BVI - New Memorandum & Articles of Association for Old

 


Visitors: 220

On 1 January 2007 all BVI companies formed under the Old Act (International Business Companies Act (Cap 291)) will be automatically re-registered under the New Act (BVI Business Companies Act 2004). There is an opportunity to re-register under the New Act during 2007. This means that it will be necessary to consider adopting new Memorandum and Articles of Association…. more

On 1 January 2007 all BVI companies formed under the Old Act (International Business Companies Act (Cap 291)) will be automatically re-registered under the New Act (BVI Business Companies Act 2004). There is an opportunity to re-register under the New Act during 2007. This means that it will be necessary to consider adopting new Memorandum and Articles of Association relevant to the applicable laws. It’s important not just for good housekeeping reasons but the M&AAs will need to be up to date under the new legislation when an institution such as a bank requires sight of them. Whilst reviewing the M&AAs there is also the opportunity to remove bearer share provisions if they are not required, a move which will ultimately save US$750 in annual Government Tax.

We recommend the above action so that every BVI company’s M&AA does not contradict and is fully consistent with the law that now applies. ILS can effect these changes efficiently and cost effectively. Visit www.ils-world.com

Peter Beighton is the Sales and Marketing Manager at ILS, a company which establishes and administers onshore and offshore companies and trusts.

(251)

Article Source:


 
Rate this Article: 
 
Writing & Submitting Effective Articles
Rated 4 / 5
based on 5 votes
ArticleSlash

Related Articles:

Guilt By Association & Wealth By It Too!

by: Rasheed Ali (March 28, 2005) 
(Self Improvement/Coaching)

Key To Success: Guilt By Association & Wealth By It Too!

by: Rasheed Ali (October 11, 2005) 
(Self Improvement/Success)

Law & Logic of Homeowner Association Capital Reserves

by: Neda Dabestani-Ryba (June 19, 2005) 
(Real Estate)

They Did It & So Can You: Writing Articles & Breaking the Four Minute ..

by: Dr. Gary S. Goodman (August 28, 2006) 
(Writing and Speaking/Writing Articles)

What a Personal Property Memorandum Can Do For Your Estate Plan

by: Evan Guthrie Law Firm (May 30, 2012) 
(Legal/Elder Law)

The British Virgin Islands (BVI) as an Offshore Jurisdiction

by: Gissela Martinez (October 17, 2006) 
(Finance)

The (BVI) British Virgin Islands Offshore Company

by: Bruce Stander (December 07, 2005) 
(Business/Small Business)

The Ultimate Bar Guide for a BVI Yacht Charter

by: Mallory Kennington (March 03, 2008) 
(Travel and Leisure/Cruising)

BVI Yacht Charters – What A Way To Experience The British Virgin Islands!

by: Peter Leigh (May 21, 2006) 
(Travel and Leisure/Cruising Sailing)

Writing & Submitting Effective Articles

by: R Birch (July 09, 2006) 
(Writing and Speaking/Writing Articles)