Key Changes to the BVI Business Companies Act and Regulations

On 12 August 2022, the following legislations were enacted and published in the British Virgin Islands (“BVI”) Official Gazette:

  • BVI Business Companies (Amendment) Act, 2022
  • BVI Business Companies (Amendment) Regulations, 2022

These new legislations which will be effective on 1 January 2023, are introduced to ensure the BVI’s continued compliance with international standards.

Below are some of the key changes under the new legislation:

  • Regime changes for striking-off and dissolution of companies
  • New procedure for restoration of struck-off and dissolved entities
  • New eligibility and residency requirements for liquidators in voluntary liquidations
  • Financial records and annual return filing
  • Publicly available list of Directors names
  • Possible framework for Register of Individuals with substantial control

For full details on the above, please refer to the following links from British Virgin Islands Financial Services Commission: