Amendments to BVI Companies

The BVI Government has passed a legislation implementing amendments to the BVI International Business Companies Act. The major changes include:

1. Companies allowing issuance of bearer shares will need to pay higher annual Government Licence Fee i.e. US$1,000 instead of US$300 (for companies with standard authorised capital of US$50,000 or below).

Alternative arrangement can be made by amending the company's M&A to delete the power to issue bearer shares  so as to avoid paying the higher annual Government fee.

Note: This amendment does not affect companies with authorised capital exceeding US$50,000 and are paying US$1,000 annual Government Licence Fee.

2. Bearer shares are required to be held by recognised custodian.

Alternative arrangement can be made by:

(i) converting the bearer share to registered share, or

(ii) using nominee shareholder to hold the share.

3. Copy of the Register of Director is required to be kept in the BVI Registered Office, besides copy of the Register of Member.

4. First director (s) must be appointed within 30 days after incorporation. This does not affect the existing companies.

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