Further to our previous updates (see updates dated 28 October 2015, 18 December 2015, and 12 January 2016) regarding changes to the legislation of the British Virgin Islands (BVI), some additional changes to the requirements for the filing of director information have recently been made.
On 29 January 2016, the BVI Business Companies (Amendment) Act, 2016 (the "2016 Amendment Act"), was passed into law, retroactive to 15 January 2016. The changes include longer periods for filing director information, less categories of information to be provided for each individual director, and a change to the penalty system, and should be seen as a positive development.
The new requirements for the filing of director information with the BVI Registry are as follows:
From 1 April 2016, for new incorporations, the Register of Directors would need to be filed within 21 days after the first directors have been appointed. Thereafter, any changes to the Register are to be recorded within 30 days. Penalties will be levied by the Registry for failure to comply with these filing requirements.
For existing companies, there will be a 12-month transitional period, from 1 April 2016 until 31 March 2017 to comply with the requirement.
The following items of information will be required for each individual director of a BVI company:
- Former name;
- Date and place of birth;
- Service address (if different); and
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.