017/16/Corp. IMPORTANT CHANGES IN THE BVI LEGISLATION

The BVI Business Companies Act has been amended recently introducing two important changes:

• FILING OF THE PARTICULARS OF DIRECTORS

The amendments introduce the obligation to file the particulars of the Directors of the companies. This Registry will not be public and will only be available for inspection as a result of a court order or a written order from a competent BVI authority.

The particulars that need to be filed are the following:
For individual directors: Name, Address for the Service of Documents; Residential Address; Date of Birth; Nationality and Occupation.
For Corporate Directors: Name, Registration Number, Registered Office, Address and Place of Incorporation.

The filing of the particulars of the Directors will begin on April 1, 2016.
Companies incorporated up to March 31, 2016 (existing companies) will have a one year period until March 31, 2017 to file the particulars of the directors.
This registry will not contain historical information of previous director(s); it will only include the information of the current director(s) of the Company at the moment of the filing.
Companies incorporated from April 1, 2017 (new companies) will have a 21 day period since the date of the appointment of the directors to proceed with the filing.
Any changes of director(s) shall be filed within 30 days of the relevant appointment.

The amendments to the Act include the following penalties:

– Failure to file the particulars of the directors for existing companies:
* For the first month from April 1 to April 30 of 2017 – $300.00
* For the next three months from May 1 to July 31 of 2017 – $500.00
* For the next three months from August 1 to October 1 of 2017 – $750.00
* For each month after November 1 of 2017 – $1,000.00 per month
– Failure to file the particulars of the directors for new companies $100.00

Shortly the procedure will start to file the particulars of the directors for existing companies beginning on April 1, 2016.

• FINANCIAL RECORDS AND UNDERLYING DOCUMENTATION

Companies and partnerships are obliged to keep records that are sufficient to show and explain a company’s business or transactions. Such records will at any time enable to determine the financial position of the company with reasonable accuracy.
The records and underlying documentation may be kept in the BVI or in another chosen jurisdiction.
In case documentation is kept outside the BVI, the company (or partnership) must confirm in writing to its BVI registered agent the physical address where the records are kept and the name and address of the person that controls and maintain these records.
Any changes in this regard has to be informed to the Registered Agent within 14 days.
Records must be maintained for a minimum of five (5) years from the termination of a transaction.

Thank you for your kind attention to the above.

Best Regards,
IMC GROUP P.C.

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