Regulatory Alerts2024-12-04
BVI Business Companies (Amendment) Regulations, 2024
The Cabinet of the British Virgin Islands issued these Regulations to amend the principal BVI Business Companies Regulations regarding certificate of good standing requirements and administrative penalties. The amendments revise Regulation 15 to impose a five-year waiting period for name reservation after dissolution and update Regulation 25 to specify validity periods and filing conditions for certificates of good standing. Additionally, the Regulations insert Regulation 32 and Schedule 3, which establish a tiered system of administrative fines ranging from $10,000 to $75,000 for various contraventions of the Act.
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