Important this is an unofficial consolidation of the bvi business companies act and the amendments thereto. The bvi business companies amendment act, 2012 and the. 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. All companies incorporated in the british virgin islands bvi or managed and controlled in the british virgin islands are treated as resident and, therefore potentially chargeable to income tax under the british virgin islands income tax act, chapter 206. The most recent amendments were made in december 2015. Bvi business companies amendment act, 2012 in force as of. Amendment act, 2012 and the bvi business companies regulations, 2012 the bvi company is the most popular offshore corporate vehicle in use today with roughly 450,000 active companies and closing in on 1,000,000 entities formed to date. Thebvi business companies amendment act, 2012 and the bvi. Bvi is also an increasingly popular choice for establishment of investment funds. The bvi company is the most popular offshore corporate vehicle in use today with roughly 450000 active companies and closing in on. British virgin islands company law is primarily codified in the bvi business companies act. Requires a minimum of only one shareholder, and one director all of which can be the same person. The british virgin islands bvi landmark international business companies ibc act gave rise to the bvis finance industry and created a successful model that was emulated in other jurisdictions. New british virgin islands trust and estate legislation.
British virgin islands in the high court of justice claim no bvi hc com 2012 0048 in the matter of an application pursuant to sections 184c and 1840 of the bvi business companies act 2004 between. However the bvi business companies act 2004 provides a general exemption. The bvi business companies amendment act, 2012 and the bvi. Key features of the bvi business companies act economic substance requirements. In addition to the amendment act, the bvi business companies regulations 2012 the. The principal statute is the bvi business companies act, 2004 and this edition incorporates amendments effected by the following legislation. Bvi business companies amendment act, 2012 in force as of 15 october 2012 publication 16102012 following our note circulated earlier this year on enhancements proposed to be made to the bvi s corporate legislation, on 16 july 2012 the bvi business companies amendment act, 2012 the amendment act was passed into law. New requirements in 2012 bvi reformed its laws in regards to record keeping and record retention as a response to the recommendation contained in. Thebvi business companies amendment act, 2012 and the.
The bc amendment act, and in turn the bvi business company regulations, 2012, the regulations sets out who is eligible to be appointed to act as a voluntary liquidator. This is an unofficial consolidation of the bvi business companies act and. British virgin islands the bvi business companies act, 2004 no. Bvi business companies act, 2004 as ammended in 2012 structure 1. The new act, entitled the bvi business company act, has been modelled on the territorys wellknown international business companies act, as amended, and includes several new features to expand its appeal to international investors and business professionals, while also providing a suitable. Types of companies under the bvi business companies act, 2004 pdf. The amendment act and the associated bvi business companies regulations, 2012.
Bvi business companies regulations 2012 the british. The amendment act will come into force on a date to be proclaimed and a further update will be issued once the amendment act is in force. On 15 october 2012 the bvi business companies amendment act, 2012 the bc amendment act came into force. 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 view this article you need a pdf viewer such as adobe reader. Legislation british virgin islands financial services. Under the act, bearer share certificates have to be held by an approved custodian. Solvency test and source of funds bvi law applies a single unified test to all distributions. The bvi business companies amendment of schedule 1 order, 20. No 5 of 2012 bvi business companies amendment act, 2012. Bvi business companies act, 2004 british virgin islands. The bvi business companies amendment act, 2012 was passed into law by the house of assembly on 16 july 2012. Aug 03, 2012 the bvi business companies amendment act, 2012 the amending act was passed into law by the house of assembly on 16 july 2012.
Prior to this change the only guidance on this point was a guidance note issued by the bvi financial services commission. Sep 03, 2012 the bvi business companies amendment act, 2012 was passed into law by the house of assembly on 16 july 2012. 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. According to the bvi business companies amendment act 2012, a bearer share company must maintain a register of the companys bearer. In this act, unless the context otherwise requires, approved form means a form approved by the commission in accordance with section 241. One of the most significant pieces of legislation to shape the global offshore finance sector reached its 30th anniversary on 15 august 2014. Bvi business companies act 2004 including proposed 2012. It replaced the extremely popular and highly successful international business companies act. British virgin islands company law is primarily codified in the bvi business companies act, 2004, and to a lesser extent by the insolvency act, 2003 and the securities and investment business act, 2010. Bvi business companies law compendium page 1 preface we have prepared this bvi business companies act, 2004 compendium as a service to our clients. The bvi business companies act compendium contains a consolidated version of the bvi business companies act, 2004 incorporat, ing all amendments, to date, including consolidated versions of related regulations and statutory instruments. New record keeping requirements for bvi business companies and partnerships vanessa king partner may 31, 20 friday, may 17. Part ii company names part ii company names general 3.
A bedrock principle of flexibility underpins the current bvi corporate statute, the bvi business companies act the act. A company that has been struck off the bvi register through default or inactivity. The bvi business companies amendment 18 march 2014 act. In 2012 the british virgin islands passed into law the bvi business companies amendment act, 2012, which makes a number of updates to the jurisdictions existing and wellrespected 2004 legislation for business companies. British virgin islands tax guide 2012 pkf international.
Whilst every effort has been made to ensure correctness, no responsibility is assumed for any errors which may appear. Bvi business companies amendment act, 2012 in force as. The shareholders, directors and officers of a bvi business company may be individuals or corporations and of any nationality. Segregated portfolio companies regulations, 2005 s.
Seven years after coming into force, the act will be enhanced by the bvi business companies amendment act, 2012 the amendment act and complemented by the bvi business companies regulations, 2012 the regulations. New legislation to replace companies act and ibc act. The insolvency act 2003 gao chunhe 1 nanjing ocean bvi co. The amendment act will come into effect on 15 october 2012, and we expect the regulations will have a similar effective date. The december 2001 enactment of the financial services commission act, 2001 established the british virgin islands financial services commission as an autonomous regulatory authority responsible for the regulation, supervision and inspection of all financial services in and from within the bvi. Bvi business companies act 2004 updated january 2020 consolidated acts download the act here. The bvi business companies act, 2004 based on the bvi business companies act, 2004 no.
Bvi company law amendments was in force on 15 october 2012. Bvi s corporate legislation, on 16 july 2012 the bvi business companies amendment act, 2012 the amendment act was passed into law. British virgin islands in the high court of justice claim no bvi hc com 20120048 in the matter of an application pursuant to sections 184c and 1840 of the bvi business companies act 2004 between. The intention of the legislation was to eventually consolidate all british virgin islands company law into a single statute. The decision to replace the international business. Bvi business companies amendment act, 2012 in force as of 15 october 2012 publication 1610 2012 following our note circulated earlier this year on enhancements proposed to be made to the bvi s corporate legislation, on 16 july 2012 the bvi business companies amendment act, 2012 the amendment act was passed into law. Company name includes restricted words, phrases or abbreviations. British virgin islands the bvi business companies act. 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.
The company should have at least one shareholder, and bearer shares are allowed. Mar 18, 2014 on 15 october 2012 the bvi business companies amendment act, 2012 the bc amendment act came into force. Walkers the bvi business companies amendment act 2012. The british virgin islands has approximately 30 registered companies per head of population, which is probably the highest ratio of any country in the world. It made a number of changes to the bvi business companies act, 2004, generally, and more specifically it made significant changes to the voluntary liquidation process for solvent companies.
This popularity, in part, comes from the flexibility afforded by the bvi business companies act, 2004 the. Oct 15, 2012 bvi business companies amendment act, 2012 in force as of 15 october 2012 publication 1610 2012 following our note circulated earlier this year on enhancements proposed to be made to the bvi s corporate legislation, on 16 july 2012 the bvi business companies amendment act, 2012 the amendment act was passed into law. Record keeping obligations for bvi companies, partnerships, trusts and other organisations the record keeping obligations applicable to bvi companies and partnerships have been amended on a number of occasions since 2012 in order to meet evolving global standards. British virgin islands the bvi business companies act, 2004. The bvi business companies amendment 18 march 2014 act 2012. Mar 24, 2016 bvi business companies act 2004 including proposed 2012 amendments. 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. The bvi business companies amendment act, 2012 the amending act was passed into law by the house of assembly on 16 july 2012. Companies regulations 2012 and any other regulations made under the act.
Limited 2 mou ling 3 xu chuanguang 4 nasbulk limited. The bvi business companies amendment act 2012, the. According to the bvi business companies amendment act 2012, a bearer share company must maintain a register of the companys bearer shares, specifying the number of the bearer share certificate, the full name of the beneficial owner, the full name of any other person that has an interest in the bearer share, and the name and address of the. Companies registered under the bvi business companies act. Articles means the attached articles of association of the company. The bvi business companies amendment 18 march 2014. Bvi business companies regulations, 2012 british virgin islands. Voluntary liquidation of a solvent bvi company the bvi business companies act, 2004 as amended bvi bc act, states that a company may only be put into voluntary liquidation if it has.
We have prepared this bvi business companies act, 2004 compendium as a service to our clients. Gazetted 29th december, 2004 enacted by the legislature of the virgin islands as follows. Mr brian lacy for the claimant, microsoft corporation. On 15 october 2012 the bvi business companies amendment act, 2012 the bc. To view this article you need a pdf viewer such as. Bvi business companies act 2004 bvi offshore companies. Prior to the bvi business companies act coming into force, it was possible to incorporate a company under two different statutes. On 1 january 2005, a new company law regime came into effect in the british virgin islands. Gazetted 22nd december, 2005 enacted by the legislature of the virgin islands as follows. The bvi business companies act no 16 of 2004 is the principal statute of the british virgin islands relating to british virgin islands company.