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On 1 January 2007 all BVI companies formed under the Old Act (International Business Companies Act (Cap 291)) will be automatically re-registered under the New Act (BVI Business Companies Act 2004). There is an opportunity to re-register under the New Act during 2007. This means that it will be necessary to consider adopting new Memorandum and Articles of Association....more On 1 January 2007 all BVI companies formed under the Old Act (International Business Companies Act (Cap 291)) will be automatically re-registered under the New Act (BVI Business Companies Act 2004). There is an opportunity to re-register under the New Act during 2007. This means that it will be necessary to consider adopting new Memorandum and Articles of Association relevant to the applicable laws. It's important not just for good housekeeping reasons but the M&AAs will need to be up to date under the new legislation when an institution such as a bank requires sight of them.
Whilst reviewing the M&AAs there is also the opportunity to remove bearer share provisions if they are not required, a move which will ultimately save US$750 in annual Government Tax. We recommend the above action so that every BVI company's M&AA does not contradict and is fully consistent with the law that now applies. ILS can effect these changes efficiently and cost effectively.
Visit www.ils-world.com Peter Beighton is the Sales and Marketing Manager at ILS, a company which establishes and administers onshore and offshore companies and trusts.
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