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July Newsletter 2016

JULY 2016

 

BVI – REGISTER OF DIRECTORS

We are writing to remind you that the filing of the Registers of Directors is now “mandatory” in the BVI, therefore additional costs should be taken into consideration when a company is incorporated, renewed or when the board of directors of the same is changed. Please note that this information will NOT BE PUBLIC as only the Registered Agent and BVI Authorities will have access to this information.

We are hereby citing the relevant Compliance periods for your kind consideration:

Compliance Periods:

1.    BVI companies incorporated after December 31st, 2015 are required to file their Register of Directors within 14 days after the appointment of its first directors with the BVI Companies Registry.

2.    BVI companies incorporated before January 1st, 2016 will have a transition period to file their Register of Directors, until the 30th September 2016.

3.    All changes of directors must be filed within 21 days after the change.

4.    Any BVI company incorporated before January 1, 2016 will only have to file the names, addresses and dates of appointment of the directors acting on December 31, 2015, but they do not have to file any information about other directors, which they may have had in the past.

Penalties

The penalty for failing to comply with the filing of the Register of Directors within the term indicated above is US$25.00 if the Register is filed between the 1st October 2016 and 31st March 2017 and US$50.00 if the Register is filed after the 31st March 2017.

 

Please be advised that we will proceed with our resignations, from all companies that will not submit the registers and/or all KYC documents are not in file.

Agents and clients maintaining in their portfolio any BVI companies please contact your Client Service Officer for additional advice.

 

From the Management