Following on from our blog on 14 December 2015 about the BVI Business Companies (Amendment) Act, 2015 (the “Amending Act”), one substantive change to the Amending Act came to light on New Year's Eve. This was the addition of a new section 118A, which sets out the particulars which must be included in the register of directors.
Subsequent to this has been the Gazetting on 29 January of the BVI Business Companies (Amendment) Act, 2016 which amended the legislation further including a change of the particulars to be included in the register of directors.
For individual directors these particulars are now: (i) full name; (ii) each former name, if any, unless the former name was changed by deed poll or other legal means or disused for more than 10 years; (iii) date of appointment as director or nomination as reserve director; (iv) date of cessation as director or reserve director; (v) address for the service of documents; (vi) usual residential address, unless that address is the same as the individual's address for the service of documents; (vii) date and place of birth; and (viii) nationality.
For corporate directors the particulars are: (i) corporate name; (ii) corporate or registration number, if any; (iii) registered office or principal office; (iv) address, but if the corporate director is incorporated or registered in the Virgin Islands, its corporate or registration number only; (v) date of appointment; (vi) date of cessation; and (vii) place of incorporation or registration and date of such incorporation or registration.
On 5 January 2016 a notice was issued by the Minister of Finance which will bring into force the new provisions relating to the register of directors on 1 April 2016. All other provisions of the Amending Act came into effect on the 15 January 2016.
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A note of all the changes brought in by the Amending Act can be found here.
The information provided in this article is for general information purposes only. The information is not intended to be comprehensive or to include advice on which you may rely. You should always consult a suitably qualified professional on any specific matter.
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