The BVI Business Companies (Amendment) Act, 2015 (the “Amendment Act”), was passed into law, retroactive to 15th January 2016. The changes include longer periods for filing director information, less categories of information to be provided for each individual director, and a change to the penalty system, and should be seen as a positive development.
The new requirements for the filing of director information with the BVI Registry are as follows:
From 1st April 2016, for new incorporations, the Register of Directors would need to be filed within 21 days after the 1st directors have been appointed. Thereafter, any changes to the Register are to be recorded within 30 days. Penalties will be levied by the Registry for failure to comply with these filing requirements.
For existing companies, there will be a 12-month transitional period, from 1st April 2016 until 31st March 2017 to comply with the requirement.