International Business Companies (Amendment) Act 2003 Enacted In BVI

by Carla Johnson, Investors Offshore.com

29 April 2003

Lawmakers in the British Virgin Islands have enacted legislation which will radically alter the jurisdiction's bearer share regime at the end of 2004.

According to the BVI Island Sun, the International Business Companies (Amendment) Act 2003 received its second and third readings on April 17.

Speaking during the Legislative Council meeting, Chief Minister and Finance Minister, the Ralph T O'Neal revealed that from December 31, 2004, all international business companies (IBCs) located in BVI will be required to establish and maintain a Register of Directors, and must appoint their first director within 30 days of the IBC's incorporation.

He went on to add that:

'A new section of the principal act prohibits authorized custodians from transferring bearer shares to anyone other than an authorized custodian.'

Speaking following the announcement of the planned changes to the bearer share regime, which were unveiled late last year, Robert Mathavious, Managing Director of the Financial Services Commission observed that:

'Our approach balances the industry's concerns for privacy and the BVI's desire to facilitate bonafide criminal investigations while respecting the privacy and confidentiality of legitimate business. It is very much in keeping with our international commitment to safeguarding BVI corporate entities from abuse by the fraudulent, the corrupt and the ethically challenged'.

Recommended