Regulatory Alerts2023-03-21
BVI Business Companies (Amendment) Act, 2023
The Legislature of the Virgin Islands enacted this Act to amend the BVI Business Companies Act, Revised Edition 2020, with retroactive effect from January 1, 2023. The legislation mandates that companies and foreign companies collect, maintain, and file beneficial owner information with their registered agents, while also imposing strict record-keeping requirements for registers of members and director lists. Non-compliance with these new obligations regarding beneficial ownership and document retention exposes entities to significant fines and summary conviction offenses.
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