During the 7th Global Forum, when so many jurisdictions came together and signed the first ever multilateral competent authority agreement (MCAA) to automatically exchange information, commitments were made to implement the new standard on Automatic Exchange of Information (more here).
With commitment to maintain the jurisdictions competitiveness and with the intention to stay compliant with the International Transparency Standards, the BVI Government introduced amendments to the act. The BVI Business Companies (Amendment) Act 2015 was enacted in the House of Assembly on December 21, 2015.
There key change, affecting all IBCs is the requirement to file a Register of Directors with the Registry of Corporate Affairs.
Pursuant to the IBC Act all companies were required before and are still required to keep register of directors. With the amendments Act there are changes in particulars that have to be in the register and changes in the fact that these registers have to be filed with the Registrar.
This register has to contain detailed information including - full name and if any former name(s) (unless the former name was changed by deed poll or other legal means or disused for more than 10 years), residential address, address for service, date of birth, nationality, occupation and dates when the director was appointed and/or ceased to act. Similar information is required from all corporate directors.
A copy of company’s register of directors prepared and filed pursuant to the requirements, will be maintained by the Registrar and will not, unless the company elects otherwise, be made available for public inspection or any person, except on an order of the Court, or on a written request by a competent authority.
Reference made to a copy of a company’s register of directors relates only to the directors of the company as of the date of filing of the copy of register of directors
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