| On 1 January 2007 all BVI companies formed | | | | laws. It's important not just for good |
| under the Old Act (International Business | | | | housekeeping reasons but the M&AAs will need to |
| Companies Act (Cap 291)) will be automatically | | | | be up to date under the new legislation when an |
| re-registered under the New Act (BVI Business | | | | institution such as a bank requires sight of them. |
| Companies Act 2004). There is an opportunity to | | | | Whilst reviewing the M&AAs there is also the |
| re-register under the New Act during 2007. This | | | | opportunity to remove bearer share provisions if |
| means that it will be necessary to consider | | | | they are not required, a move which will ultimately |
| adopting new Memorandum and Articles of | | | | save US$750 in annual Government Tax.We |
| Association....moreOn 1 January 2007 all BVI | | | | recommend the above action so that every BVI |
| companies formed under the Old Act | | | | company's M&AA does not contradict and is fully |
| (International Business Companies Act (Cap 291)) | | | | consistent with the law that now applies. ILS can |
| will be automatically re-registered under the New | | | | effect these changes efficiently and cost |
| Act (BVI Business Companies Act 2004). There is | | | | effectively. |
| an opportunity to re-register under the New Act | | | | Visit Beighton is the Sales and Marketing Manager |
| during 2007. This means that it will be necessary | | | | at ILS, a company which establishes and |
| to consider adopting new Memorandum and | | | | administers onshore and offshore companies and |
| Articles of Association relevant to the applicable | | | | trusts. |