Corporate Characteristics Naming the IBC Name Restrictions Company Records and Statements Classes of Shares Bearer Shares Share Capital Meetings Reporting Requirements Taxation Business with BVI Residents

Company Records and Annual Financial Statements: Changes in Legislation

Until 2003, when the International Business Companies Act was amended with several important clauses, including the requirement to hold the Register of Directors at the Registered Office of the company, no financial statements, accounts or records were required to be kept for a BVI company.

Shareholders and directors could maintain them if they found it necessary or desirable, and without restrictions in respect of the location.

The International Business Companies (Amendment) Act 2003 made it obligatory for all IBCs to keep the Register of Directors at the BVI registered office. There are however some differences for companies incorporated on or after 1 January 2005, and the existing companies incorporated before 1 January 2005.

For companies incorporated on or after 1 January 2005, it is mandatory for a Register of Directors to be kept at the BVI registered office of all IBCs. There is no need to file the Register of Directors at the Companies' Registrar, also information about the directors will remain confidential to third parties.

Companies incorporated before 1 January 2005 were obliged to establish and maintain a Register of Directors within one year from 1 January 2005.