Changes in BVI Legislation

We would like to inform you of the following amendments to BVI Legislation.

Amendments/Enhancements to BVI Legislation

Registration of register of directors

It is now mandatory to file the register with the Registry of Corporate Affairs.

• Companies incorporated AFTER 1 January 2016: shall file for registration of its register of directors within 14 days of the appointment of the first director. A company shall appoint a first director within 6 months of the date of incorporation of the company.  Cost $150 + disbursements

• Companies incorporated BEFORE 1 January 2016: have until 29 February 2016 to register a copy of its register of directors. Cost $150 + disbursements

• Changes to the register of directors: within 21 days of any change occurring, the company shall file a copy of the register of directors containing the changes. Cost $150 + disbursements

• Penalty for not filing the register of directors: $250. In addition, for each day that a company or an existing company fails to file a copy of its register of directors after the deadline for doing so, a penalty of $75 shall apply for each day that the failure continues.

DISCLAIMER: This publication is intended only to provide a summary and/or information of the subject matter covered. It does not purport to be comprehensive or to render legal advice. No reader should act on the basis of any matter contained in this publication without prior obtaining professional legal advice.

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