Subsidiary Legislation. Amended by. 2005 $ 350 A set of copies of all primary documents (the Certificate of Incorporation, Thus, BVI attracted businesses seeking anonymity and the BVI-registered shell companies are frequently featured in tax-evasion and corruption cases. (1) This Act may be cited as the BVI Business Companies (Amendment) Act, 2015. 23 Business Companies Regulations, 2012, modified so that references to a company include references to a limited partnership, and other expressions Opening by correspondence. However the great leap forward for company law in the jurisdiction occurred in 1984 with the passing of the International Business Companies Act, 1984.That legislation was passed specifically to try and promote the incorporation of offshore companies as a method of … Later today, I will introduce the BVI Business Companies (Amendment) Act, 2015. 26/2005. The BVI Business Companies 2004 (as amended) (the “Act”) came into force on 1 January 2005 and after a two year transition period it completely replaced the International Business Companies Act, 1984 (the “IBC Act”) on 1 January 2007. POPULAR ARTICLES ON: Corporate/Commercial Law from British Virgin Islands. VIRGIN ISLANDS BVI Business Companies Act 5HYLVLRQ'DWH -XQH B VI BUSINESS COMPANIES ACT (Acts 16 of 2004, 26 of 2005, 12 of 2006, 1 of 2008 and 5 of 2012 and S.I.s 84/2006, 44/2007, 80/2007, 13/2009, 7/2012, 12/2013 and 36/2013) $ 1 $ &7 7 2 3 529,'() 25 7 +(,1&25325$7,21 0 $1$*(0(17 $ 1' 2 3(5$7,21 All new BVI companies are Segregated Portfolio Companies Regulations, 2005 (S.I. Terms used in this Notice have the same meaning as in the explanatory statement dated 10 November 2020 Explanatory Statement(the “ ”) relating to the proposed scheme of about Virgin Islands Legal Profession Act 2015 - Code of Ethics. 25 of 2005) as of 1st January, 2006. 22 June 2017 and amended by a resolution of Members on 3 December 2020 Filed the 12 June 2018 To disapply Division 1 of Part VI of the Transitional Provisions ... automatic re-registration in accordance with the BVI Business Companies Act (as from time to time amended or restated, the “Act”), the ICC was governed by the 2012 No. No. Common Reporting Standard (CRS) admin 2022-04-07T13:31:14-04:00. The International Tax Authority (ITA) of the British Virgin Islands (BVI) issued the “Rules on Economic Substance in Virgin ... well as comply with the statutory obligations under the Business Companies Act or the Limited Partnerships Act. The first companies legislation in the British Virgin Islands was the Companies Act, 1884. The offshore Business Company (BC), also known as an IBC, is the most prevalent company formation type in the British Virgin Islands. ... 2020. OTHERS TAXES ON CORPORATION The British Virgin Islands does not levy tax on Capital BVI ECONOMIC SUBSTANCE 2020. Guide to Trust Law & Trustees Services in the BVI (Updated January 2022) June 11, 2019. On 28 March 2017, the BVI Government confirmed the new fees will come into effect on 1 January 2018. 16 of 2004. The BVI Business Companies (Amendment) Act, 2019 (the Amendment) The BVI Business Companies (Amendment) Act, 2019 (the Amendment) came into force on 23 December 2019. ... managed, or liquidated is the BVI Business Companies Act. BVI Liquidator has years of experience working with top tier banking institutions and trust companies, we understand the urgency and practicalities that clients must deal with on a day to day basis. 16 of 2004. Business Economic Substance Notification and Reporting under BVI Economic Substance (Companies and Limited Partnerships) Act, 2018 (as amended). BVI BUSINESS COMPANIES . 0% - Under Section 3A2 of the LBATA 1990, a company can elect to be taxed under the Malaysia Income Tax Act 1967 09 Jan 2020. MEMORANDUM OF ASSOCIATION . BVI AML (Amendment) Regulations, 2015 and BVI Business Companies (Amendment) Act, 2015 - January 2016. [Assent 29th December, 2000] [Commencement 29th December, 2000] PART I PRELIMINARY 1. [Gazetted , 2015] ENACTED by the Legislature of the Virgin Islands as follows: Short title and commencement 1. 74. Amended by. The most important details of the new legislation are: 1. 25 of 2005), and amendments subsequently made by the BVI Business Companies Act 2004 Updated September 2020 | Consolidated Acts DOWNLOAD THE ACT HERE. 16 of 2004. [Gazetted 29th December, 2004.] Deadline for enrolment on BVIFARS portal for CRS where not enrolled for US FATCA. For many companies incorporated in the British Virgin Islands (BVI), the first deadline for reporting on economic substance compliance was 29 December 2020. 9 th July 2020. ACT . Long Bush, Tortola. It made a number of changes to the BVI Business Companies Act, 2004, (the “BC Act”) generally, and more specifically it made significant changes to the voluntary liquidation process for solvent companies. October 8, 2020. - Taxation of 3% of net audited profits, if the company is undertaking Labuan trading activity and meets certain conditions including substance requirements - Companies carrying on only Labuan non trading activity is not charged tax i.e. The BVI Business Companies (Amendment) Act, 2019 (the Amendment) came into force on 23 December 2019. (1) For the purposes of this Act, a group of companies comprises every company which, directly or indirectly, is a subsidiary of the same holding company, and such a group includes the holding company. This provides corporate flexibility, relative free-flow of 16 of 2004). 2005 No. The BC Act came into operation on 1 January 2005 and replaced the Companies Act of 1985 (as amended) and the International Business Companies Act (as amended). The BVI Business Companies Act, 2004 Compendium contains a consolidated version of the BVI Business Companies Act, 2004, incorporating all amendments, to date, including consolidated versions of related regulations and statutory instruments. Further to our update in October 2015 regarding changes to the compliance regime for BVI companies, the British Vir… Read More The BVI Business Companies Act, 2004 (as amended) (the Act ) came into force on 1 January 2005 and after a two year transition period it completely replaced the International Business Companies Act, 1984 (the IBC Act ) on 1 January 2007. Financial Services Commission Act, 2001; “company” includes (a) a company within the meaning of section 3(1) of the BVI Business Companies Act, 2004; (b) a foreign company within the meaning of section 3(2) of the BVI Companies Act, 2004 which is registered under Part XI of that Act, but does not include a non-resident company; BVI Business Companies. 2005 No. BVI Business Companies Act 2004 (including proposed 2012 amendments).pdf 3/24/2016 12:32:55 AM; Related. This 60 second update summarises the changes, which are intended to clarify the requirements around filing a company’s register of directors in special circumstances. The December 2001 enactment of the Financial Services Commission Act, 2001 established the British Virgin Islands Financial Services Commission as an autonomous regulatory authority responsible for the regulation, supervision and inspection of all financial services in … (Re-registered under the BVI Business Companies Act, 2004 on 1st January, 2007) ... (As further amended by Directors’ resolutions dated 20 February, 2020 and filed on 21 February, 2020) TERRITORY OF THE BRITISH VIRGIN ISLANDS . Read more. No. In the same edition (Report, May 5) mention is made of a “2020 report by the UK parliament’s intelligence and security committee (saying) Russian money had … This 60 second update summarises the changes, which are intended to clarify the requirements around filing a company’s register of directors in special circumstances. 16 of 2004). 26/2005. A. 31 July 2020. 19 COMPANIES SUBMIT RFQS’ TO THE BVIEC WITH HOPES OF QUALIFYING TO BID FOR THE MICROGRID PROJECT AT PARAQUITA BAY. The British Virgin Islands has implemented several important amendments to the Business Company Act 2004, (No. The British Virgin Islands has often been described as the world’s leading offshore incorporation centre. 26/2005. 75. The legislation. O'Neal Webster. Economic Substance Requirements in the BVI. The voluntary liquidation commenced on 9 th July 2020. In line with international best practice, the law provides modern vehicle for domestic and international investors to invest in and from Mauritius. On 30th June 2017, the Beneficial Ownership Secure Search System Act, 2017 (the “ Law ”) came into force (although the deadline for full compliance was extended to 31st December 2017). The British Virgin Islands (BVI) are one of the most popular locations to open an offshore business.The Business Companies Act is the one governing company formation and defines the International Business Company, a legal structure similar to that used in other offshore jurisdictions.The British Virgin Islands company formation process is a simple one, … Articles. Revised Edition . The Liquidator is Kerry Graziola of Craigmuir Chambers, Road Town, Tortola, British Virgin Islands. PERMISSIBLE ACTIVITIES FOR IBCS A BVI Business Company (“BVI BC” or “company”) is a legal entity in its own right separate from its members and continues in existence until dissolved. 16 of 2004). ... 2020 for existing BVI entities (i.e. 3 A company incorporated under the Companies Act (2020 Revision), may have one corporate director registered under the DRLA. OTHERS TAXES ON CORPORATION The British Virgin Islands does not levy tax on Capital dutyʼ and Transfer of ownerships or titles. It came into force on 1 January 2005. repealed the International Business Companies Ordinance as of December 31 2006. Much of British Virgin Islands company law addresses financial services, key statues being the Securities and Investment Business Act 2010, the Companies Management Act 1990, and the Financing and Money Services Act 2009. 6 BVI Business Companies LAW OFAct Revision Date: 1 Jan 2020 VIRGIN ISLANDS 72. An Act to amend the BVI Business Companies Act, 2004 (No. These procedures will apply unless a company's memorandum or articles of association disapplies them and includes its own provisions for the purchase or redemption of shares. No. No. The ESA requires that all BVI companies and relevant entities must report to tax authorities in 2020 whether they engaged in any of the relevant activities, listed below, at any point during the financial period beginning January 1, 2019. The British Virgin Island law provides a stable framework for the formation of offshore companies and for all foreign investors. 73. AMENDMENTS TO THE COMPANIES ACT BVI. 31 August 2020. Power to revoke appointment of authorised or recognised custodian . the BVI, along with all other jurisdictions, is how to regulate the fundraising for such offerings. Where To Download Bvi Business Companies Act order.resourcestockdigest.com Companies (Amendment) Act, 2019, in force 1 January 2020. amendments to Regulation 25 of the BVI Business Companies Regulations, 2012 made by the BVI Business Companies (Amendment) Regulations, 2019, deemed to have come into force 1 October Most ICOs and ITOs established in the BVI use the structure of a business company incorporated under the BVI Business Companies Act 2004 (the “BCA”). The majority of the changes came into effect on January 15,2016. Client confidentiality protection via secured systems. ENACTED by the Legislature of the Virgin Islands as follows: PART I PRELIMINARY PROVISIONS 1. This encompasses: Dividends, ... remittance tax. There is no corporate income tax, capital gains tax, branch tax, or withholding tax for companies incorporated under the BVI Business Companies Act. Reporting deadline for US FATCA – reporting on US Reportable … The British Virgin Islands (BVI) Business Companies Act (Amendment of Schedule 1) (No. The Law abolishes the ability for an entity to register as an ‘Excluded Person’ under Schedule 4 of SIBL (‘Schedule 4’) with immediate effect and sets a deadline in its transitional … Liquidation Services. Procedure on a person ceasing to be a custodian . British Virgin Islands companies are often used in joint ventures between parties based in different jurisdictions. The Act sets out procedures for the purchase or redemption of shares. BVI Business Companies Act. The British Virgin Islands Companies Registry (part of the Registry of Corporate Affairs). The BVI Business Companies Act (No 16 of 2004) is the principal statute of the British Virgin Islands relating to British Virgin Islands company law, regulating both offshore companies and local companies. amendments to sections 118B, 217, and 235 of the BVI Business Company Act, 2004 made by the BVI Business Companies (Amendment) Act, 2019, in force 1 January 2020. amendments to Regulation 25 of the BVI Business Companies Regulations, 2012 made by the BVI Business Companies (Amendment) Regulations, 2019, deemed to have come into force 1 October 2018. the BVI, along with all other jurisdictions, is how to regulate the fundraising for such offerings. BVI BUSINESS COMPANI ES ACT 3. The Companies Act 2001 was a major revision of the legislation since 1984. AND IN THE MATTER OF SECTION 179A OF THE BVI BUSINESS COMPANIES ACT, 2004 . ... BVI Electricity Corporation P.o Box 268 Road Town, Tortola BVI, VG1110. 1. 03 May 2021. Articles, Trusts & Estates. The principal statute governing the formation and operation of a BVI business company is the Business Companies Act (the “BC Act”). 30 June 2020. INTERNATIONAL BUSINESS COMPANIES [CH.309 – 7 LRO 1/2010 STATUTE LAW OF THE BAHAMAS CHAPTER 309 INTERNATIONAL BUSINESS COMPANIES An Act to provide for the incorporation, registration and operation of International Business Companies. There is no statutory requirement for IBC companies in the BVI to hold annual general meetings. The Companies Act, 1992. applicable to BVI companies incorporated under the BVI Business Companies Act 2004 Instead a BVI business company is authorised to issue a maximum number of shares Bearer shares can only be issued if expressly permitted by the memorandum and articles Bearer shares must be 'immobilised' and held by a licensed custodian Treasury shares are permitted Riegels said the 1989 U.S. invasion of Panama forced that country’s nascent offshore industry to move to the BVI. Businesses must be aware of Bahamian legal requirements so that they can enjoy the advantages of doing business in the Bahamas. The IBC Act 1984 that had been the basis of corporate legislation for 20 years was modified in some of its most important aspects. Since its enactment 20 years ago, the BVI’s International Business Companies Act (Cap. Transfer of bearer shares . AMENDED AND RESTATED . Title: No Author: Mary Stoof Created Date: 1/27/2006 12:57:44 PM The BVI Business Companies Act and the Beneficial Ownership Secure Search System Act, (As Revised) - Continuing Requirements following the Incorporation of a British Virgin Islands Company ... 01 August 2020 Legal Services, Funds and Investment Management. 14 February 2020. The first companies legislation in the British Virgin Islands was the Companies Act, 1884. Act General Where a company wishes to purchase or redeem its shares, it has two options under the Act. Your company and its application for a bank account, including eBanking and credit card. Company board meetings can be held anywhere in the world, and can be conducted by electronic means. Claimant. No. 96) Revised under the Statute Revision Act, 2005 (No. Madam Speaker, with your kind permission, I will now make a brief statement regarding the amendments to the BVI Business Companies Act, 2004. THE BVI BUSINESS COMPANIES ACT, 2004 Based on the BVI Business Companies Act, 2004 (No. On 19th December, 2018, the British Virgin Islands passed the Economic Substance (Companies and Limited Partnership) Act, 2018, which came into force on 1st January 2019. 16 of 2004. The British Virgin Islands (“the BVI”), together with other major offshore jurisdictions, introduced economic substance laws. Pursuant to the Amendment Act 2021, the “legal entity” concept encompasses all registered BVI companies and limited partnerships (with or without a separate legal personality). Download File PDF Bvi Business Companies Act came into force 1 July 2018, the BVI Business Companies Act ... BRITISH VIRGIN ISLANDS - conyers.com THE BVI BUSINESS COMPANIES ACT, 2004. Amended by. Shareholders are able to transfer their shares to others without any effects to the continued existence of the company. For example, half of the nearly 250,000 companies set up by Mossack Fonseca that the Panama Papers identified were incorporated in the BVI. Legislation Changes. Subsidiary Legislation. The Gaming and Betting Control Act 2020 (the Gaming Act) was commenced on 9 July 2021. This is a revised edition of the law, prepared by the Law Revision Commissioner under the authority of the Law Revision Act 2014. 3 ocorian.com INTRODUCTION TO ECONOMIC SUBSTANCE The Economic Substance (Companies and Limited Partnerships) Act, 2018 (ES Regime) applies to certain British Virgin Islands (VI) entities that are carrying on one or more “relevant activities”, are not tax resident in a jurisdiction outside of the BVI and have income attributable to that relevant activity in any … (BOSS) System Act, 2017. British Virgin Islands T: +1 284 494 1890 F: +1 284 494 1316 info@forbeshare.com www.forbeshare.com Requirement to file registers of directors with BVI Registry of Corporate Affairs Further to our client update circulated in November, the BVI Business Companies Act has now been amended (by virtue of the BVI Business Companies (Amendment) Act THE BVI BUSINESS COMPANIES ACT, 2004. The BVI Micro Business Companies Act, 2017. A privately held company or private company is a company which does not offer or trade its company stock to the general public on the stock market exchanges, but rather the company's stock is offered, owned and traded or exchanged privately or over-the-counter.In the case of a close corporation, there are a relatively small number of shareholders or company members. Refer to the BVI Economic Substance Webpage for more information. Reporting Requirements. 2) Act, 2015 (“CRS law”). 2018, the BVI Business Companies Act ... BRITISH VIRGIN ISLANDS - conyers.com THE BVI BUSINESS COMPANIES ACT, 2004. THE BVI BUSINESS COMPANIES ACT, 2004 A COMPANY LIMITED BY SHARES AMENDED AND RESTATED MEMORANDUM OF ASSOCIATION AND ARTICLES OF ASSOCIATION OF ... (Amended and Restated by a resolution on 11 November 2020 and filed on 16 November 2020) HARNEYS CORPORATE SERVICES LIMITED Craigmuir Chambers, Road Town, Tortola, VG 1110, British … 1. [Gazetted 29th December, 2004] ENACTED by the Legislature of the Virgin Islands as follows: PART I PRELIMINARY PROVISIONS 1. 4 Where there is an involuntary transfer or the ownership of shares/interests transfers by operation of law, the registered person must inform An Act to amend the BVI Business Companies Act, 2004 (No. The BVI Economic Substance (Companies and Limited Partnerships) Act, 2018 (“the Act”) became effective from 1 January 2019. No. 7 Jan at 12:03 pm. According to the Act, a legal entity which carries on a relevant activity during any financial period must comply with the … What is the law on keeping and retaining records? Lianluo Smart Limited . (1) This Act may be cited as the BVI Business Companies Act, 2004. Pursuant to Act No. Register your Company in BVI in 2-3 days (upon validation of your identification documents). The BVI Business Companies Act 2004 provides a general exemption from the requirements of the British Virgin Income Tax Act. Core income generating activities (CIGA) History. Arbitration clause. Comparison of the Investment Fund Regimes of the Cayman Island and Ireland 291) (the "IBC Act") has become one of the most widely-used corporate statutes with over six hundred thousand IBCs incorporated under it. The Legal Profession Act, 2015 of the Virgin Islands Code of Ethics set out in Schedule 4 shall regulate the professional practice, etiquette, conduct and discipline of a legal practitioner. ROCK INTERNATIONAL INVESTMENT INC. 2005 No. There are nine types of relevant activities: banking business; insurance business; fund management business This encompasses: Dividends, Interest, Royalties, Technical service fees and Branch remittance tax. *. The BVI Business Companies (Amendment) Act, 2019. This Guide outlines how these changes affect BVI undertakings and the scope of financial record-keeping obligations more generally. Definition of “group of companies” 4. LX of 2021 – Companies (Amendment) Act, 2021, which was enacted on the 26th of October 2021, the Maltese Companies Act ("Act") was amended. No. 96) Revised under the Statute Revision Act, 2005 (No. All registered BVI limited partnerships are subject to the compliance requirements and reporting obligations of the BVI Economic Substance. The BVI Economic Substance Amendment Act 2021 adds definitions of “investment fund” and expressly excludes Investment Fund Business from being a relevant activity within the scope of BVI ES Regulations. There are no strict reporting requirements in BVI and an IBC does not need to prepare financial statements or company accounts. Segregated Portfolio Companies Regulations, 2005 (S.I. and category 3 of Schedule 3 of the Securities and Investment Business Act, 2010; “group” has the meaning specified in regulation 2(1) of the BVIS.I. Section 98 of the BVI Business Companies Act 2004 (BCA) has always provided that a BVI business company must keep records that: The new Cayman Islands ('Cayman') Securities Investment Business (Amendment) Law, 2019 (‘Law’) ('SIBL') has passed, amending the ('SIBL') Securities Investment Business Law (2019 Revision). A joint-stock company is a business entity in which shares of the company's stock can be bought and sold by shareholders.Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). types of companies, for the relationships between companies and their directors and members and to provide for connected and consequential matters. BVI BCs: What you should know. Instructions: Complete this form if the entity is a Relevant Entity that is engaged in the following Relevant Activity: Holding Business. 96) Revised under the Statute Revision Act, 2005 (No. History. 26/2005. showing the law as at 1 January 2020 . 16 of 2004. On the other side, an entity is considered to be out-of-scope of the ‘legal entity’ definition if it is a non-resident company that is a tax resident in the country other than BVI. To enact the CRS into the laws of the Virgin Islands the Government of the Virgin Islands has made an amendment published on the 31st December, 2015 which is called the Mutual Legal Assistance (Tax Matters) (Amendment) (No. The Law gives effect to commitments made by the BVI Government to the UK Government (by way of an Exchange of Notes in April 2016), to further … (1) This Act may be cited as the BVI Business Companies Act, 2004. 25 of 2005) as of 1st January, 2006. 16 of 2004. AND IN THE MATTER OF A SCHEME OF ARRANGEMENT . The firm has ten offices, in Bermuda, the British Virgin Islands, the Cayman Islands, Dubai, Guernsey, Hong Kong, Ireland, Jersey, London and Singapore. Subscription Subscribe to KPMG Insights Footer Subscription Subscription Subscription E-mail address is invalid. Notice is hereby given pursuant to Section 204 (1) (b) of the BVI Business Companies Act, 2004 that the Company is in voluntary liquidation. THE BVI BUSINESS COMPANIES ACT, 2004 . Segregated Portfolio Companies Regulations, 2005 (S.I. This edition contains a consolidation of the following laws— Page . 2018, the BVI Business Companies Act ... BRITISH VIRGIN ISLANDS - conyers.com THE BVI BUSINESS COMPANIES ACT, 2004. We keep the BVI voluntary liquidation process inexpensive and straightforward, most often settling matters within 4 to 6 weeks. This legislation is intended to replace the regulations in relation to gaming and betting in the British Virgin Islands, however, it seems that some provisions of the Criminal Code will still apply. [1] Indeed, Carey Olsen has advised numerous businesses in APAC on compliance with the BVI ES requirements and assisted them with reporting to the BVI International Tax Authority (ITA). The current BVI Business Companies Act 2004 (Number 16) appeared in the BVI Gazette on 29th December 2004 and came into force on 1st January 2005. It has been estimated that, since 1984, over one million BVI companies have been incorporated, placing its status as a leading offshore jurisdiction beyond dispute. The BVI Business Companies Act (No 16 of 2004) is the principal statute of the British Virgin Islands relating to British Virgin Islands company law, regulating both offshore companies and local companies. Confirm whether the company is conducting any of these activities: (ii) identifying and acquiring assets to be leased (in the case of leasing); (iii) setting the terms and duration of any financing or leasing; If “Yes”, your BVI company is conducting finance and leasing business. Incorporation of a BVI company is easily and quickly accomplished; ordinarily, incorporation is completed within 3-5 business days. Additionally, incorporation in the BVI is extremely cost effective when compared with other offshore jurisdictions. Direction and management in the BVI Explanatory note 7.4 of the updated ES Rules clarifies that strategic decisions for the relevant activity need to be taken in the BVI in order to meet the requirement of being “directed and managed” in the BVI. BVI BUSINESS COMPANIES ACT, 2004 CERTIFICATE OF INCORPORATION (SECTION 7) The REGISTRAR of CORPORATE AFFAIRS, of the British Virgin Islands HEREBY CERTIFIES, that pursuant to the BVI Business Companies Act, 2004, all the requirements of the Act in respect of incorporation having been complied with, BattleRoyale LTD BVI COMPANY NUMBER: 2074508 agent, allocate the company shares and issue the share certificates (up to 3), prepare the registries of directors and shareholders, issue the supporting declarations for the company beneficiaries, obtain the corporate seal (mandatory under the BVI BC Act.) Subsidiary Legislation. The Act is primarily designed for small, non-financial sector businesses including start-ups and small to medium enterprises, rather than for international corporations. Payroll tax is imposed on every employer and self-employed person who conducts business in the BVI at a rate of between 10% to 14% and on each employee at a rate of 8%. of companies, for the relationships between companies and their directors and members and to provide for connected and consequential matters. Deadline for enrolment on BVIFARS portal for FATCA; Reporting deadline for CRS – reporting on relevant Reportable Accounts identified as such for 2019. Submit RFP Submit RFP Find out how KPMG's expertise can help you and your company. Section 4 Companies Management Act (2021 Revision) Page 8 Revised as at 31st December, 2020 c 4. Tel: 284-494-3911 / 852-4600 Mon-Fri: 8:00 am – 4:30 pm. You will find below the key extracts from the BVI Companies Act along with the full act. A dedicated manager is available throughout the year to administer your company. However the great leap forward for company law in the jurisdiction occurred in 1984 with the passing of the International Business Companies Act, 1984.That legislation was passed specifically to try and promote the incorporation of offshore companies as a method of … It replaced the extremely popular and highly successful International Business Companies Act. Most ICOs and ITOs established in the BVI use the structure of a business company incorporated under the BVI Business Companies Act 2004 (the “BCA”). [Gazetted , 2015] ENACTED by the Legislature of the Virgin Islands as follows: Short title and commencement 1. On 4 June 2018, the British Virgin Islands (BVI) Micro Business Companies Act 2017 (the Act) came into effect. A business which incorporates under the Companies Act, 1992 will operate as a domestic resident company in The Bahamas.