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BVI To Enhance Companies Legislation


The British Virgin Islands (BVI) government has completed the first phase of implementing amendments to the Business Companies Act, set to be introduced later this year.
According to Ogier BVI, the BVI Business Companies (Amendment) Act 2012 was recently tabled for a first reading by the nation's House of Assembly, and the Business Companies Regulations, 2012, have recently been published in the BVI's Official Gazette.
The Act and the Regulations are not yet in force under BVI law as the Act itself remains subject to a number of readings and reviews.
Areas to be affected by the revised Act and Regulations include:•Listed companies;
•Voluntary liquidations and voluntary liquidators;
•Involuntary dissolution and striking off of a company;
•The mechanics of security registration;
•The passing of directors written resolutions; and,
•The choice of company names.
“The proposed changes are not viewed as being substantive or controversial and [are being] introduced to further enhance the BVI's leading position as an international corporate domicile,” Ray Wearmouth, Managing Partner, Ogier BVI, commented.

Source: www.intax-info.com