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IBCF: NEWS AND INFORMATION
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Changes in the British Virgin Islands Legislation Concerning Bearer Shares
We have previously reported to you the pending amendments to the IBC Act in the BVI which effectively requires companies which have issued bearer shares to pay a higher annual fee ($1,000) and requires bearer shares to be held by a "qualified custodian" in the BVI.
The BVI Government has received the recommendations of a special advisory panel to the Financial Services Commission with respect to the amendments and we are happy to report that it is recommended that implementation of the Act be delayed for companies incorporated before the legislation was enacted.
The recommendation for a seven-year transition period before the new bearer shares legislation takes full effect is particularly good news for owners of pre-existing IBC Companies. This would mean that for the first four years, the situation would essentially stay as it is for existing IBC's. After that, for the next three years, those IBCs that retain the power to issue bearer shares would pay a small increase in their license fee. Companies incorporated after the legislation is enacted will be subject to the full provisions of the new legislation.
Please bear in mind that this reprieve has not yet been enacted into law although it does appear likely.
We will, of course, alert you as soon as the legislation has been passed.
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