Tuesday, December 12, 2006

New Legislative Acts Regulating BVI Business Companies Passed by BVI Legislative Council

British Virgin Islands Legislative Council has recently passed new legislative acts, amending the existing legislation. BVI Business Companies (Amendment) Act, 2006 amends the BVI Business Companies Act, 2004 (No. 16 of 2004) and adds certain miscellaneous provisions to the principal document. Several sections of the Act are amended; the section of the principal Act that concerns approval of forms by Commission is substituted, some changes are made in the licence fees. BVI Business Companies (Amendment) Act, 2006 was passed by the BVI Legislative Council on September 22, 2006.

Another legislative document is Company Management (Amendment) Act, 2006, amending the Company Management Act, 1990 (No. 8 of 1990). The provisions of this Act come into operation on January 15, 2007. The issues amended and replaced in the principal Act concern prohibition on unauthorized company management business, licence validity, fees, capital resource, disposing of or acquiring significant interest in licensee, exemption powers, approvals required, number of directors, preparation and submission of financial statements, auditing. The document was passed by the BVI Legislative Council on September 22, 2006.

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