The BVI Business Companies (Amendment) Act, 2015 (the Amendment Act), which includes new requirements for the filing of director information with the Registry of Corporate Affairs (Registry) was published on 31 December 2015, and came into force on 15 January 2016. Sections 27 and 28 of the Amendment Act in relation to the provisions/filing of the Register of Directors (ROD) will come into force on 1 April 2016.
Director information filed at the Registry is private, and is not available to anybody other than BVI regulatory and law enforcement authorities.
New company incorporation
Starting 1 April 2016 a newly incorporated company must file a ROD within 21 days.
Subsequent Changes in the ROD must be filed within 30 days of that change.
Existing company filing requirements
For a company incorporated before 31 March 2016 there is a 12 month transition period. Until 30 September 2016 no Registry Fee is charged for the filing of a ROD. From 1 October 2016 to 31 March 2017 a discounted Registry Fee of USD25 applies.
Information to be filed
The following items of information will be required for each individual director:
- Name (and former name if any)
- Date and place of birth
- Usual residential address (and service address if different)
Over the next few months our client managers will be reaching out to clients to verify RODs and prepare for filing in order to assist all clients to take advantage of the zero Registry fee in the first half of the transition process. All first half companies will be billed the ROD filing fee as a matter of course.
Marbury and Registry fees
The Common Reporting Standard (CRS), formally referred to as the Standard for Automatic Exchange of Financial Account Information, is an information standard for the automatic exchange of information for the OECD. Hong Kong and BVI are both subject to the CRS. In order to ensure efficient transition to the CRS and owing to the increased compliance burden particularly in relation to on-going obligations, all companies will be subject to an additional compliance cost levy of USD25 per year.
Feel free to contact your usual Marbury representative or firstname.lastname@example.org if you have any queries.