BVI News

Another ‘goalpost shift’? Int’l community forces new changes to BVI Business Companies Act

File photo of the commercial district of Road Town.

Additional amendments with specifications about how companies in the British Virgin Islands should ‘file’ their registers of directors with the BVI Registry of Corporate Affairs has been made to the BVI Business Companies Act.

Premier Andrew Fahie introduced the amendments to the bill in the House of Assembly on Tuesday, December 17.

“Specifically, the bill establishes a timeframe in which a BVI business company that has continued into the Virgin Islands must file its initial register of directors. The bill also makes provisions requiring the filing of a register of directors as a precondition for a BVI business company being restored to the register of companies,” the Premier stated.

He added, “In addition, the bill makes express provisions that allow the register to issue certificates of good standing to a BVI business company, that has not filed its register of directors, where the register of directors is not yet due to be filed under the act.”

Necessary move to prevent being blacklisted

Premier Fahie also said the bill was as a necessary move to further prevent the BVI from being blacklisted as a non-compliant tax haven jurisdiction by the international community.

He said: “The truth of the matter is that the big boys in these industries don’t want us in it and the goalpost keeps shifting. Most of what’s here are what we found out lately so it’s difficult for me to even come to some of my colleagues and tell them I want you to be involved before time.”

Requirements strangling local business owners

Meanwhile, Third District Representative Julian Fraser, who was among several of Opposition members who voted in favour of the bill said he believes the constant requirements by the international community are driving local people out of business.

“Local companies should not have to be subjected to the rigours and the scrutiny that foreign companies, multinationals, who can afford to establish a company for a single transaction and then liquidate. And here we are asking our local companies to meet the requirement of the international community,” Fraser stated.

He further said, “It is a legitimate request by the international community to have these foreign companies scrutinise. But the little store on Main Street who is a corporation needs to have a registered agent, which isn’t free, it’s about $400 per year, and now we come with this Economic Substance requirement, which a local company is subjected to the same registered agent for another $500 per year.”

The amended Act has replaced its predecessor, the BVI Business Companies Act 2004.

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14 Comments

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  1. Not fair says:

    Fraser is right but the one sided VIP with their selfish intentions

    Like 8
    Dislike 7
  2. Michael Helm says:

    This requirement having to apply to all the companies registered under the Act is the price our economy has to bear if it’s going to benefit from the fees the non-trade licensed (Off-shore), companies generate in our economy. Perhaps the Government could consider adjusting the trade licence fees for smaller Belonger owned companies, particularly in the early years of their incorporation, until they get established.

    • Rubber Duck says:

      For local companies the necessity to have a “ registered agent “ is completely unnecessary and extremely expensive. It is not only the yearly fee , more like $1000 – 1500 per year after they impose their charges on top of the government fee, but the on going eye watering charges they make. Constant demands by the government bureaucracy to provide “ certificates of good standing “ etc etc means these often very iffy organizations can charge more or less what they like. And they do. I have a documented case of one of the more disreputable of these organizations charging a local company $500 for photo copying two documents required by the never ending appetite of the civil service for pieces of paper.

      Most of these so called trust companies are owned by offshore non resident individuals , many of whom have less than impeccable reputations.

      Why are they making more money out of BVI companies than the government and people of the BVI do? And all of that money is shipped out of the country into the hands of these often prime examples of the unacceptable faces of capitalism.

      Time for BVI based, owned and operating companies to be freed from the shackles of these parasites. And time for the government to take control of the gathering of the annual fees for offshore companies and not allow foreigners to make massive profits from BVI enterprise.

  3. say it loud says:

    FRASER FOR PREMIER

    Like 3
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  4. The End says:

    The end is now rapidly approaching for the financial sector. Do not sit and think about it. Find another method to replace the income stream. Get rid of the Belonger bullshit so that companies will come and invest in the Territory. You have no choice or your doomed. The government will become unstable and the Brits will take over. Horray!!!

    Like 3
    Dislike 13
  5. Anonymous says:

    How many “little stores on Main Street” are corporations and subject to the Act? My guess would be not many since it doesn’t benefit them.

  6. @ The End says:

    Mr imperialist, son of slaves owners, benefactor of blood and misery wealth, the only end in sight is the end of colonialism, in these here BVI, if such becomes necessary, by and means necessary!!

    You mean to tell us that after four hunndred of your evil we should now turn around and accept four hundred more years of oppression? You are gravely mistaken and undersetimating the spirit of a people, i tell you.

    Be forewarned, the BVIslander and his supporters of freedom will never, never again succumb to or accept the abrigation of their hard earned personal, economic and, to some extent, political freedom.

    So,carry on existing in the 10th and 11th century. Clearly, that is as far as you have arrived mentally so far. Perhaps, you should consider returning to the caves from whence you came, because:

    There is no where in hell no BVIslander will stand idlely by and allow the past to repeat itself and subject themselves to further foriegn, colonial, neocolonial rule and all of its inherent ills.

    You are of a stinking mentality, and you are here among us. Quite sad indeed!

    Truth be told, in 1965, a young boy was told by a knowledgable, wise and astute elder that, “there is a monster across the horizon, and he will come here and he will take away your lands, money and freedoms, if not your life.”

    That young boy is now as old as he was, and he submit to you, he was correct in his assessments. The evil monster has arrived, again.

    Additionally, that elder is apparently right, judging from your daily hateful and imperialistic comments being vented here.

    But thank God, the bears may not no longer be with us in the human flesh, but the teachings of Marcus, Noel, Toussaint, Nyerree, Sankara, Mandela , Biko and countless others have and are continuing to teach and guide us.

    Indeed, their cubs are here, and their cubs will be here, and they are all not into iphones, motor bikes, weed, other drugs, women and ignorance.

    Many of them are astute readers and searchers of truth. We are because we are the strongest of the races. None, including your kind could have endured what we have and remain in existence.

    So do not think that you will come back in, overtly or covertly, and take or exterminate us the way you did past civilizations you met here when you came with your guns and evil.

    Hence, there will be a way and means of political and other reforms or settlements, but there will be no domination of the BVI Black people. Never, ever again.

    Like 7
    Dislike 1
    • Wow says:

      All I can say is WOW!

    • Rubber Duck says:

      White people, and in particular the British, did not invent slavery. Slavery was endemic throughout the world since time immemorial. Whites enslaved whites, blacks enslaved blacks, Chinese enslaved Chinese, middle eastern enslaved middle eastern and every race enslaved other races.

      But white people and in particular the British did end slavery. The power of the British Empire was used to end slavery throughout the world at the end of the 18th century. British law decreed that the transportation of slaves, by anyone of whatever nationality, over the oceans was forbidden and British naval power made sure that happened.

      Like 2
      Dislike 1
    • @@The End says:

      So I take it if the Royal Marines land after the government goes into disarray to bring order to the charming blacks of the Territory you are going to do exactly what? After Irma the looting and crime went unabated. Why did a curfew have to be imposed? Because you are all the same. You can put lipstick on a pig, it’s still a pig. Your favorite Mandela freed the poor people of South Africa. Well, I can tell you that the poor are poorer under black rule, the country is dying, the wealth being sucked out by a few blacks in charge and crime is rampant. Sound familiar? Can you think of another place that fits this description? Say all you want about the whites enslaving you. The fact is that your own brethren enslaved you first and sold you off. Teach real history to your little cubs.

      Like 4
      Dislike 1
    • A man says:

      Eh? What a load of twaddle.

  7. when says:

    will Virgin Islanders find the courage to take the destiny of this country into their own hands. The cowardice is evident that is why we have these pompous idiots spewing all this garbage continually. As the saying goes…good things come to those who wait…but not to those who wait too late. TIME TO PUT AN END TO THE CRAP.

  8. Concerned says:

    These requirements have to be for every company otherwise the international companies will not be BVI-companies any longer and could be stripped of their tax-benefits. Small price to pay for the money the country is making from the industry.

  9. .... says:

    I am white. Does it matter? No. You are black, does it matter No. God made us both in His image and we are both subject to His laws and He will love us both regardless of race.

    I say it’s simple. Be honest love God in all you do and love your neighbour as yourself. In all you do remember that God sees everything and nothing is hidden. This alone is sure to keep you doing what is right and honorable. Ask God for wisdom He says he freely gives to those who ask.

    I would love to see this island prosper if they do what is right before God.

    Like 1
    Dislike 1

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