The purpose of this memorandum is to review certain reporting and disclosure requirements, and certain restrictions that may limit the disposition of securities of the company held by its officers, directors and principal shareholders, which are imposed by the Securities Act of 1933, the Securities and Exchange Act of 1934, and the rules of the Securities and Exchange Commission thereunder. This memorandum is prepared for the management of the company and should be treated as a confidential communication between the company and its counsel.
Virgin Islands Limitation on Disposition of Securities Memorandum
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BVI registry fees The BVI Registry has increased its incorporation and annual renewal fees. For Companies authorised to issue up to 50,000 shares, their incorporation and annual fees are now $550. For Companies authorised to issue more than 50,000 shares, their incorporation and annual fees are now $1,350.
On 1 January 2023, the British Virgin Islands ("BVI") Business Companies Act (As Revised) ("BC Act") was updated. BVI companies now have to file a new annual return with their registered agent setting out certain financial information, unless they are exempt.
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.
BVI registry fees On 1 January 2023, the BVI Registry will increase its incorporation and annual renewal fees (?Fees?). The Fees for Companies authorised to issue up to 50,000 shares, will increase to $550. The Fees for Companies authorised to issue more than 50,000 shares, will increase to $1,350.
Limitation periods Contract and tort claims: six years from the date on which the cause of action accrued. Claims brought in respect of deeds: 12 years from the date of breach of the obligation under the deed.
Changes to BVI Business Companies Act, 2023 Amendments - Filing an Annual Return. Effective 1 January 2023, all companies incorporated or registered in the BVI ("Companies") are required to file a financial return (an "Annual Return") with their Registered Agent each year.
The answer is yes, all BVI companies are required to file annual financial statements with their registered agent.
The British Virgin Islands acceded to the Hague Convention Abolishing the Requirement of Legalization for Foreign Public Documents in the year 1965.