I don't know if you already know, but from January 2023, some changes will come into effect regarding the law that regulates companies incorporated in the British Virgin Islands (as recently published in “BVI Business Companies”)
In summary, the main changes were:
• Presentation of annual financial records. The British Virgin Islands Companies Act will now require companies to submit financial information to the Registered Agent on a form called the “Annual Return”. This information must be presented within nine months after the end of the fiscal year to the Registered Agent (“Register Agent”), which will maintain it for a period of 05 years. This form will not need to be audited, however, if submitted to the Registered Agent more than 30 days late, the company will be subject to fines of USD 5,000 and suspension of corporate rights.
• Disclosure of names of directors of Companies headquartered in BVI. Upon payment of a fee, the directors' names will be available for consultation in the BVI government system. This information, however, will not be made public. It can only be accessed through Registered Agents. Addresses, dates of birth or names of past directors will not be available. It is also important to point out that this consultation will be carried out by name of the Companies and not by the name of the directors
• Change in the term for involuntary liquidation. Until now, a Company incorporated in BVI, which was involuntarily liquidated due to non-payment of its annual fees, remained in that state for 07 years and until that period, could be reactivated upon payment of overdue fees and respective fines. As of January, the Companies will be considered dissolved immediately. That is, if you are in default for some reason and have any assets linked to that company, it is necessary to regularize it as soon as possible.
• Voluntary Liquidation. The voluntary liquidation process will now require the liquidator to be a resident of the British Virgin Islands, with the appropriate qualifications, and will have additional responsibilities. The aim is to better protect creditors.
• Bearer Share Scheme. The regime will be abolished by July 1, 2023.
There are other changes that may be of interest to clients who have structures in progress or wish to incorporate Companies in this jurisdiction. Dartmouth International, through SCFN Consultoria Financeira, can help you and clarify all the points for you to remain in Compliance in BVI.
We take care of all aspects of your company: from incorporation, preparation of records, corporate documents, compliance with national and international obligations, statements and accounting reports.
That is, all services are offered in an economical, uncomplicated way and in one place.
If you want more information, contact us to talk more about it.
