IMPORTANT AMENDMENTS TO THE BVI BUSINESS COMPANIES ACT, 2004 PURSUANT TO THE BVI BUSINESS COMPANIES (AMENDMENT) ACT 2016
The BVI Business Companies Act, 2004 has been further amended by the BVI Business Companies (Amendment) Act, 2016. Below are the key amendments:
REGISTER OF DIRECTORS (ROD) FILING REQUIREMENTS AND PENALTIES
Existing companies (incorporated on or before March 31, 2016): Must file the ROD between 1/4/2016 and 31/3/2017. An extension may be given upon justified reasons.
Failure to file the ROD within the specified period carries a penalty as follows:
- Within 1 month $300
- Between 1 and 3 months $500
- Between 3 and 6 months $750
- After 6 months $1.000 for every month
New companies (incorporated on or after April 1, 2016): As from 1/4/2016, new companies must file the ROD with the BVI Registrar within 21 days of the appointment of the first director.
Failure to file the ROD within the specified period carries a penalty of $100.
Changes to filed ROD: Must be filed within 30 days of the day of the change.
Particulars to be filed:
For individual directors: Name, Former Name (if any), Director Type, Date of Appointment, Date Ceased to be a Director (when applicable), Address for the Service of Documents; Residential Address; Date of Birth; Place of Birth and Nationality.
For Corporate Directors: Name, Director Type, Date of Appointment, Date Ceased to be a Director (when applicable), Registration Number, Date of Registration, Entity Type, Registered Office, Address, Office Type and Place of Incorporation.
This registry will not contain historical information of previous director(s); it will only include the information of the current director(s) of the Company at the moment of the filing.
We may contact you shortly to obtain missing information, if any, in relation to filing the particulars of the directors for existing companies as at 1/4/2016.