Important amendments to the BVI Business Companies Act 2004 will come into force very soon.

The key points of these amendments, effective as of 1 January 2023, include the following:

• A streamlined process for the dissolution of BVI companies, and a more modern regime for restoration.
• Limited changes to the information on directors which will be publicly available to registered VIRRGIN users.
• Changes to the accounting and record keeping requirements for BVI companies.

The amendments are being introduced to ensure the BVI keeps pace with international best practices and with international standards established by standard-setting bodies such as the Global Forum on Transparency and Exchange of Information for Tax Purposes and the Financial Action Task Force. The jurisdiction remains committed to its place at the forefront of combatting financial crime in all its forms.

Harneys published a client guide that provides thorough information on this matter.