The company should have at least one shareholder, and bearer shares are allowed. Gazetted 29th december, 2004 enacted by the legislature of the virgin islands as follows. In addition to the amendment act, the bvi business companies regulations 2012 the. New legislation to replace companies act and ibc act. Companies registered under the bvi business companies act. The intention of the legislation was to eventually consolidate all british virgin islands company law into a single statute. To view this article you need a pdf viewer such as. 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.
Thebvi business companies amendment act, 2012 and the bvi. The bvi business companies amendment 18 march 2014 act. An act to amend the bvi business companies act, 2004 no. Prior to this change the only guidance on this point was a guidance note issued by the bvi financial services commission. 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 requirements in 2012 bvi reformed its laws in regards to record keeping and record retention as a response to the recommendation contained in. However the bvi business companies act 2004 provides a general exemption. 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. 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. Bvihcm com 65 of 2012 in the matter of nasbulk limited and in the matter of the british virgin islands business companies act 2004 and in the matter of applicants. This is an unofficial consolidation of the bvi business companies act and. Bvi business companies act 2004 bvi offshore companies. 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. 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. Bvi is also an increasingly popular choice for establishment of investment funds. Bvi company law amendments was in force on 15 october 2012. The most recent amendments were made in december 2015. Articles means the attached articles of association 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. 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. Limited 2 mou ling 3 xu chuanguang 4 nasbulk limited. On 15 october 2012 the bvi business companies amendment act, 2012 the bc amendment act came into force. We have prepared this bvi business companies act, 2004 compendium as a service to our clients. The amendment act will come into effect on 15 october 2012, and we expect the regulations will have a similar effective date. 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.
It replaced the extremely popular and highly successful international business companies act. The bvi business companies amendment act, 2012 was passed into law by the house of assembly on 16 july 2012. The bvi business companies amendment act 2012, the. Requires a minimum of only one shareholder, and one director all of which can be the same person. Bvi business companies regulations, 2012 british virgin islands. New british virgin islands trust and estate legislation. 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. Mar 24, 2016 bvi business companies act 2004 including proposed 2012 amendments. Bvi business companies amendment act, 2012 in force as.
On 1 january 2005, a new company law regime came into effect in the british virgin islands. The bvi business companies amendment act, 2012 and the. Guide to the bvi business companies amendment act, 2012. According to the bvi business companies amendment act 2012, a bearer share company must maintain a register of the companys bearer. Mr brian lacy for the claimant, microsoft corporation. 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. British virgin islands tax guide 2012 pkf international. 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. 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.
Gazetted 22nd december, 2005 enacted by the legislature of the virgin islands as follows. Bvi business companies regulations 2012 the british. Microsoft corporation claimant and vademltd defendant appearances. 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. 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. Whilst every effort has been made to ensure correctness, no responsibility is assumed for any errors which may appear. To view this article you need a pdf viewer such as adobe reader. The bvi business companies amendment 18 march 2014 act 2012. The bvi company is the most popular offshore corporate vehicle in use today with roughly 450000 active companies and closing in on. 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.
Record keeping obligations for bvi companies, partnerships. A bedrock principle of flexibility underpins the current bvi corporate statute, the bvi business companies act the act. 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. 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.
Prior to the bvi business companies act coming into force, it was possible to incorporate a company under two different statutes. New record keeping requirements for bvi business companies and partnerships vanessa king partner may 31, 20 friday, may 17. Solvency test and source of funds bvi law applies a single unified test to all distributions. 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. Enacted by the legislature of the virgin islands as follows. Sep 03, 2012 the bvi business companies amendment act, 2012 was passed into law by the house of assembly on 16 july 2012. 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. One of the most significant pieces of legislation to shape the global offshore finance sector reached its 30th anniversary on 15 august 2014. British virgin islands the bvi business companies act, 2004.
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. British virgin islands the bvi business companies act, 2004 no. British virgin islands the bvi business companies act. The bvi business companies amendment act, 2012 and the bvi. The bvi business companies act, 2004 based on the bvi business companies act, 2004 no. 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.
The bvi business companies amendment of schedule 1 order, 20. The shareholders, directors and officers of a bvi business company may be individuals or corporations and of any nationality. The bvi business companies amendment act, 2012 the amending act was passed into law by the house of assembly on 16 july 2012. Important this is an unofficial consolidation of the bvi business companies act and the amendments thereto. Under the act, bearer share certificates have to be held by an approved custodian.
On 15 october 2012 the bvi business companies amendment act, 2012 the bc. The insolvency act 2003 gao chunhe 1 nanjing ocean bvi co. Thebvi 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. The amendment act and the associated bvi business companies regulations, 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. In this act, unless the context otherwise requires, approved form means a form approved by the commission in accordance with section 241. Types of companies under the bvi business companies act, 2004 pdf. Bvi s corporate legislation, on 16 july 2012 the bvi business companies amendment act, 2012 the amendment act was passed into law. Bvi business companies act, 2004 british virgin islands. Part ii company names part ii company names general 3. The principal statute is the bvi business companies act, 2004 and this edition incorporates amendments effected by the following legislation. The decision to replace the international business.
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. Bvi business companies act, 2004 as ammended in 2012 structure 1. Mar 18, 2014 on 15 october 2012 the bvi business companies amendment act, 2012 the bc amendment act came into force. 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. Bvi business companies act 2004 including proposed 2012. Walkers the bvi business companies amendment act 2012. 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. Bvi business companies law compendium page 1 preface we have prepared this bvi business companies act, 2004 compendium as a service to our clients. Companies regulations 2012 and any other regulations made under the act. No 5 of 2012 bvi business companies amendment act, 2012. Bvi business companies act 2004 updated january 2020 consolidated acts download the act here. Legislation british virgin islands financial services. This popularity, in part, comes from the flexibility afforded by the bvi business companies act, 2004 the.