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The BVI Business Companies (Amendment) Act, 2012 (the “Amendment Act”) and the BVI Business Companies Regulations, 2012 (the “Regulations”) have recently been enacted in the British Virgin Islands (the “BVI”).
The new legislation, which introduces various improvements and refinements to the BVI Business Companies Act, 2004 (the “Act”), does not make any dramatic changes to the corporate landscape in the BVI or require any positive action to be taken by BVI companies. Rather, the Amendment Act and the Regulations are designed to further enhance the flexibility and attractiveness of BVI companies and to consolidate the position of the Act as the pre-eminent corporate statute amongst the offshore jurisdictions.
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Refinements to the BVI Business Companies Act