News / Important changes in BVI Companies Act Legislation
The BVI Business Companies Acts has recently been amended, introducing two important changes:

1) Obligation to file the particulars of the Directors of the companies. This Registry will not be public and will only be available for inspection as a result of a court order or a written order from a competent BVI authority.
The information that need to be filed is the following:

For individual directors:
  • Full Name; 
  • Address for the Service of Documents;
  • Residential Address (if different from Service Address);
  • Date and Place of Birth and
  • Nationality.
For corporate directors:
  • Full Name;
  • Registration Number;
  • Registered Office;
  • Address and
  • Place of Incorporation.
The filing of the particulars of the Directors will begin on April 1, 2016.

Filing for the companies incorporated before 01/01/2016 needs to be done by 30/09/2016. Filing done after this date will incur additional penalties. 

This registry will only include the information of the current director(s) of the Company at the moment of the filing.
Companies incorporated from April 1, 2016 (new companies) will have a 21 day period from the date of the appointment of the directors to proceed with the filing. Any changes of director(s) shall be filed within 30 days of the relevant appointment. 

Failure to file the above mentioned information about the directors for existing companies, will result to the following penatlies being imposed: 

(i)  for the first month or part thereof after $300.00 31st March, 2017 or extension

(ii)  for the next 3 months or part thereof after the period $500.00 specified in sub-paragraph (i) or extension

(iii) for the next 3 months or part thereof after the period $750.00 specified in sub-paragraph (ii) or extension

iv) after the end of the period specified in sub-paragraph (iii) or extension, $1,000.00 for each month or part thereof that the failure continues”.

Please see the link below from the BVI Registry with the amended penalties (point 5c, page 4).,%202016.pdf

2) Obligation for companies and partnerships to keep financial records and underlying documentation, sufficient to 
show and explain a company's business or transactions. Such records will at any time enable to determine the financial position of the company with reasonable accuracy.

The records and underlying documentation may be kept in the BVI or in another chosen jurisdiction. In cases where documentation is kept outside the BVI, the company (or partnership) must confirm in writing to its BVI registered agent the physical address where the records are kept and the name and address of the person that controls and maintain these records.

Any changes in this regard has to be informed to the Registered Agent within 14 days. Records must be maintained for a minimum of five (5) years from the termination of a transaction. 

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