The amendments to the Business Companies Act 2004 and the Companies Regulations of the British Virgin Islands (BVI, also known as the British Virgin Islands) came into effect on January 1, 2023.
The biggest advantage of BVI companies in the past was that ordinary people cannot check the identities of directors and beneficial owners, and the company has high confidentiality. However, after the amendment, the public will be able to obtain a list of the names of the company’s current directors through specific persons/agents based on the company’s name, reducing the level of confidentiality of BVI companies.
At the same time, starting from January 1, 2023, BVI companies need to submit an annual return to the registered agent within nine months after the end of the company's financial year.
The beneficial owner information that customers are most concerned about will not be open to the public for inspection at this stage. The identity of the shareholders will remain undisclosed, and the confidentiality function still exists.
BVI companies and other offshore companies have continued to amend regulations in recent years. If customers want to know whether the amendment will affect the overseas companies you currently hold, or whether it is suitable to incorporate offshore companies as part of your business structure, please contact us.
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