Virgin Islands Designation of Rights, Privileges and Preferences of Preferred Stock

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Multi-State
Control #:
US-CC-13-278I
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Word; 
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This is a multi-state form covering the subject matter of the title.
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  • Preview Designation of Rights, Privileges and Preferences of Preferred Stock
  • Preview Designation of Rights, Privileges and Preferences of Preferred Stock
  • Preview Designation of Rights, Privileges and Preferences of Preferred Stock
  • Preview Designation of Rights, Privileges and Preferences of Preferred Stock
  • Preview Designation of Rights, Privileges and Preferences of Preferred Stock
  • Preview Designation of Rights, Privileges and Preferences of Preferred Stock
  • Preview Designation of Rights, Privileges and Preferences of Preferred Stock
  • Preview Designation of Rights, Privileges and Preferences of Preferred Stock
  • Preview Designation of Rights, Privileges and Preferences of Preferred Stock

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FAQ

Preference shares confer some preferential rights on the holder, superior to ordinary shares. Normally, the preferential rights are the rights to fixed dividends, priority to dividends over ordinary shares and to a return of capital when the company goes into liquidation.

Preferred typically have no voting rights, whereas common stockholders do. Preferred stockholders may have the option to convert shares to common shares but not vice versa. Preferred shares may be callable where the company can demand to repurchase them at par value.

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.

Preferred shareholders have priority over a company's income, meaning they are paid dividends before common shareholders. Common stockholders are last in line when it comes to company assets, which means they will be paid out after creditors, bondholders, and preferred shareholders.

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.

Common shareholders are granted six rights: voting power, ownership, the right to transfer ownership, a claim to dividends, the right to inspect corporate documents, and the right to sue for wrongful acts.

BVI Companies fail on the three main cornerstones of your offshore strategy. They fail on asset protection, they fail on tax avoidance for most people and they fail on protecting your privacy. There are much better options available. You should exercise extreme caution if somebody is trying to sell you a BVI company.

A shareholder is entitled, by written notice to the business company, to inspect the register of members, the register of directors, minutes of shareholder meetings and shareholder written resolutions.

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Virgin Islands Designation of Rights, Privileges and Preferences of Preferred Stock