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:
“All visible objects, man, are but as pasteboard masks. But in each event—in the living act, the undoubted deed—there, some unknown but still reasoning thing puts forth the mouldings of its features from behind the unreasoning mask. If man will strike, strike through the mask!”
—Herman Melville (1819–1891)
“The features of our face are hardly more than gestures which force of habit made permanent. Nature, like the destruction of Pompeii, like the metamorphosis of a nymph into a tree, has arrested us in an accustomed movement.”
—Marcel Proust (1871–1922)
““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)