This brief update provides an introduction to the new registration requirements in the British Virgin Islands (BVI) for non-profit organisations. 1. Introduction On 1 January 2013 the Non-Profit Organisation Act, 2012 (the “Act”) came into force which introduced the need for NPOs operating in the BVI to be registered under the Act. The Act is part of the…
The following are some key changes introduced pursuant to the BVI Business Companies (Amendment) Act, 2012 and the BVI Business Companies Regulations, 2012: Solvent Voluntary Liquidations Liquidator Any person who has during the two years prior to commencement of the liquidation been a director or employed in the management of the company or any close…
Pursuant to the BVI Business Companies Act, 2004 (the “BC Act”), BVI companies have always been required to keep records that are sufficient to show and explain their transactions and which would, at any time, enable their financial position to be determined with reasonable accuracy. This obligation now also applies to limited partnerships. In addition,…
The new regime introduced pursuant to the Investment Business (Approved Managers)Regulations, 2012 is aimed at non-institutional managers and advisors of BVI funds and provides a welcome regulatory alternative to applying for a full investment management or advisory licence under Part I of the Securities and Investment Business Act, 2010 (“SIBA”). To qualify as an “Approved…
In the case of Somers Dublin Ltd a/c KBCS & Ors v Monarch Pointe Fund Limited BVIHCV2008/97, the Commercial Division of the BVI High Court ruled that in a liquidation of a fund the claims of a redeemed member for unsatisfied redemptions and continuing members for their equitable interests rank pari passu in the estate of the…