The "Business Companies Act 2004", which regulates BVI companies, has been amended. Learn about the most relevant changes that have entered into force and that apply to your companies.
REGISTER OF DIRECTORS
Register of Directors will have to be filed with the Office of the Registrar of Companies of BVI observing the following schedule to avoid penalties.
|Companies existing prior to April 1st 2016.||Companies incorporated as of April 1st 2016|
|Changes to the Register of Directors|
CONTENT OF THE REGISTER OF DIRECTORS
|Full Name (current and former)||Name|
|Date of appointment||Registration number|
|Date of cessation||Registered Office|
|Address for service of documents and usual address (if other)||Principal address|
|Nationalities||Place of incorporation|
|Date of birth||Date of incorporation|
|Ocupation||Such other as prescribed|
RECORD KEEPING OBLIGATIONS
- Every company must have and maintain accounting records and maintain documented financial information (i.e. invoices, contracts or other ) to support its operations and financial position.
- You will have to inform the Registered Agent about the location of records, documents and accounting and financial information , and identify the name and address of the person who will control and maintain these.
- Any changes to the location of the accounting records must be notified to the Registered Agent within 14 days.
- Accounting records and supporting documentation must be kept for up to five (5) years of the relevant transaction.
- Failure to comply with this obligation will result in FINE of $50,000.00.
Registered Agents must act upon a valid resolution of the Board of Directors; informal instructions, even if written, will not suffice.
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.