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:
“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)
“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)