Following recent amendments to the BVI Business Companies Act 2004, important changes will take place starting from 1 January 2023 for all British Virgin Islands (BVI) companies. Directors’ details will become available to registered users of the BVI Financial Services Commission's online system (the “Commission”). The Commission will extract the director information from the registers they have on file, without the need for new or additional action on the part of local companies; hence, those who have not kept their company secretarial records and filings up to date or are otherwise in breach of their existing obligations should take care to rectify their position as soon as possible. In addition, BVI companies that do not pay tax in the jurisdiction and certain other BVI-regulated entities will be required to provide their registered agents with annual financial statements. Other important changes are the abolition of the the seven-year suspension period for struck-off companies so that they will be dissolved immediately, with brief transitional arrangements for companies that are currently in a struck off or dissolved state, as well as the provision of a framework by which the BVI might, in the future, introduce a public register of persons with significant control.
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