Transitional Arrangements
The intention of the legislation was to eventually consolidate all Britith Virgin Islands company law into a single statute.
Prior to the BVI Business Companies Act coming into force, it was possible to incorporate a company under two different statutes: the International Business Companies Act (Cap 291) and the Companies Act (Cap 285).
After the BVI Business Companies Act came into force on 1 January 2005, it was possible to incorporate a company under any of the three statutes. It was also possible for a company which had been originally incorporated under the International Business Companies Act or the Companies Act to adopt new constitutional documents and voluntarily re-register under the BVI Business Companies Act.
After 1 January 2006, it was no longer possible to incorporate a company under the International Business Companies Act or the Companies Act, but companies which had been originally incorporated under those Acts continued to be regulated by them.
After 1 January 2007, all companies which had been originally incorporated under the International Business Companies Act were compulsorily re-registered under the BVI Business Companies Act. Detailed transitional provisions were enacted in Schedule 2 of the new Act to deal with discrepancies between the two sets of legislation.
After 1 January 2009, all companies which had been originally incorporated under the Companies Act were compulsorily re-registered under the BVI Business Companies Act. Initially it was proposed that this transition date would occur on 1 January 2008, but on 31 December 2007 emergency legislation was passed, pushing it back by a year so that the transitional provisions set out in Schedule 2 of the Act could be further amended and modified.
Read more about this topic: BVI Business Companies Act
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