Features
The Act contains a number of specific features which are designed to make the British Virgin Islands more attractive as an offshore financial centre. These include:
- considerably restricting the requirement for corporate benefit
- abolishing financial assistance in relation to company shares
- abolishing the concept of a share capital in relation to company shares (and thereby en passant removing requirements relating to maintenance of capital and distributable reserves requirements for dividends)
- removing restrictions in relation to the declaration of dividends
- increasing the types of company that can be formed
- modernising the regime for registration of security interests
- the Act introduces statutory minority shareholder protections
- companies are no longer required to have a stated corporate object, thereby obviating a number of difficulties relating to ultra vires and director's duties.
Read more about this topic: BVI Business Companies Act
Famous quotes containing the word features:
“It is a tribute to the peculiar horror of contemporary life that it makes the worst features of earlier times—the stupefaction of the masses, the obsessed and driven lives of the bourgeoisie—seem attractive by comparison.”
—Christopher Lasch (b. 1932)
““It looks as if
Some pallid thing had squashed its features flat
And its eyes shut with overeagerness
To see what people found so interesting
In one another, and had gone to sleep
Of its own stupid lack of understanding,
Or broken its white neck of mushroom stuff
Short off, and died against the windowpane.””
—Robert Frost (1874–1963)
“Each reader discovers for himself that, with respect to the simpler features of nature, succeeding poets have done little else than copy his similes.”
—Henry David Thoreau (1817–1862)