Regulatory Alerts2022-08-12
BVI Business Companies (Amendment) Act, 2022
The Legislature of the Virgin Islands enacted this Act to amend the BVI Business Companies Act, Revised Edition 2020, introducing significant regulatory changes for business entities. The legislation prohibits the issuance of bearer shares, establishes new registration and reporting requirements for companies pursuing charitable or non-commercial purposes, and mandates the filing of annual financial returns with registered agents. Additionally, the Act updates definitions for voluntary liquidators, modifies registered agent obligations regarding money laundering compliance, and amends provisions concerning the maintenance of registers of directors and members.
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