On Thursday 10 May, the BVI Business Companies (Amendment) Act 2012 (the Act) received its first reading in the House of Assembly and the BVI Business Companies Regulations 2012 (the Regulations) were published in the Gazette, marking their first steps to coming into force later this year.

Date: May 16, 2012          Author: Marcus Leese

Keywords: BVI, Regulation

On Thursday 10 May, the BVI Business Companies (Amendment) Act 2012 (the Act) received its first reading in the House of Assembly and the BVI Business Companies Regulations 2012 (the Regulations) were published in the Gazette, marking their first steps to coming into force later this year.

For now, the Act and the Regulations are not in force under BVI law and the Act itself remains subject to a number of readings and reviews.
 
The broad areas of legislation to be effected by the Act and the Regulations include:
 
(i) rules relating to listed companies;
(ii) voluntary liquidations and voluntary liquidators;
(iii) involuntary dissolution and strike off of a company;
(iv) the mechanics of security registration;
(v) the passing of directors written resolutions; and
(vi) the choice of company names.
 
The proposed changes are not viewed as being substantive or controversial and have been introduced to further enhance the BVI's leading position as an international corporate domicile.