Eligibility the companies act only allows a company to be put into voluntary liquidation if it. Bvi business companies act 2004 including proposed 2012. Bvi business companies act 2004 british virgin islands. The principal statute is the bvi business companies act, 2004 and this edition incorporates amendments effected by the following legislation. Section 98 of the bvi business companies act 2004 bca. The bvi business companies act, 2004 as amended, the act, is the sole corporate statute in the british virgin islands bvi and regulates all. Virgin islands the bvi business companies act, 2004 no. Governor 24th december, 2004 1st january, 2005 1st january, 2006 virgin islands no. An act to amend the bvi business companies act, 2004 no. 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.
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. This act is current to march 25, 2020 see the tables of legislative changes for this acts legislative history, including any changes not in force. Types of companies under the bvi business companies act, 2004. 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. All books are in clear copy here, and all files are secure so dont worry about it. Territory of the british virgin islands the bvi business companies act, 2004 amended and restated articles of association of ortac resources limited a company limited by shares 1. The primary act of law in hungarian company law is act 4 of 2006 on business associations companies act. You will find below the key extracts from the bvi companies act along with the full act. Name the name of the company is arcos dorados holdings inc. The act has been internationally recognised for its flexibility and.
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. 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. Box 438 road town, tortola, vg 1110 british virgin islands. Bvi business companies act 2004 updated january 2020 consolidated acts download the act here. 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. Gazetted 29th december, 2004 enacted by the legislature of the virgin islands as follows.
Previous updates included amendments to regulation 25 of the bvi business companies regulations, 2012 made by the bvi business companies amendment regulations, 2019, deemed to. The bvi business companies act 2004 the companies act provides a simple procedure, called a voluntary liquidation, for liquidating a solvent bvi company. 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. Distributions, share purchases and redemptions under the.
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. No 5 of 2012 bvi business companies amendment act, 2012. Gazetted 22nd december, 2005 enacted by the legislature of the virgin islands as follows. To the bvi business companies act, 2004 viewed on the bvi financial services commission website at. Belize international business companies act chapter 270 revised edition 2000 showing the law as at 31st december, 2000 this is a revised edition of the law, prepared by the law revision commissioner under the authority of the law revision act, chapter 3 of the laws of belize, revised edition 1980 1990. 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.
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. Download summary guide to the bvi business companies act, 2004 lowtax book pdf free download link or read online here in pdf. Members under the bvi business companies act, 2004 lexology. Voluntary liquidation under the bvi guide business. The main types of business associations under the companies act are identical to those regulated in eu countries. 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. We have prepared this bvi business companies act, 2004 compendium as a service to our clients. 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. Duties of a director under british virgin islands law. British virgin islands the bvi business companies act no. Belize international business companies act chapter 270. Gazetted 27th october, 2006 enacted by the legislature of the virgin islands as follows. 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. Introduction to the bvi business companies act, 2004 lexology.
British virgin islands the bvi business companies act. The bvi business companies act, 2004 based on the bvi business companies act, 2004 no. Download key features of the bvi business companies act, 2004 book pdf free download link or read online here in pdf. This popularity, in part, comes from the flexibility afforded by the bvi business companies act, 2004 the. The decision to replace the international business. In this paper we focus on the key features of the new act and highlight some of its differences with the ibc act. The international business companies ibc act of the british virgin islands was first passed in 1984. This is an unofficial consolidation of the bvi business companies act and the amendments thereto. Paragraphs 9 and 10 below contain details of the provisions that remain in those acts.
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. Madam speaker, with your kind permission, i will now make a brief statement regarding the amendments to the bvi business companies act, 2004. 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. Nov 20, 2015 belize international business companies act chapter 270 1. Annual return for unlimited company not authorised to issue shares. Incorporation of bvi business companies under the bvi business companies act, 2004. Record keeping obligations for bvi companies, partnerships. 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. Enacted by the legislature of the virgin islands as. 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 the members themselves through arbitration. It replaced the extremely popular and highly successful international business companies act. What a director of a bvi company guide needs to know.
Territory of the british virgin islands the bvi business companies act, 2004 memorandum of association of arcos dorados holdings inc. Bvi business companies act, 2004 british virgin islands. The bvi business companies act, 2004 is the primary legislation that regulates registration and operation of companies in the bvi. Territory of the british virgin islands the bvi business companies act, 2004 memorandum of association of falanx group limited 1 compa name ny 1. 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. Bvi business companies regulations, 2012 british virgin islands. 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. Bvi business companies act 2004 including proposed 2012 amendments. Thebvi business companies amendment act, 2012 and the bvi. 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. It has been called the most important piece of legislation in bvi history since the emancipation. To solve the abovementioned issue, we conducted legal research and sought a bvi legal opinion the bvi legal opinion to clarify the concept of authorised share capital or share capital under the bvi law.
British virgin islands the bvi business companies act, 2004 no. Amendment of section 1 of act 102 of 1996, as amended by section 1 of act 26 of 2003 1. Later today, i will introduce the bvi business companies amendment act, 2015. Summary guide to the bvi business companies act, 2004 o. Important this is an unofficial consolidation of the bvi business companies act and the amendments thereto. 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 bvi business companies act 2004 the act introduction. Offshore corporation, offshore company formation, offshore. Virgin islands bvi business companies act, 2004i as amended, 2005 arrangement of sections part i preliminary provisions 1. 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. One of the most significant pieces of legislation to shape the global offshore finance sector reached its 30th anniversary on 15 august 2014. The bvi business companies act 2004 compendium contains a consolidated version of the bvi business companies act 2004, incorporating all amendments.
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. Regulations required in case of unlimited company or company limited. This new law has replaced and superceded the previous bvi companies act cap 285 and the bvi international business companies act 1984. This guide examines the voluntary liquidation process. Introduction since its enactment 20 years ago, the bvi s international business companies act cap.
The following is a brief summary of the main features of the bvi business company bvi bc and an outline of the incorporation procedures under the bvi business companies act, 2004, as amended, the bc act. Introduction the following is a brief summary of the main features of the bvi business company bvi bc and an outline of the incorporation procedures under the bvi business companies act, 2004, as amended, the bc act. Striking off, dissolution and restoration under the bvi. Gazetted 31st december, 2015 enacted by the legislature of the virgin islands as follows. Financial services commission, makes these regulations. Bvi business companies amendment british virgin islands. Important this is an unofficial consolidation of the bvi business companies act. Nov 02, 2015 statement by the premier on the amendments to the bvi business companies act, 2004 november 2, 2015 bviforward speeches and statements the honourable d. Read online summary guide to the bvi business companies act, 2004 lowtax book pdf free download link book now. The amendments to the bvi business companies act, 2004. 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 act played in a huge role in the economic and financial development of the territory in the 1990s. 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.
We provide not only full services for registration, but also management of international companies. Read online key features of the bvi business companies act, 2004 book pdf free download link book now. We provide incorporation, company management and registered. The bvi business companies act 2004 the act offshore. The act is now the sole corporate statute in the bvi and regulates all bvi companies. Company law known as corporate law in some countries refers to the formation and governance of corporate entities. The bvi business companies act, 2004 as amended,1 the companies act offers a wide choice of corporate vehicles. 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. Territory of the british virgin islands the bvi business companies act 2004 articles of association of al yasmeen company limited a company limited by shares 1. Bvi business companies act, 2004 revised 2005 british. 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. Summary guide to the bvi business companies act, 2004. 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. Introduction to the bvi business companies act, 2004. 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. Incorporation of bvi business companies under the bvi. Every shareholder is entitled to a certificate signed by a. 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. In the uk, the responsible body is the corporate law and governance directorate of the department for business, enterprise and regulatory reform berr, formerly the department of. Gazetted 26th july, 2012 enacted by the legislature of the virgin islands as follows. 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. The bvi business companies act 2004 the bvi companies act came into. British virgin islands bvi business companies act, 2004 amended and restated memorandum of association and articles of association of unicorn tokenization corp. Strike off and restoration under the bvi guide business. Business company act, 2004 made by the bvi business companies amendment act, 2019 in force, 1 january 2020. 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.
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