The British Virgin Islands (BVI) Government, in consultation with the industry and the Financial Services Commission (FSC), the local regulatory body, has recently introduced a new BVI Business Companies Act (BVIBC).
In order to give flexibility, the BVI Government introduced a two-year transition period for the introduction of the BVIBC Act – which came into force on 1 January, 2005 – and the eventual phase-out of the IBC Act and the much less frequently used Companies Act for incorporating local companies.
