Monday, October 22, 2007

Kenneth Baker of BVI FSC Speaks on Amendments to BVI Business Companies Act

On October 16, the BVI Financial Services Commission published two presentations of Kenneth Baker, - the organization's Deputy Managing Director, working in the Regulation area. The remarks by Mr Baker dated October 2-4 contained some new information on the amendments to the BVI corporate legislation, and on the Private Trust Companies Regulations.

In his BVI Business Companies Amendment Act Speech, Mr Baker spoke about the amendments implemented by the BVI Government and the Financial Services Commission. He informed about the new section of the BVI Business Companies Act under which the Company Law Review Advisory committee will be established, with representation from the Government and the private sector. The main functions of the committee will be keeping BVI Business Companies Act under review, making recommendations to the Commissions on the possible changes, and on the development and reform of company law in the British Virgin Islands.

The BVI Business Companies Act, at the beginning of 2007, completely replaced the BVI IBC Act established as the principal corporate law in December 2004. Now the BVI BC Act is considered to stay in the forefront of BVI companies legislation, but to remain in this status it should be amended as necessary. In his presentation, Kenneth Baker named the last amendments to the Act as:

  • BVI Business Companies (Amendment) Act, 2006;
  • BVI Business Companies (Amendment of Schedules) Order, 2006; and
  • BVI Business Companies (Amendment of Schedules) Order, 2007.
In his presentation, Mr Baker gave brief summary of the effects of some of these amendments, and changes concerning Business Companies. In conclusion, he said that the Commission's last statistical bulletin maintains its popularity with 2007, which is expected to be a record year for incorporation.

The last amendments to the Business Companies Act announced by BVI FSC simplified the procedure of transfer from bearer share companies to non-bearer share companies. The current changes are made based on the feedback from the private sector, from international clients and professional intermediaries.

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