Virgin Islands Assignment of Shares
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How to fill out Assignment Of Shares?
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FAQ
Shareholders of BVI companies are listed in the Register of Members which is defined in section 41 of the Business Companies Act. They are not publicly available. There are three types of members: Shareholders holding registered shares.
1. You are eligible to get physical copies of Audited Financial Statements, Notices of Annual General Meeting and Annual Reports of the Company. 3. You have the right to participate effectively and vote in Annual General Meeting or any Shareholders meeting, or appoint proxy.
There is no concept of authorised share capital as a matter of BVI law (the only similar limitation is that the memorandum of the company will provide that it is only authorised to issue a certain number of shares, although this may be an unlimited number), and so there are no minimum share capital requirements.
This section is intended to offer protection to the value of members' shareholdings. The deceptively straightforward provision requires members to approve any disposition of more than 50% of a company's assets that is to be made outside the ordinary course of the business.
Under BVI law, shareholders are not entitled to intervene directly in decisions made or actions that may be taken by the directors. The directors of the business company are required to comply with their common law duties as well as specific duties which are imposed on the directors under the BC Act.
Bearer shares Bearer shares will be phased out in the BVI, and from 1 January 2023 it is no longer permissible to issue bearer shares, or to convert or exchange registered shares into bearer shares.
Every BVI business company must have at least one director, although the memorandum or articles may provide for a company to have more than one director.
In addition there are a small number of statutory corporations, most of which serve some kind of public function. Under the BVI Business Companies Act it is possible to register five broad types of company: Company limited by shares. Company limited by guarantee and not authorised to issue shares.