New BVI Business Companies Regulations have been published to coincide with the first reading in the House of Assembly of a Bill to amend the BVI Business Companies Act (BCA). The Regulations, published today in the Official Gazette, are expected to come into force later this year at the same time as the BCA Amendments become effective. The Regulations address matters including the use of foreign character names, the reuse of company names, eligibility to act as a voluntary liquidator and certain procedures to be followed during a voluntary liquidation. A copy of the Regulations may be accessed here.
As discussed in this 2011 client note the Regulations and associated Amendment Act are part of a continuing process to keep the BVI's company regime up to date and attractive and to ensure that it retains its position as the world's number one offshore corporate domicile.