Transcription of THE BVI BUSINESS COMPANIES ACT 2004 - goodwin …
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THE BVI BUSINESS COMPANIES ACT 2004 - goodwin …
HARNEYS THE BVI BUSINESS COMPANIES ACT 2004 1. Introduction Since its enactment 20 years ago, the BVI s International BUSINESS COMPANIES Act (Cap. 291) (the IBC Act ) has become one of the most widely-used corporate statutes with over six hundred thousand IBCs incorporated under it. Notwithstanding such phenomenal success, practitioners and users have for some time been calling for amendments to the IBC Act as well as for an additional and more flexible range of corporate vehicles, and its twentieth anniversary marked an appropriate occasion for reform. The result is a new corporate statute for the BVI called the BVI BUSINESS COMPANIES Act 2004 (the new Act ), which came into force on 1 January 2005, and which will eventually replace the IBC Act.
companies doing business in the BVI. In order to give flexibility, there is a two-year transition period during which both the IBC Act and the new Act will be in force.
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