KEY FEATURES OF THE BVI BUSINESS COMPANIES ACT, 2004

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With effect from 1 January 2009 the BVI Business Companies Act, 2004 (as

amended, 1 the Companies Act), became the sole corporate statute for the British

Virgin Islands and will regulate all British Virgin Islands companies.

On that date British Virgin Islands corporate law completed the extended three

year transition2 from a multiple statutory regime to a single statutory regime. The

Companies Act now exclusively governs the incorporation of British Virgin

Islands companies; the old International Business Companies Act, 1984 (the IBC

Act) and the Companies Act, 1884 have been repealed.

However certain provisions from the IBC Act and the Companies Act, 1884 are

replicated in a schedule to the Companies Act, and will continue to apply to these

older companies. However, these older companies may elect to amend their

constitutional documents and disapply these transitional provisions as set out in

section 26 below.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Svetlana Ivanova | Attorney Advertising

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