Monday, June 08, 2009

BVI Business Companies Order Published by the Commission

On May 26, 2009 the Registry of Corporate Affairs of the British Virgin Islands issued BVI Business Companies Order, which is an amendment of Schedule 2 of the BVI Business Companies Act, 2004. The Order, which will be cited as the BVI Business Companies (Amendment of Schedule 2) Order, 2009, was made by the Cabinet on the advice of the Financial Services Commission.

The document adds some sub-paragraphs to the Part III of Schedule 2 of the Act, that comprise the following issues:

- Where a CapCo that is automatically re-registered was liable to file an annual return prior to this procedure, the requirement for such filing shall continue to apply for the period up to 31st December 2008, and any fee for the filing of the annual return shall not be applied or required by the Registrar.

- The annual return required to be filed for the year 2008 shall be filed by the new registered agent of the CapCo that is automatically re-registered, and all obligations relating to the filing of the annual return shall apply anyway.

- Registered agent will mean the person that is named so in the memorandum of the re-registered CapCo, or appointed by a resolution of directors or members of CapCo.

Part VI of Schedule 2 is amended in paragraph 40 by inserting some formulations, and paragraph 46 by replacing “two months” term by “six months” term, and by adding the new sub-paragraphs informing that, in case the company 'to which this Division applies' fails to comply with the requirements of sub-paragraph (2) within the specified period, the Registrar may strike it off the register. Also, this striking off of a company by the Registrar “shall be treated as if the failure by the company to appoint a registered agent or file a notice of appointment of a registered agent were in accordance with section 213 (1) (a).”.

The document was made by the Cabinet on 24th April, 2009, and signed by Cabinet Secretary Otto O'Neal.

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