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Micro Business Companies Act

The Micro Business Companies Act, 2017 "The Act", was enacted by the House of Assembly of the Virgin Islands on 24 November, 2017. The Act provides a new regime for the registration of micro businesses, defined by the Act as businesses with an asset value or annual turnover of no more than $2 million (in any currency) and not more than 10 employees. An MBC is not permitted to carry on regulated business.