Company Administration Guidelines
- There is no minimum capital requirement for a BVI IBC.
- An unlimited number of shares is permitted. Bearer shares are permitted but are subject. to a custodian service and also a higher government license fee.
- Can be formed with one shareholder who can also act as the director.
- The use of nominee shareholders is permitted.
- A minimum of one director is required, can also act as a shareholder if required.
- Directors can be either individuals or corporate entities.
- Directors must now file all particulars online as per Section 118B of the BVI Business Companies Act.
Restrictions on Name & Activity:
- The company name must not be identical or similar to any existing name.
- A registered office in the BVI must be maintained. The following documents are required to be kept at the registered office; Memorandum and Articles of Association and any amendments, Copy of Register of Members or Share Register, Copy of Registered Directors, Impression of the Corporate Seal, Register of Changes. A company is considered resident if it has a registered office in the BVI.
- There is no requirement to hold annual meetings. If required meetings can be held anywhere in the world.
- A company secretary is not a mandatory requirement for incorporating a BVI IBC.
- The Register of Members and resolutions by the company do not appear on public record.
- Details of the company’s beneficial owners, directors and shareholders do not have to be made publicly available.
- The only documents held on public record are the Memorandum and Articles of Association which do not contain any details of beneficial directors or shareholders.
The incorporation of a BVI company is very quick and will take approximately two days.
Key amendments to the Singapore Companies Act
Significant changes to the commercial and company law in Singapore have come into effect. The changes to the Singapore Companies Act will hopefully make business entities more transparent as well as mitigating the risks of money laundering and terrorist financing.
Panama Law 52: Updated legislation for all legal entities
Last month the Government in Panama officially approved Law Number 52; legislation which creates the regulatory framework for the implementation regarding automatically exchanging tax information, in a further attempt to comply with global regulations for tax transparency, and to be fully in line with all supervisory and compliance matters.
Important 2016 reporting deadlines for BVI Financial Institutions
Officials from the British Virgin Islands have come together to clarify various filing deadlines as per the automatic exchange of information systems in a press release.
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