Recent amendments to the BVI Companies Act (Revised) have introduced significant changes to the strike off regime and restoration process. We outline the process and implications around strike off and dissolution of BVI companies under the new regime and the temporary transitional period which is currently in force.
The Seychelles BTAA has updated the Business Tax Act to comply with the European Union’s Economic Substance requirements. Previously, Seychelles operated under a territorial tax regime, meaning only income sourced within the country was subject to taxation. Foreign-sourced income was exempt from Seychelles taxation. However, pursuant to the BTAA updates, exemptions for foreign sourced income have been specified.
The Seychelles BO regime has since been further enhanced through the related Seychelles Beneficial Ownership (Amendment) Regulations enacted on 28 April 2023.
We summarise the key amendments to the BO Regulations in our updater here.
The BVI Business Companies (Amendment) Act introduced changes to the strike off regime and restoration process that may impact your BVI company. Specifically, these changes affect BVI companies that were struck off after 1 July 2016 and before 1 January 2023, and that have not yet been dissolved.
If you have any such existing struck off companies that you may need to restore, it is recommended that you take action now to avoid the costly, complicated, and potentially lengthy process of restoration through a Court application.