The international business companies act, 1984 as amended. It has been called the most important piece of legislation in bvi history since the emancipation. Introduction to the bvi business companies act, 2004. This new law has replaced and superceded the previous bvi companies act cap 285 and the bvi international business companies act 1984. 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. In 2014, the british virgin islands marked 30 years of success as a wellregulated global financial jurisdiction, due to the enactment of the international business companies ibc act, 1984. Shares redeemed otherwise than at option of company. 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.
Gazetted 22nd december, 2005 enacted by the legislature of the virgin islands as follows. International business companies are by far the most popular and widely used type of company. British virgin islands the 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.
Mar 18, 2014 on 15 october 2012 the bvi business companies amendment act, 2012 the bc amendment act came into force. The act itself was amended on several different occasions and subsequently was replaced with the bvi business company act of 2004. The bca amendments are effective from 15 january 2016 and introduces some significant changes to its current business companies laws. The company was first incorporated as a company under the international business. The amendments to the bvi business companies act, 2004. Dispositions of assets by a british virgin islands company. It made a number of changes to the bvi business companies act, 2004, the bc act generally, and more specifically it made significant changes to the voluntary liquidation process for solvent companies. Reregistered under the bvi business companies act on the 2nd day. The new act, entitled the bvi business company act, has been modelled on the territorys wellknown international business companies act, as amended, and includes several new features to expand its appeal to international investors and business professionals, while also providing a suitable. Jan 11, 20 section 175 of the bvi business companies act, 2004 as amended, the act provides, in outline, that where a company proposes to dispose of 50% or more of its assets other than in the. Business companies act, 1984 cap 291, and was automatically. The original act was copied widely by other offshore financial centres.
The governing legislation is the international business companies act 1984, updated by the international business companies amendment acts of 1990, 2003, 2004 and 2014, which immobilise bearer shares and impose recordkeeping requirements on professional intermediaries. Business companies act, 1984 and was automatically reregistered under 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 the members themselves through arbitration. Companies act, 1984 as amended on 28 january 2004 and immediately prior to its re.
Bvi business companies act to be further enhanced oneal. British virgin islands the bvi business companies act no. The decision to replace the international business. Important this is an unofficial consolidation of the bvi business companies act and the amendments thereto. Gazetted 29th december, 2004 enacted by the legislature of the virgin islands as follows. 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. On 1 january 2005, a new company law regime came into effect in the british virgin islands.
The bvi business companies amendment 18 march 2014 act 2012. All companies previously incorporated under the international. New british virgin islands trust and estate legislation. Process for purchase, redemption or other acquisition of own shares. The bvi international business companies ordinance 1984 as amended contains extended privileges and strict confidentiality requirements for the companies. Immediately before its reregistration under the act the company was governed by the international business companies act, 1984 cap 291. This security 30th anniversary of the bvi international business companies act 1984 jeffrey kirk 15 august 2014 marked the 30th anniversary of the date that the international business companies act 1984 ibc came into force in the british virgin islands bvi. Bvi international business companies ordinance 1984. Gazetted 31st december, 2015 enacted by the legislature of the virgin islands as follows. Section 175 of the bvi business companies act, 2004 as amended, the act provides, in outline, that where a company proposes to dispose of 50% or more of its assets other than in the. Register company in the bvi company registration bvi. Dec 04, 2014 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. The british virgin islands is an archipelago of over 40 islands, 16 of which are inhabited.
The bvi business companies act, 2004 based on the bvi business companies act, 2004 no. Beneficial ownership of companies government of the. On 15 october 2012 the bvi business companies amendment act, 2012 the bc amendment act came into force. History of the international business companies act. Bvi company law the bvi business companies act 2004 is the primary legislation that regulates registration and operation of companies in the bvi toggle navigation during this crisis please contact us by email. The bvi business companies act no 16 of 2004 is the principal statute of the british virgin islands relating to british virgin islands company. 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. This amendment is the result of months of consultation between my government and industry stakeholders. Local bvi companies incorporated under the british virgin islands companies act chapter 285 of. The international business companies act, 1984 was a statute of the british virgin islands. Since the initial passage of the legislation in 1984, the territory has incorporated about 600,000 companies by the end of 2003. The act has been internationally recognised for its flexibility and. Listed companies for those bvi companies with london listings, the uks city code on takeovers and mergers the city code will not apply and as a consequence, the regulation of a takeover bid for a bvi company will have three sources, common law, in statute under the bvi business companies act 2004 the act and in the company.
The bvi business companies amendment 18 march 2014. This act may be cited as the international business companies act, 1984. An act to amend the bvi business companies act, 2004 no. Introduction since its enactment 20 years ago, the bvis international business companies act cap. The international business companies act was enormously successful, and. The act is now the sole corporate statute in the bvi and regulates all bvi companies. Later today, i will introduce the bvi business companies amendment act, 2015. Gazetted 26th july, 2012 enacted by the legislature of the virgin islands as follows.
Company may purchase, redeem or otherwise acquire its own shares. Segregated portfolio companies regulations, 2005 s. Distributions, share purchases and redemptions under the. To the bvi business companies act, 2004 viewed on the bvi financial services commission website at. The memoranda of association of existing ibcs were deemed to have been. 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. After 1 january 2007, all companies which had been originally incorporated under the international business companies act were compulsorily reregistered under the bvi business companies act. In these articles, except where the subject or context otherwise requires. The principal statute is the bvi business companies act, 2004 and this edition incorporates amendments effected by the following legislation. 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.
Guide to companies in the british virgin islands under the former international business companies act, 1984, cap 291 ibca. British virgin islands offshore ibc confidentiality. Distributions, share purchases and redemptions under the bvi. Companies incorporated under the british virgin islands international business companies act that did not apply for reregistration as bvi bcs during 2005 and 2006 were automatically reregistered as bvi bcs with effect from 1 january 2007. Bvi business companies law compendium page 1 preface we have prepared this bvi business companies act, 2004 compendium as a service to our clients. All companies previously incorporated under the international business companies act, 1984, automatically became subject to the bvibc act from 1st january 2007. Assent 29th december, 2000 commencement 29th december, 2000 part i preliminary 1. Act, 2015 and the recently enacted business companies amendment act, 2016 collectively referred to as the a amendments. Gazetted 27th october, 2006 enacted by the legislature of the virgin islands as follows. First introduced by the international business companies act in 1984, bvi international business companies became a model for the industry, with other offshore centres copying the model widely. Important this is an unofficial version of the bvi business companies act as amended and then revised under the statute revision act, 2005 no. No 5 of 2012 bvi business companies amendment act, 2012.
In this act, unless the context otherwise requires, 262005. British virgin islands memorandum and articles of association of. By christopher simpson, oneal webster partner the renowned bvi business companies act which came into effect 2005 and modernised the bvi corporate law regime promulgated under the earlier international business companies act of 1984, is to be further enhanced through amendments under the bvi business companies amendment act, 2015 the amendment act. Bvi business companies act, 2004 certificate of good standing section 235 the registrar of corporate affairs, of the british virgin islands hereby certifies that, pursuant to the bvi business companies act, 2004 at the date of this certificate, the company, sample company limited bvi company number.
British virgin islands the bvi business companies act. Territory of the british virgin islands the bvi business companies act, 2004 memorandum of association of antiaging house holding limited a company limited by shares 1. 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. The bvi business companies amendment of schedule 1 order, 20. The bvi business companies act, 2004 as amended, the act, is the sole corporate statute in the british virgin islands bvi and regulates all. Business companies act, 1984 cap 291, and was automatically reregistered under the bvi business companies act, 2004 the act on 1 january 2007. It replaced the extremely popular and highly successful international business companies act. 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. 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. The bvi company came into full effect on january 2005. Summary guide to the bvi business companies act, 2004. The new act, entitled the bvi business company act, has been modelled on the territorys wellknown international business companies act, as amended, and includes several new features to expand its appeal to international investors and business professionals, while also providing a suitable framework. British virgin islands company law is primarily codified in the bvi business companies act. This guide examines the key aspects of distributions, share purchases and redemptions under the act by a company incorporated under the act or incorporated under the international business companies act 1984 and re registered under the act an ibc which has disapplied the transitional provisions in schedule 2 of the act.
The international business companies ibc act of the british virgin islands was first passed in 1984. A bvi business company declaration of solvency i, we, the undersigned, being the sole director the directors of the company, which proposes to appoint a voluntary liquidator under section 199 of the bvi business companies act, 2004, having considered the financial position of the company do. Detailed transitional provisions were enacted in schedule 2 of the new act to deal with discrepancies between the two sets of legislation. 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. The act played in a huge role in the economic and financial development of the territory in the 1990s. Recovery of distribution made when company did not satisfy solvency test. Bvi business companies act 2004 updated january 2020 consolidated acts download the act here. New legislation to replace companies act and ibc act. Whilst every effort has been made to ensure correctness, no. The international business companies act, 1984 was a statute of the british virgin islands which permitted the incorporation of international business companies within the territory.
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