In August 2022, Act no. 6/2022 – “BVI Business Companies (Amendment) Act, 2022” was promulgated and published in the Official Gazette of the British Virgin Islands, , amending the legislation that regulates Private Investment Companies- PIC or offshore companies.

Among the changes, the obligation of filing the company’s financial statements, for the Registration Agent, stands out. Although the measure is still pending regulation, it is expected that compliance with this ancillary obligation will be the submission of a simple balance sheet, unaudited, in the form of an annual statement.

Another important change is the introduction of the disclosure of the names of company Directors. Currently, the information about the Directors is mandatory, but it remains on file with the Registration Agents. With the change, the information is now filed with the BVI Financial Services Commission – FSC and the name of the Directors can be publicly disclosed and searched by the company´s name, but not by the name of the Director.

The changes aim to bring transparency and security to the jurisdiction, approaching international standards in the industry, and will be effective as of January 1, 2023.

Our Wealth Planning team is available to assist you with any queries you may have.

Wealth Planning team – Abe Advogados