The BVI Business Companies Act (the Act) came into force on January 1 2005. Unlike the International Business Companies Act (the IBC Act), this single statute allows for the incorporation of international offshore companies as well as locally owned companies doing business in the BVI. For a two-year transition period, both the IBC Act and the new Act will be in force. After the two years, the new Act will be the sole corporate statue for the BVI and will regulate all BVI companies.
February 01 2005