Saturday, March 25, 2006

BVI Business Company Act: New company types

Some aspects of the BVI legislation changes have already been described. Today I would like to mention another important aspect related exactly to BVI company incorporation.

This BVI Business Companies Act, 2004 (Amended 2005) allows more flexibility than the previous one. Only 1 (one) type of company could be incorporated under the BVI IBC Act – the company limited by shares. The incorporation of 7 (seven) different types of companies is provided by the BVI Business Companies Act. They are as follows:

  • companies limited by shares;
  • companies limited by guarantee not authorised to issue shares;
  • companies limited by guarantee who are authorised to issue shares;
  • unlimited companies not authorised to issue shares;
  • unlimited companies authorised to issue shares;
  • restricted purposes companies;
  • segregated portfolio companies.

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