The British Virgin Islands Financial Services Commission has announced that it expects proposed amendments to the BVI Business Companies Act to be enacted by the legislature before the end of the year, to facilitate the full introduction of the new legislation on 1 January, 2006.
Described by Chief Minister Orlando Smith as a “modern, sophisticated and innovative” piece of legislation, the Business Companies Bill, passed by the BVI Legislative Council late last year, replaced the former International Business Companies Act - a model copied successfully in other jurisdictions - and effectively ended the distinction between offshore and local firms, as all businesses benefit from a 0% income tax regime.
Since its inception twenty years ago, the IBC Act resulted in the incorporation of over 600,000 IBCs in the BVI.
According to the FSC, there has been a "steady stream" of new incorporations under the new Act.
"The Commission has been working diligently on a plan to ensure the smooth implementation of the new BVI Business Companies Act which will replace all current legislation for the purpose of new company incorporations," the FSC explained in a statement.
The Commission added that:
"We recognize that there are many questions that we have not yet been able to answer, but we want to reassure you that the Commission’s Registry of Corporate Affairs is working very hard to ensure a smooth transition to the new legislation."
The FSC stated that it will provide the required forms and processing information "as soon as the legislative process and our formal implementation plan are completed."
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