BVI offshore company formation
by British Virgin Islands Financial Service Commission licensed agent.

Changes in Legislation: IBC (Amendment) Act 2003

The term 'bearer shares' was not defined in the IBC act before it was introduced by the IBC (Amendment) Act 2003. According to this definition, bearer share means a share represented by a certificate which states that the bearer of the certificate is the owner of the share.

From 1 January 2006, there is a requirement for all BVI companies to be incorporated under the provisions of the BVI Business Companies Act. Under this Act, all bearer shares should be deposited with an authorised or recognised custodian. Another substantial modification is the increase of annual government fees for companies with the power to issue bearer shares. Now this fee makes US$1,100.

The improvements in the IBC Act 2003 increase bearer shares immobilisation. The Act provides that companies may continue to issue bearer shares, but now they must be placed with an Authorised or Recognised Custodian. Another option for existing companies is to exchange the bearer shares for registered and change the Memorandum and Articles of Association so that bearer shares are no longer allowed.

If shares are held with an authorised or recognised custodian, then the owner of the bearer shares must provide the custodian with the full name of the beneficial owner of the shares and the full name of any other person having an interest in the shares, or a declaration to the effect that no other person has an interest in the shares.

Our latest offshore news
30/09/2006
Welcome to join our discussions
on Offshore Companies, Incorporations,
Jurisdictions, etc..
12/08/2008
BVI-registered China Natural Resources entered into an agreement with Feishang Group Limited, from which the BVI company had acquired the Coal Group with its wholly-owned subsidiaries, and the outstanding indebtedness of the Coal Group to the Feishang Group, for the total price of US$25 mln. The agreement was signed on August 11, 2008.
04/08/2008
BVI corporation Yucheng Technologies Limited engaged in providing IT solutions and services to the Chinese banking industry, announced a significant call center expansion project for the China Construction Bank, - one of the top four commercial banks in China. Total number of call center seats of the China Construction Bank will increase from 3,000 at the end of the year 2007 to 7,500.
25/07/2008
BVI FSC issued Advisory Warning under Section 4 (1)(1) of the Financial Services Commission Act, 2001, concerning NewNetQuest as a potential pyramid scheme targeting BVI residents. Members of the public are advised to exercise extreme caution dealing with NewNetQuest and other similar schemes, and are also invited to provide the Commission with any information on questionable entities operating in or from within the BVI.
18/07/2008
A-Power Energy Generation Systems Ltd, power systems firm registered in the British Virgin Islands, signed an agreement according to which it will build a wind turbine production plant with the Chinese government of Bayan Nur (Inner Mongolia). The project is planned to be completed in July 2009. The new plant will have wind turbines of 2.5 MW and 750 kW capacity.
10/07/2008
BVI corporation Euro Tech Holdings Company Limited announced that its subsidiary, Yixing PACT Environmental Technology Company Limited, has been awarded a contract with an international engineering company. The contract for a Guinea alumina project, worth US$1.4 million, covers design, supply, installation and commissioning of a sewage treatment plant in Guinea.
25/06/2008
The largest offshore law firm in BVI Harney Westwood & Riegels, announced the merger with C.S. Gill & Co, a firm based in the Cayman Islands. The office of the merged firm is expected to be opened on September 1 in George Town, Grand Cayman. Kieron O'Rourke, the head of investment funds sector of the BVI firm, and fellow partner Tim Clipstone will relocate to Cayman from Harney's BVI office.
20/06/2008
BVI Financial Services Commission published two press releases which included information on senior management changes - the completion of two five-year employee contracts with the Commission, and new appointments to Senior Management posts.
09/06/2008
Advisory Warning was published by the BVI Financial Services Commission, concerning the FATF Public Statement on money laundering and terrorist financing risks, issued by the Financial Action Task Force (FATF) on 28 February, 2008. In relation to the public statement by FATF, the BVI FSC advised the public to consider the risk that could arise when dealing with customers or transactions involving any of the jurisdictions named in the FATF document.
06/06/2008
The EU has revised a list of countries with satisfactory anti-money-laundering controls and excluded the Cayman Islands and the British Virgin Islands from the "white list".
26/05/2008
It has been recently revealed that CIMA was part of the CFATF team that evaluated the anti-money laundering and counter-terrorist financing regime of the BVI.
24/05/2008
British Virgin Islands company Starbay Holdings Ltd. obtained an investment license to start up the Dai Beach Resort project in Phu Quoc district (Vietnam) more than US$1.6 billion worth. The license was issued by the Kien Giang People's Committee at the international conference devoted to tourist real-estate investment opportunities.
09/05/2008
The Committee of Public Accounts of the House of Commons issued a report on Financial Services Regulation in BVI and other overseas territories of the UK, undertaken by the Foreign and Commonwealth Office. The report came as a result of an inquiry into offshore centres made by the Common Treasury Committee, to decide whether the territories have contributed to international financial instability.
20/04/2008
Transmeridian Exploration Inc. announced the termination of Merger Agreement with British Virgin Islands-registered Trans Meridian International Inc. (TMI). The $825 million deal between the companies began to fall apart two months ago when BVI corporation said it is unable to meet the financing deadline for the offer, which was set at March 21, 2008.
09/04/2008
BVI FSC presented the 'Guidance Notes on Revocation or Cancellation including Solvent Liquidation'. The document provides a framework for voluntary revocation and cancellation of licences and certificates of regulated persons, and the approval of solvent liquidation procedures.
04/04/2008
A delegation from the BVI FSC and territory's autonomous financial regulatory agency during its visit to Qatar met Qatar Financial Centre Authority, QFC Regulatory Authority and Qatar Financial Centre to talk on BVI's regulations, private wealth management and corporate activities. The delegation was led by Robert Mathavious, managing director and CEO of BVI FSC, and by Lorna Smith, executive director of International Finance Centre.
26/03/2008
BVI Financial Services Commission has published the Quarterly Statistical Bulletin with information, statistics and analysis of financial services activities in the year 2007. This year, the record amount of 77,022 new companies was registered in the British Virgin Islands.
14/03/2008
Harneys Corporate Services Limited, the largest provider of administration services to the BVI Business Companies, has announced the launch of a new Share Trust service in BVI. The main point of the Share Trust is automatic succession to the shares of the BVI Business Company and appointment of replacement directors in the event of shareholder's death or early incapacity.
25/02/2008
BVI FSC published 3 new documents related to Anti-Money Laundering legislation - Anti-Money Laundering and Terrorist Financing Code of Practice, 2008, Non-Financial Business (designation) notice, 2008, Anti-Money Laundering Regulations, 2008. All the documents were gazetted on February 22, 2008.
18/02/2008
BVI company A-Power Energy Generation Systems Ltd. announced that it has entered into an agreement to acquire Liaoning International Construction & Engineering Group (LICEG). The Group was incorporated in 1993, under the Construction Commission of the Liaoning Province, and is now one of China's leading construction and engineering companies.
04/02/2008
At the Sixth Sitting of the First House of Assembly the Insurance Act 2008 was passed, which replaced the Insurance Act of 1994. The new act developed and enhanced the framework of the previous act, and will have the purpose of positioning the insurance industry in the BVI territory in order to meet international insurance standards.
24/01/2008
Premier Ralph T. O'Neal officially participated in the 46th Meeting of the Organisation of Eastern Caribbean States (OECS) which was held on January 16-18 in the Commonwealth of Dominica. In his interview given after the meeting to the Department of Information, the Premier specially pointed out that due to the OECS's initiatives BVI participated in several schemes and projects concerning the environment protection.
16/01/2008
BVI Financial Services Commission published amendments to Schedule 2 and Schedule 3 of the BVI Business Companies Act, 2004, which postponed the deadline of re-registration of BVI Companies Act Companies for 1 year.
10/01/2008
The 1st House of Assembly held its First Session, during which the Amended Bill on Legislators' Transparency was passed. Premier Ralph T. O'Neal noted the importance of the Bill speaking in the House of Assembly.
11/12/2007
The BVI-incorporated company Sherwood Investments Overseas Ltd. has announced that it has offered to purchase music retailer Trans World Entertainment Corp. for USD 217 million.
19/11/2007
The UK Guardian has claimed that multinational banana companies are using tax haven jurisdictions such as the British Virgin Islands in order to avoid paying tax on their profits in the UK and in other developing countries.
07/11/2007
On October 24, 2007, unaudited interim results for 6 months ended June 30, 2007 were published by BVI-based Equator Exploration Ltd. Equator Exploration reported of some losses in the 1st half of 2007.
23/10/2007
A company operating in Hamburg, Beiersdorf Aktiengesellschaft has recently announced entering a share purchase agreement with a BVI-incorporated Global Source Investments Limited and Hong Kong-incorporated C-BONS Holding (International) Limited.
07/09/2007
In October, the BVI International Finance Centre will send a delegation to London in order to make a series of presentations. The presentations update executives dealing with in the trusts and corporate business sector on the the growth of the trusts and corporate business industries in the BVI.
28/08/2007
The Listing Committee of the Bermuda Stock Exchange (BSX) has announced approving the listing of the Common Shares of RenFin II Ltd, a British Virgin Islands incorporated fund.
09/08/2007
A memorandum of understanding has been signed between Jersey and the BVI. It was signed by the Jersey Financial Services Commission and the British Virgin Islands Financial Services Commission to enhance co-operation between the 2 regulatory bodies.
13/07/2007
Several amendments to the new Business Companies Act have been announced by the British Virgin Islands Financial Services Commission. The amendments will establish new, simplified provisions to carry out the transitioning of bearer share companies to non-bearer share companies.
20/06/2007
According to the data released by the Census & Statistics Department of Hong Kong, the BVI is one of the top destinations for Hong Kong's external factor income outflow and inflow in Quarter 1 of 2007.
12/06/2007
BVI Chief Minister Orlando Smith has presented his annual State of the Territory Address for 2007 to inform the public on the accomplishments of his government. He said that the GDP of the BVI by the end of 2007 will top the USD 1 billion mark.
20/05/2007
The State Administration of Industry and Commerce of China announced the leading offshore sources of foreign investment in China's economy. The BVI is the 1st out of 4 major offshore finance centers investing in China.
29/04/2007
The British Virgin Islands, with the investment amount of 700 million, was indicated among the FDI leaders in Malaysia.
17/04/2007
The Ministry of Commerce of China has released a statement for the 1st quarter of 2007, according to which the British Virgin Islands is 2nd leading investor in China.
21/03/2007
BVI Governor David Pearey announced re-appointment of Elton Georges to be the deputy governor of the territory. From April 1, Mr. Georges will replace Mrs. Dancia Penn, which was appointed as Deputy Governor of BVI in 2004.
09/03/2007
On February 28, 2007 the negotiations on the British Virgin Islands constitution were successfully concluded, after the 4th round of talks was held between delegations from the BVI and UK met in London on February 26-28.
21/02/2007
In January 2007, BVI-registered companies have invested 1.02 billion USD in China. So, the British Virgin Islands remains the 2nd in the list of countries that make investments in rapidly growing Chinese economy.
12/02/2007
International offshore expert firm Ogier has completed its merger with WSmiths in the British Virgin Islands. The merger gave the firm access to 3 further offshore jurisdictions. It became effective from February 1, 2007.
23/11/2006
Recently, the Ministry of Commerce of China has announced that realized FDI on the territory rose in October, after the slight decline within the previous months. This was the result of the changes in legislation regarding acquisition of Chinese companies by foreign investors. So, BVI is the 2nd largest foreign investor in China.
08/11/2006
The BVI Legislative Council has recently passed new legislative acts that amend the existing legislation. The BVI Legislative Council passed BVI Business Companies (Amendment) Act, 2006 on September 22, 2006.
11/10/2006
Offshore law firm Ogier has merged with WSmiths in the BVI. This gives Ogier access to 3 further offshore jurisdictions. The merger will come into effect from February 1, 2007.
27/06/2006
The BVI is experiencing an unprecedented economic growth. Orlando Smith, BVI Chief Minister, has recently in his speech summed up the successful economic development of the British Virgin Islands as well as provided his view into the country's future.