BVI Business Companies Act receives update through new Amendments and Regulations
The British Virgin Islands Financial Services Commission (the "FSC") announced that the BVI Business Companies (Amendment) Act, 2012 (the "Amendment Act") and the BVI Business Companies Regulations 2012, both took effect on 15 October, 2012.
Both the Act and the new regulations are aimed at streamlining, clarifying and improving the administration of the affairs of BVI Business Companies. Since its original enactment in 2004, the original BVI Business Companies Act had not been the subject of a comprehensive review.
BVI Business Companies (Amendment) Act 2012 has a total of 85 new and amended provisions including new definitions designed to make the act easier to understand and interpret.
BVI Business Companies Regulations, 2012 have been developed to complement the implementation of some of the provisions of the Act. The Regulations have a total of 29 new provisions and three new Schedules.