Regulatory Alerts2018-09-24
Segregated Portfolio Companies (BVI Business Company) (Amendment) Regulations, 2018
The Cabinet of the Virgin Islands issued these regulations to amend the Segregated Portfolio Companies (BVI Business Company) Regulations, 2018, pursuant to the BVI Business Companies Act, 2004. The amendments modify Regulation 6 to simplify the statutory language regarding the incorporation of BVI business companies as Segregated Portfolio Companies. Additionally, the Schedule is updated to replace existing fee structures with new prescribed amounts for application, approval, and annual fees related to segregated portfolio companies.
1 VIRGIN ISLANDS SEGREGATED PORTFOLIO COMPANIES (BVI BUSINESS COMPANY) (AMENDMENT) REGULATIONS, 2018 ARRANGEMENT OF REGULATIONS Regulation 1… Citation and commencement. 2… Regulation 6 amended. 3… Schedule amended.
2 VIRGIN ISLANDS STATUTORY INSTRUMENT 2018 NO. 49 BVI BUSINESS COMPANIES ACT, 2004 (No. 16 of 2004) Segregated Portfolio Companies (BVI Business Company) (Amendment) Regulations, 2018 [Gazetted 27th September, 2018] The Cabinet, in exercise of the powers conferred by section 159 of the BVI Business Companies Act, 2004 (No. 16 of 2004) and with the advice of the Financial Services Commission, makes these Regulations:
- (1) These Regulations may be cited as the Segregated Portfolio Companies (BVI Business Company) (Amendment) Regulations, 2018. (2) These Regulations shall come into force on the day that the BVI Business Companies (Amendment) Act, 2018, is brought into force.
- Regulation 6 of the Segregated Portfolio Companies (BVI Business Company) Regulations, 2018 (hereinafter referred to as the “principal Regulations”) is amended (a) in subregulation (2) by deleting the words “Subject to subregulation (3), a BVI business company SPC” and substituting the words “A BVI business company SPC”; and (b) by deleting subregulation (3).
- The Schedule of the principal Regulations is amended by (a) deleting Part I and substituting the following: “PART I APPLICATION AND APPROVAL FEES Fee Description Fee US$ For application to incorporate a company as a BVI business Citation and commencement. Regulation 6 amended. S.I. 2018 No.6 Schedule amended.
3 company SPC (a) In respect of the company (b) In respect of each segregated portfolio included in the application 450 400 For approval of application to incorporate a company as a BVI business company SPC 250 For application to register a BVI business company as a BVI business company SPC (a) In respect of the company (b) In respect of each segregated portfolio included in the application 950 400 For approval of application to register a BVI business company as a BVI business company SPC 900 For notification of the creation of a segregated portfolio by a BVI business company SPC 250 For notification of termination or intent to terminate a segregated portfolio by a BVI business company SPC 250 For notification to the Commission of the reinstatement of a segregated portfolio by a BVI business company SPC 250 For the provision of any other service by the Commission for which a fee has not been prescribed 250” (b) deleting Part III and substituting the following: “PART III ANNUAL FEES Annual Fee Description Fee US$ A BVI business company SPC shall pay an annual fee, by the date that its annual fees are due under Part III of Schedule 1 of the Act – (a) In respect of the segregated portfolio company (b) For each segregated portfolio in existence as at the date annual fees are due under the Act 450 400” Made by Cabinet this 18th day of September, 2018. (Sgd.) Sandra Ward, Cabinet Secretary.