British Virgin Islands: Amendments to the BVI Business Companies Act

The BVI Business Companies Act 2004 has been recently reformed aiming, amongst others, to strengthen its resilience to financial crime and incorporate relevant international standards and practices. In this framework, significant changes will apply as of January 1st, 2023, key points relating to:

  • Strike-off;
  • Post dissolution restoration;
  • Public information on directors;
  • Annual returns;
  • Liquidators;
  • Re-domiciliation
  • Register of persons with significant control;
  • Abolition of bearer shares;

The above will materially affect the companies’ operations and maintenance requirements in the jurisdiction, more information being available through our link.