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.
information can be found by visiting
our website at www.ibcf.com,
or by emailing us at email@example.com.
issues of the IBCF Newsletter can be
found at: http://www.ibcf.com/news/newshome.php
Business Company Formation, Inc. assists
legal professionals with company formation,
both internationally and offshore, and
with registered agent and corporate
document retrieval services throughout
International Business Company Formation
is an affiliate of National Registered
Agents, Inc., a fully licensed professional
Registered Agent for thousands of business
entities, large and small, throughout
the entire United States.
Business Company Formation, Inc. is
located in the historic district of
Tappan, New York, approximately thirty
minutes from midtown Manhattan.
International Business Company Formation,
101 Main Street, Suite One
Tappan, New York 10983
Toll Free: 888-664-6263