Introduction to the bvi business companies act, 2004 lexology. The bvi registrar of corporate affairs the registrar maintains a register of companies the register which records the name of each company incorporated or continued under the bvi business companies act 2004 the act. Wherever in the bvi business companies act, 2004 referred to in this. The cabinet, acting on the advice of the financial services commission pursuant to.
The cabinet, in exercise of the powers conferred under section 240 of the bvi. Company law, the bvi companies act, 2004 as amended is the. Companies act 28 of 2004 companies administrative regulations, 2010 6 subregulation 1 applies, with necessary changes, to the binding of a document translated in terms of subregulation 5, where that document contains more than one sheet of paper. Strike off and restoration under the bvi guide business. 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. Taxation bcs pay no taxes in british virgin islands bvi. Jan 18, 2016 the government of the british virgin islands recently enacted the bvi business companies amendment act 2015 the amending 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. Statute means the bvi business companies act of the british virgin islands.
Duties of a director under british virgin islands law carey. Territory of the british virgin islands the bvi business companies act number 16 of 2004 amended and restated memorandum and articles of association. Section 184 of the bvi business companies act, 2004 the act of the british virgin islands, sets out the procedure and manner in which a bvi business company may continue as a body corporate under the laws of any jurisdiction outside of the british virgin islands. 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. 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.
The bvi business companies act, 2004, effective from 1 january 2005 for all new companies registered under it, grants all bbcs in bvi complete exemption from tax. Territory of the british virgin islands the bvi business companies act 2004 number 16 of 2004 memorandum of association of eastern property holdings limited 1. British virgin islands overview offshore shelf companies. The bvi business companies act, 2004 is the primary legislation that regulates registration and operation of companies in the bvi. This act may be cited as the income tax act, 2004, and shall come into operation on the 1st july, 2004. The british virgin islands has been an international business centre since the. The bvi business companies act, 2004 the bvi act requires all companies to file their register of directors within 21 days of appointing its first. As with companies incorporated under the bvi business companies act, 2004, as amended the business companies act a micro business company is required to have a registered agent and registered office in the bvi, with only certain approved entities able to provide the service, but the service providers fees are capped as discussed in.
Plans of arrangement under the bvi business companies act, 2004. Learn more about the jurisdiction of the british virgin islands. 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. Important this is an unofficial consolidation of the bvi business companies act. To the bvi business companies act, 2004 viewed on the bvi financial services commission website at. Business company bc registered under bvi business companies act 2004. Box 438 road town, tortola, vg 1110 british virgin islands. Find here legislation which establishes the framework for the creation of corporate entities in the british virgin islands including bvi business companies, micro business companies and limited partnerships. Schedule 1 schedule 1 of the bvi business companies act, 2004 hereinafter referred to as the. The bvi business companies act, 2004 the bvi bca permits both director and member resolutions of bvi companies to be in the form of written resolutions. Bvi business companies act 2004 including proposed 2012. 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. Gazetted 22nd december, 2005 enacted by the legislature of the virgin islands as follows. With effect from 1 january 2009 the bvi business companies.
British virgin islands the bvi business companies act. 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. Later today, i will introduce the bvi business companies amendment act, 2015. Continuation of a company out of the british virgin islands. Incorporated the 17th day of may, 1999 as amended and restated on 28 th day of july, 2011 22 nd day of april, 20 23 rd day of june, 2014. We have prepared this bvi business companies act, 2004 compendium as a service to our clients. Governor 24th december, 2004 1st january, 2005 1st january, 2006 virgin islands no. Updated january 2020 consolidated acts bvi companies act 2004 cover image. 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. Bvi business companies act amendment of schedules vistra. Bvi business companies act, 2004 british virgin islands.
Madam speaker, with your kind permission, i will now make a brief statement regarding the amendments to the bvi business companies act, 2004. Introduction since its enactment 20 years ago, the bvis international business companies act cap. About conyers conyers is a leading international law firm with a broad client base including ftse 100 and fortune 500 companies, international finance houses and asset managers. Bvi business companies act 2004 including proposed 2012 amendments. British virgin islands the bvi business companies act, 2004. Esignatures can be used in most transactions involving a bvi entity or the laws of the bvi, but there are some exceptions. 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. This new law has replaced and superceded the previous bvi companies act cap 285 and the bvi international business companies act 1984.
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. British virgin islands the bvi business companies act no. 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 bvi business companies act, 2004 based on the bvi business companies act, 2004 no. The bvi business companies act 2004 the act introduction. Summary guide to the bvi business companies act, 2004 o. 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. The decision to replace the international business. You will find below the key extracts from the bvi companies act along with the full act.
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. Technical publications plans of arrangement under the bvi business companies act, 2004. The bvi business companies act, 2004 articles of association of arcos dorados holdings inc. British virgin islands the bvi business companies act, 2004 no. The act is now the sole corporate statute in the bvi and regulates all bvi companies. Introduction to the bvi business companies act, 2004. Bvi business companies act shares virgin islands, british. The rights and liabilities of members are regulated principally under parts iii and iv of the bvi business companies act, 2004 as amended,1 the companies act. For the purposes of this division, a a company satisfies the solvency test if. In the memorandum of association and these articles of association, if not inconsistent with the subject or context.
As a result of its highly flexible and modern legislation bvi has become extremely popular in the offshore market. Annual return for unlimited company not authorised to issue shares. The bvi business companies 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. Gazetted 29th december, 2004 enacted by the legislature of the virgin islands as follows. It is the thirteenth and most recent amendment to the successful bvi business companies act 2004 the principal act. All books are in clear copy here, and all files are secure so dont worry about it. Bvi business companies act bvi insolvency act bvi securities and investment. Contact the head of bvi corporate practice robert j. Bvi business companies act 2004 updated january 2020 consolidated acts download the act here. The amendments to the bvi business companies act, 2004.
Bvi business companies act 2004 british virgin islands. While representing the ultimate way of ensuring the anonymity of offshore company owners, at the moment. This act shall apply to mainland tanzania as well as tanzania zanzibar. The bvi business companies amendment act, 2019 harneys. Information about bvi british virgin islands companies boston. Bvi business companies act 2004 registration of charges. Key features of the bvi business companies act, 2004. 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. Virgin islands bvi business companies act, 2004i as amended, 2005 arrangement of sections part i preliminary provisions 1. 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 requires otherwise adjusted assessment means an assessment adjusted in accordance with section 96. Companies act, 2004, all the requirements of the act in respect of incorporation having been complied with, pixel softworks engineering limited bvi company number. Bvi business companies act, 2004 company administration.
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. It replaced the extremely popular and highly successful international business companies act. Gazetted 27th october, 2006 enacted by the legislature of the virgin islands as follows. In this act, unless the context requires otherwise adjusted assessment means an assessment adjusted in. An act to amend the bvi business companies act, 2004 no. The act has been internationally recognised for its flexibility and. Summary guide to the bvi business companies act, 2004. Members under the bvi business companies act, 2004 lexology. 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.
Duties of a director under british virgin islands law. Legislation british virgin islands financial services. 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. Companies act, 2004, all the requirements of the act in respect of incorporation having been complied with, euroasian rail skyway systems holding limited bvi company number. Summary guide to the bvi business companies act, 2004 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. The act played in a huge role in the economic and financial development of the territory in the 1990s. The bvi business companies act, 2004 name of the company company 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.
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. To download this information as a pdf please click to access our bvi. Incorporation of companies and matters incidental thereto 3. Striking off, dissolution and restoration under the bvi. Incorporated this 7th day of june, 2005 amended on 18th july, 2005 amended on 28th july,2005 amended on 7th december, 2005 amended on 21st june, 2007 amended on 11th february, 2011. 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. Bvi business companies amendment act, 2018 british virgin. British virgin islands bvi legislation contains three types of statutory arrangements into which a bvi company can enter. Important this is an unofficial consolidation of the bvi business companies act and the amendments thereto. Unlike the international business companies act ibc act, this new act allows for the incorporation of international offshore companies as well as locally owned companies doing business in the british virgin islands bvi. Territory of the british virgin islands bvi business companies act, 2004 memorandum and articles of association of kalani investments limited incorporated 24 march 2016 tmf b. The bvi business companies act 2004 also provides for a possibility to configure a business company with shares issued in bearer form. The bvi business companies act 2004 the act offshore.
Latest amendments to bvi business companies act take effect. Bvi business companies act, 2004 revised 2005 amendments. The cabinet, acting on the advice of the financial services commission pursuant to section 249 1 of the bvi business companies act, 2004. The income tax act 2004 world intellectual property.