A series of changes to the legislation of entities incorporated in the British Virgin Islands came into effect on January 1, 2023.
Financial Statements: It is now mandatory for companies to submit financial information to their Registered Agent. Currently, entities that are not regulated by the Financial Services Commission (“FSC”) are exempt from submitting this documentation. The reporting format has not yet been defined by the legislation.
Directors' Register: The names of company directors will be available for consultation by entities using the VIRRGIN system (BVI Companies Registry system). Such consultations will be possible for a fee.
Strike-off and Dissolution: Once in strike-off, companies will automatically be dissolved. Companies can enter strike-off for a number of reasons, the most common being the non-payment of annual fees to the BVI government (after 6 months of their due date). Currently, companies can remain in strike-off for a period of seven years until compulsory dissolution.
Restoration of Dissolved Companies: The restoration of dissolved companies has been simplified. Companies can now be restored by direct request to the Registrar of Corporate Affairs (Registrar) within a period of 5 years from the date of dissolution.
Financial Records and Accounts: Companies must submit financial information to their Registered Agent. However, this information will not be publicly available.
Liquidations: Liquidators appointed in the voluntary liquidation process must be natural persons resident in BVI for at least 180 days.
Register of persons with significant control: The legislation provides the framework for a future public register of persons who exercise control over companies. At this time, no changes to this register have been made.
The BHC team is available to provide any clarification on the subject.
Text written by BHC Team