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Amendment to the International Business Company Acto of The British Virgin Islands.
by: Maria Cristina Lima
In reference to our last letter on the amendments of the Law of International Business Companies of the British Virgin Islands, we inform you that from 1 st January 2005, the following changes are taking places:
- Immobilization of bearer shares: As we inform you in our previous letters, bearer shares should be deposited with the “qualified custodians” in the following way:
- For companies established as of 31 December 2004 the deadline for depositing the shares with the “qualified custodians” is 31 December 2010.
- For companies established from 1 January 2005 their bearer shares must be immobilized immediately.
- Increase in Annual Government Fees depending on the amount of the sharecapital:
- Corporations with sharecapital not exceeding USD50,000.00 will pay USD350.00 on annual tax.
- Corporations with sharecapital exceeding USD50,000.00 will pay an annual tax of USD1,100.00.
- Government annual fees for bearer share companies:
- For companies established as of 31 December 2004 the Annual Tax will be of USD 350.00. As of 1 January 2011, those corporations whose constitutive documents do not prohibit the issuance of bearer shares will be charged USD1,100.00.
- Companies incorporated after January 2005 with bearer shares or with articles of incorporation that do not prohibit the issuance of bearer shares will be charged USD 1,100.00 on annual tax.
- New Corporate Law: There is a new corporate law that has been approved by the BVI Government which tends to unify the IBC and the local Business Company law. Law for the local companies will be ruled by the IBC law dispositions.
We inform you that we have a number of BVI shelf companies organized before 31 December 2004 at your disposition.
Please do not hesitate in contacting us if you have any inquiry concerning this information.
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