Industry Update

21

Guidance on filing Notice of Continuation

The Registry of Corporate Affairs provides the following approved forms for users filing Notices of Continuation into the Virgin Islands pursuant to Section 180 (3) or Section 184(2A) of the BVI Business Companies Act:

  1. DIRECTOR’S CERTIFICATE (for continuation Sec  180)
  2. Declaration (continuation out of VI Sec  184)

The Approved forms have been published on the Commission’s website and should be used when making the above filings.

Clarification on matters related to filings of particulars for directors of BVI Business Companies:

  1. Where a director has an incomplete date of birth, a copy of government issued ID that evidences the incomplete date of birth, is required. Filings for directors with this situation must be made as individual filings not in a batch filing.
  2. Directors only need to be entered once as a director for a BVI Business Company. This applies even where the director also acts as an alternate for other directors. The Registry is not required to collect or maintain information on instances where a director performed the role of an alternate director. If an individual (who is not usually a director) is appointed as an alternate director, then the details of that individual (particulars, appointment date, cease date – as applicable) will need to be filed, pursuant to the requirements of the BVI BCA.
  3. Where a corporate director of a BVIBC changes the address of its registered office, the BC (that has the corporate entity as its director) will need to file an amendment to its Register of Directors to record the change in address for the corporate director.

Additional Registrar Appointed

The Commission has appointed Ms. Jessie Chan as an additional Assistant Registrar of Corporate Affairs effective 16 December, 2016, pursuant to section 229 (1) (b) of the BVI Business Companies Act, 2004.

VIRRGIN Annual Subscription Rates and Due Dates:

  1. Each licensed entity that currently uses VIRRGIN or wishes to subscribe to be a VIRRGIN user must complete a VIRRGIN Subscription Application.
  2. Each individual VIRRGIN user must complete a user registration form (personal profile)
  3. Each VIRRGIN subscription is for 1 calendar year and renewable annually.
  4. Subscription fees are due and payable beginning 2 January, 2017. Any registered users with outstanding 2017 subscription fees at 31 March, 2017 will need to use on-premises access to VIRRGIN at the ROCA for filing documents at the Registry.
  5. 2017 VIRRGIN Subscription Rates for BVI based employees:  

User Blocks

Base

Additional

1 – 5 employees*      (all accounts)

$750

-

6 – 24 employees

 

$150 per employee

25 or more employees

-

$50 per employee in excess of 24

Hong Kong user

$1,500 per user

 

*Registered to use VIRRGIN


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Contact Information

British Virgin Islands Financial Services Commission


Pasea Estate
P.O. Box 418
Road Town, Tortola, VG 1110
British Virgin Islands

Tel: 284-494-1324 or 284-494-4190 GMT – 4:00
Fax: 284-494-5016
Hours: Monday-Friday 8:30a.m. - 4:30p.m.
commissioner@bvifsc.vg