📢AMENDMENTS TO THE BRITISH VIRGIN ISLANDS (BVI) BUSINESS COMPANIES ACT 2024

There have been key changes to the BVI Business Companies (Amendment) Act 2024, which were approved and gazetted on 26 September 2024. While the Act has not yet come into force, it is expected to take effect soon. We will then accordingly prepare a relevant newsletter in this respect. These changes are designed to enhance transparency and align with international standards.

Key Highlights

Beneficial Ownership

The Amendment Act clarifies the definition of beneficial owner, focusing on both ownership and control. Companies must now file beneficial ownership information with the BVI Registrar of Companies (the "Registrar") within 30 days of incorporation or redomiciliation. This applies to individuals holding 10% or more of shares or voting rights.

Existing companies will have a six-month grace period to comply. Non-compliance will result in penalties and eventual removal from the register. Exemptions apply to listed companies and certain funds, provided they can produce the information within 24 hours upon request. Any changes to the beneficial ownership information must be filed with the Registrar within 30 days of the company becoming aware of the changes.

Register of Members

All BVI companies are now required to maintain and file a register of members with the BVI Registrar within 30 days of incorporation or redomiciliation including details of all shareholders. Changes to the register must also be filed within 30 days. Exemptions apply to listed companies and certain types of funds.

Register of Directors

The time frame for appointing a company’s first director has been reduced from six (6) months to fifteen (15) days. The register of directors must also be filed with the Registrar within 15 days. 

Note: The beneficial ownership information, as well as the registers of members and directors, are not publicly accessible but will be available at the request of any relevant authorities.

How can our Firm assist?

For more information and how this development may impact your business, feel free to contact us at info@pelaghiaslaw.com.