A company incorporated in the british virgin islands has the same powers as a natural person. British virgin islands the bvi business companies act no. Enacted by the legislature of the virgin islands as follows. Bvi business companies amendment act, 2018 british. Territory of the british virgin islands bvi business companies act, 2004 memorandum and articles of association of kalani investments limited incorporated 24 march 2016 tmf b. Subject to the act and any other british virgin islands legislation, the company has, irrespective of corporate benefit. The bvi business companies act 2004 the act created a statutory set of duties, which apply to any director of a bvi business company a company. Territory of the british virgin islands the bvi business companies act 2004 the act memorandum of association of billion expo international limited a company limited by shares 1. The act has been internationally recognised for its flexibility and. Amended on the 27th september, 2010 by minutes of a meeting of the shareholders held on the 7th september, 2010. Summary guide to the bvi business companies act, 2004 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. Territory of the british virgin islands the bvi business companies act, 2004 amended and restated articles of association of ortac resources limited a company limited by shares 1. British virgin islands companies are generally free to dispose of their assets on such terms as the directors think fit, but where the assets being disposed of constitute 50% or more of the companys total assets, then section 175 of the bvi business companies act, 2004 requires that all shareholders even shareholders holding nonvoting shares must be formally notified of the proposed. Madam speaker, with your kind permission, i will now make a brief statement regarding the amendments to the bvi business companies act, 2004.
However the great leap forward for company law in the jurisdiction occurred in 1984 with the passing of the international business companies act, 1984. British virgin islands the bvi business companies act, 2004 nsx. The amendments to the bvi business companies act, 2004. In this memorandum of association and the articles of association of the company, if not inconsistent with the subject or context. Virgin islands the bvi business companies act, 2004 no. The bvi business companies act, 2004 the act a company limited by shares. 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 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 company may by resolution of shareholders or by resolution of directors change the location of its. Incorporated this 7th day of june, 2005 amended on 18th july, 2005 amended on 28th july,2005 amended on 7th december, 2005 amended on 21st june, 2007 amended on 11th february, 2011. Territory of the british virgin islands the bvi business companies act, 2004 memorandum and articles of association of european metals holdings limited a company limited by shares incorporated on the 23 june, 2011 amended and restated on 23 april, 2012 amended and restated on 28 january, 2014 amended and restated on 20 february, 2014. Memorandum of association and articles of association. Bvi business companies act 2004 british virgin islands. 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.
Bvi business companies act 2004 bvi offshore companies. Members under the bvi business companies act, 2004 lexology. We have prepared this bvi business companies act, 2004 compendium as a service to our clients. 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. The bvi business companies act 2004 compendium contains a consolidated version of the. It appears your web browser is not configured to display pdf files. 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. Offshore company formation in british virgin islands. 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. Bvi business companies act, 2004 bvi incorporation.
Top challenges of doing business in the british virgin islands. The international business companies ordinance, 1984 by british virgin islands this link opens in a new window. In this memorandum of association and the articles of association of the company, if not inconsistent. This article sets out a summary of those duties, as well as outlining the consequences and liabilities that can follow a breach of duty and the use of indemnification and insurance to mitigate the. British virgin islands the bvi business companies act. Territory of the british virgin islands the bvi business companies act 2004 articles of association of al yasmeen company limited a company limited by shares 1. 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.
Bvi business companies act, 2004 british virgin islands. Bvi business companies amendment act 2006 government of. Madam speaker, with your kind permission, i will now make a brief statement regarding the. Regulations of the company may make the bearer of a share warrant a member. Section 118 of the bvi business companies act, 2004 hereinafter. In a reserved judgment, mr justice daviswhite qc agreed with the defendants submissions holding that. The bvi business companies 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.
Bvi business companies act, 2004 revised 2005 british. Every shareholder is entitled to a certificate signed by a. 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. Box 438 road town, tortola, vg 1110 british virgin islands. The british virgin islands is a british overseas territory in the caribbean, with over 40 islands and selfgovernment in most internal matters. Name the name of the company is billion expo international limited 2. The decision to replace the international business. It replaced the extremely popular and highly successful international business companies act. Many other offshore jurisdictions followed the international business companies act 1984 a statute of the british virgin islands that permitted the formation of international business companies ibcs. Gazetted 31st december, 2015 enacted by the legislature of the virgin islands as follows.
Since the introduction of the international business companies act in 1984 to the current business companies act 2004 as amended bca, the legislation has made significant progress in developing the bvi as a leading international financial services centre. To the bvi business companies act, 2004 viewed on the bvi financial services commission website at. The rights and liabilities of members are regulated principally under parts iii and iv of the bvi business companies act, 2004 as amended, the companies act. The british virgin islands bvi is a british overseas territory.
British virgin islands 06 december 2016 members claims. 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. The virgin islands are one of the oldest offshore centers. Bvi business companies act 2004 updated january 2020 consolidated acts download the act here. Summary guide to the bvi business companies act, 2004.
The first companies legislation in the british virgin islands was the companies act, 1884. Every shareholder is entitled to a certificate signed by a director of the company, or any other person. However, there are updates found in the bvi business companies act, 2004, which states that in relation to a security interest over shares in a british virgin islands company, the parties may completely exclude the effect of the conveyancing and law of property act. Type of company the company is a company limited by shares. 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. Duties of directors of a british virgin islands business. Bvi business companies amendment act, 2018 british virgin. In this memorandum of association and the attached articles of association, if not inconsistent with the subject or context. British virgin islands company law is primarily codified in the bvi business companies act, 2004, and to a lesser extent by the insolvency act, 2003 and the securities and investment business act, 2010. Download adobe acrobat or click here to download the pdf file.
Duties of directors of a british virgin islands business company. Every shareholder is entitled to a certificate signed by a director or officer of the company, or any other. The british virgin islands has approximately 30 registered companies per head of population, which is probably the highest ratio of any country in the world. 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. British virgin islands bvi business companies act 2004. Territory of the british virgin islands the bvi business companies act, 2004 amended and restated memorandum of association of excel value international limited a company limited by shares incorporat ed on the 23rd day of april, 2012 approved by written resolution of the sole shareholder on the 5th day of december, 2014. The act is now the sole corporate statute in the bvi and regulates all. Territory of the british virgin islands the bvi business companies act, 2004 memorandum of association of vgx limited a company limited by shares 1. Summary guide to the bvi business companies act, 2004 o. In this paper we focus on the key features of the new act and highlight some of its differences with the ibc act. The bvi business companies act, 2004 as amended,1 the companies act offers a wide choice of corporate vehicles. Gazetted 27th october, 2006 enacted by the legislature of the virgin islands as follows. British virgin islands the bvi business companies act, 2004. As a british overseas territory, legislation is based on the british legal system and english common law.
Territory of the british virgin islands the bvi business companies act, 2004 memorandum of association of waterloo investment holdings limited a company limited by shares as approved on 1 august 2017 1. Types of companies under the bvi business companies act, 2004. The bvi business companies act compendium contains a consolidated version of the bvi business companies act, 2004 incorporat, ing all amendments, to date, including consolidated versions of related regulations and statutory instruments. Bvi business companies amendment act 2006 government. Governor 24th december, 2004 1st january, 2005 1st january, 2006 virgin islands no.
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