The British Virgin Islands (BVI) have recently passed the BVI Business Companies (Amendment) Act, 2022 and the BVI Business Companies (Amendment) Regulations, 2022. These changes have gone into effect on January 1, 2023. The purpose of these amendments is to strengthen the BVI business companies’ regulations and ensure that they continue to meet international standards and evolving global standards in financial services.
One of the key provisions of the amended legislation is the introduction of a simpler process for dissolved companies to be restored to the official register. Dissolved companies will be able to apply to the Registrar for restoration within five years of their dissolution, as long as they meet certain requirements and do not need a court order to do so. In order to apply for restoration, a company must have a licensed registered agent who is willing to act in that role and the registered agent must declare that they have current information on the company, its directors, and owners that is compliant with BVI anti-money laundering laws and regulations. The company is also required to notify the Crown if any of its property has become vested in the Crown bona vacantia.
However, it is still possible for a company to be restored through a court order in certain circumstances. When a company is restored, it is considered to have never been struck off or dissolved.
To read more about the announced changes, please refer to the links below: