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
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