Bvi business companies act 2004 including proposed 2012 amendments. British virgin islands bvi business companies act 2004. Introduction to the bvi business companies act, 2004. Record keeping obligations for bvi companies, partnerships. Gazetted 29th december, 2004 enacted by the legislature of the virgin islands as follows. Bvi business companies amendment british virgin islands.
Bvi business companies act amendment of schedule 1 no. Companies incorporated under the british virgin islands international business companies act that did not apply for reregistration as bvi bcs during 2005 and 2006 were automatically reregistered as bvi bcs with effect from 1 january 2007. The bvi business companies act, 2004 as amended the act came into force on 1 january 2005 and after a two year transition period it completely replaced the international business companies act, 1984 the ibc act on 1 january 2007. 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. Section 98 of the bvi business companies act 2004 bca. Bvi business companies 12 november 2015 amendment act, 2015. Mar 24, 2010 the bvi business companies act, 2004 as amended the act came into force on 1 january 2005 and after a two year transition period it completely replaced the international business companies act, 1984 the ibc act on 1 january 2007. No regulations set out in any schedule to any statute concerning companies shall apply as regulations or articles of the company.
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. British virgin islands bvi business companies act no. Nov 12, 2015 bvi business companies amendment act, 2015 the bvi business companies amendment act, 2015 has been published in the bvis official gazette. Section 118 of the bvi business companies act, 2004 hereinafter referred to as the principal act is amended in subsection 2 by deleting paragraph b. An act to amend the bvi business companies act, 2004 no.
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. Introduction since its enactment 20 years ago, the bvis international business companies act cap. 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. Types of companies under the bvi business companies act, 2004. Whilst every effort has been made to ensure correctness, no responsibility is assumed for any errors which may appear.
We have prepared this bvi business companies act, 2004 compendium as a service to our clients. Important this is an unofficial consolidation of the bvi business companies act and the amendments thereto. Territory of the british virgin islands the bvi business companies act, 2004 memorandum of association of arcos dorados holdings inc. Distributions, share purchases and redemptions under the bvi. The act itself was amended on several different occasions and subsequently was replaced with the bvi business company act of 2004. Virgin islands the bvi business companies act, 2004 no. The amendment act was passed following the financial services commissions consultation with the private sector, with walkers being closely involved in the consultation process. British virgin islands is one the worlds most popular offshore jurisdictions. 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. The bvi business companies act, 2004 as amended,1 the companies act offers a wide choice of corporate vehicles. The bvi business companies act, 2004 amended and restated memorandum of association of ortac resources limited a company limited by shares definitions and interpretation 1. Annual return for unlimited company not authorised to issue shares. Bvi business companies act 2004 updated january 2020 consolidated acts download the act here.
British virgin islands bvi business companies act 2004 amended and restated memorandum of association and articles of association of waterloo investment holdings limited a company limited by shares incorporated on 24th day of january, 2011 amended on 30th day of october, 2015 amended on 4th day of august 2017 amended on 10th day of august 2017. Bvi business companies amendment act, 2015 the bvi business companies amendment act, 2015 has been published in the bvis official gazette. The bvi companies act replaced both the international business companies ordinance and the companies act cap. It replaced the extremely popular and highly successful international business companies act. Bvi business companies amendment act 2006 government of. A company that, at the date of the commencement of this section, would otherwise be registered in contravention of. We provide not only full services for registration, but also management of international. Bvi business companies amendment act, 2018 british. February 2017 one of the factors that makes the bvi an attractive place in which to incorporate a company is that the bvi business companies act 2004 the act is modern, flexible and not overly prescriptive. 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. British virgin islands the bvi business companies act.
Gazetted 31st december, 2015 enacted by the legislature of the virgin islands as follows. British virgin islands the bvi business companies act, 2004 no. Types of companies under the bvi business companies act. Mar 24, 2016 bvi business companies regulations 2012. Since 1984 when the international business companies act was adopted almost 450 000 offshore ibcs in bvi have been incorporated. Mar 24, 2016 bvi business companies act 2004 including proposed 2012 amendments.
The bvi business companies act, 2004 based on the bvi business companies act, 2004 no. 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. To the bvi business companies act, 2004 viewed on the bvi financial services commission website at. Offshore corporation, offshore company formation, offshore.
Distributions, share purchases and redemptions under the. British virgin islands the bvi business companies act no. Territory of the british virgin islands the bvi business companies act, 2004 memorandum of association of falanx group limited 1 compa name ny 1. 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. Bvi business companies act 2004 including proposed 2012.
Download adobe acrobat or click here to download the pdf file. Changes to the bvi banks and trust companies act 1990 and. The amending act is complimented by related amendments to the bvi business companies regulations, 2012. This guide outlines how these changes affect bvi undertakings and the scope of financial recordkeeping obligations more generally. The british virgin islands has, for a long time, been a popular destination for the establishment and management of offshore vehicles, the majority of which have been established pursuant to, and continue to be operated in accordance with, the framework of the bvi business companies act, 2004 the act. The bvi companies act abolishes the concept of authorised share capital, or indeed of share capital, to be in line with modern companies legislation in a number of other jurisdictions including australia, new. The bvi business companies amendment 18 march 2014 act 2012. Bvi business companies regulations 2012 the british. British virgin islands the bvi business companies act, 2004. The bvi business companies act 2004 compendium contains a consolidated version of the bvi business companies act 2004, incorporating all amendments.
The international business companies ibc act of the british virgin islands was first passed in 1984. Changes to the bvi banks and trust companies act 1990 and the company management act 1990 new amendments which came into force on 1 october 2018 include the creation of two new classes of licence relevant for trust business andor company management business. It appears your web browser is not configured to display pdf files. The bvi business companies amendment 18 march 2014. 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. Changes to the bvi banks and trust companies act 1990 and the. The intention of the legislation was to eventually consolidate all british virgin islands company law into a single statute.
Bvi business companies act, 2004 british virgin islands. Mar 18, 2014 on 15 october 2012 the bvi business companies amendment act, 2012 the bc amendment act came into force. British virgin islands bvi business companies act 2004 amended and restated memorandum of association and articles of association of waterloo investment holdings limited a company limited by shares incorporated on 24th day of january, 2011 amended on 30th day of october, 2015 amended on 4th day of august 2017 amended on 10th day of. Bvi business companies amendment act 2015 system day. Bvi business companies amendment act 2006 government. The cabinet, acting on the advice of the financial services commission pursuant to. Gazetted 22nd december, 2005 enacted by the legislature of the virgin islands as follows. Prior to the bvi business companies act coming into force, it was possible to incorporate a company under two different statutes. 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. A company limited by shares incorporated the 25th day of april, 2019 amended and restated the 7 th day of may, 2019 untitled fiduciary services ltd.
Bvi business companies act 2004 british virgin islands. Under the bvi business companies act amendment in 2016, any company that is authorised to issue more than 50,000 shares has to pay a higher government fee and service charges. In this act, unless the context otherwise requires, approved form means a form approved by the commission in accordance with section 241. Striking off, dissolution and restoration under the bvi. Summary guide to the bvi business companies act, 2004.