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: