgin islands relating to british virgin islands company law, regulating both offshore companies and local. Schedule 1 of the bvi business companies act, 2004 is amended by replacing parts i and ii with the following. This is an unofficial version of the bvi business companies act as amended and then revised under the statute revision act, 2005 no.
Gazetted 26th july, 2012 enacted by the legislature of the virgin islands as follows. Section 10a arbitration allows the articles of company to contain a provision for settlement of disputes involving the company or the company and its members or the members themselves through arbitration. After 1 january 2007, all companies which had been originally incorporated under the international business companies act were compulsorily reregistered under the bvi business companies act. Act structured to facilitate its use in relation to most common type of company. Bvi business companies amendment act, 2015 the bvi business companies amendment act, 2015 and the bvi business companies amendment act 2016 the amending acts were recently gazetted in the official. Cpi was incorporated in bvi under the international business companies act cap. The bvi business companies amendment of schedule 1 order, 20. Enacted by the legislature of the virgin islands as follows. Section 184c of the bvi business companies act 2004 provides that a derivative claim may be brought only with the permission of the court, and that in deciding whether to give permission the. The position in the british virgin islands is regulated by statute. Important this is an unofficial consolidation of the bvi business companies act and the amendments thereto. The bvi business companies act 2004 compendium contains a consolidated version of the bvi business companies act 2004, incorporating all amendments.
Section 175 of the bvi business companies act, 2004 as amended, the act provides, in outline, that where a company proposes to dispose of 50% or more of its assets other than in the. The court found that no additional advantage would be gained by the appellants. On 15 october 2012 the bvi business companies amendment act, 2012 the bc amendment act came into force. Since the introduction of the bvi business companies act, 2004, the requirements for a bvi business company to maintain and hold financial records have steadily increased. This amendment is the result of months of consultation between my government and industry stakeholders. Every company must keep records and underlying documentation such records and underlying documentation may be. Bvi business companies amendment act, 2018 british virgin. The amending act is complimented by related amendments to the bvi business companies regulations, 2012. The companies act 2014 the 2014 act was enacted on 23 december 2014, and is expected to come into. Every shareholder is entitled to a certificate signed by a director or officer of the company, or any other person authorised by resolution of directors, or under the seal specifying the nu mber of shares.
Jan 11, 2016 the bvi business companies amendment act was gazetted on the 5 january 2016. We provide not only full services for registration, but also management of international companies. British virgin islands bvi business companies act, 2004 on 10 april 20. Bvi arbitration act british virgin islands international. Bvi business companies act 2004 updated january 2020 consolidated acts download the act here. British virgin islands the bvi business companies act. The bvi business companies act, 2004 as amended, the act, is the sole corporate statute in the british virgin islands bvi and regulates all bvi companies. Sep 30, 2009 the bvi business companies act, 2004 as amended, the act, is the sole corporate statute in the british virgin islands bvi and regulates all bvi companies. The international business companies act, 1984 was a statute of the british virgin islands which permitted the incorporation of international business companies ibcs within the territory. The bvi business companies act, 2004 overview the bvi business companies act, 2004 the act repealed the international business companies ordinance as of december 31 2006. Territory of the british virgin islands the bvi business companies act, 2004 memorandum of association of antiaging house holding limited a company limited by shares 1. Enacted by the legislature of the virgin islands as. The bvi business companies act no 16 of 2004 is the principal statute of the british virgin islands relating to british virgin islands company. It has been called the most important piece of legislation in bvi history since the emancipation.
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