Regulatory Alerts2024-09-26
BVI Business Companies (Amendment) Act, 2024
The Legislature of the Virgin Islands enacted this Act to amend the BVI Business Companies Act, Revised Edition 2020, by introducing mandatory uniform filing of registers of members with the Registrar and establishing requirements for the collection and maintenance of beneficial ownership information. The legislation significantly reduces the timeframe for appointing first directors to 15 days and introduces new provisions for the verification of beneficial ownership data by registered agents and the Financial Services Commission. Additionally, the Act imposes sufficiently dissuasive and proportionate penalties for non-compliance while updating definitions and access rights for competent authorities and law enforcement agencies.
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