Comments Sought on BVI Business Companies (Amendment) Act, 2015

A draft Bill to amend the BVI Business Companies Act, the BVI Business Companies (Amendment) Act, 2015 has been published and the BVI Financial Services Commission is soliciting your comments. The Bill will be available through 9 March and industry practitioners and participants are especially urged to provide input and feedback. The 41 clause amendment Bill streamlines some current provisions and introduces other substantive reforms.

The Bill includes notable provisions which have been agreed by the Company Law Review Advisory Committee (CLRAC) and following consultation, the Bill is expected to undergo further review and then continue through the formal legislative process.

Some of the matters in the draft Bill for consultation include:
 

• enabling a business company to acquire its own shares for no consideration (specific circumstances)
• the introduction of a required filing of a Register of Directors (with restricted access)
• allowing the electronic transfer of company shares (listed on a recognised exchange)
• empowering the Commission to develop a code of conduct for Registered Agents
• the clarification of requirements for business companies to continue outside the BVI

Please examine the full amendment Bill and submit comments to the Commission via [email protected]. Consultation responses should reach the Commission by Monday, 9 March, 2015 to ensure time for full consideration of the comments.