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.