Reflections From The BVI On The Speech From The Throne

On 18 January, His Excellency the Governor, Mr. John Rankin, delivered his first Speech from the Throne and the ears of the financial services industry pricked as we heard that:

"The BVI Business Companies (Amendment) Act, 2022 will mainly address issues surrounding struck-off companies, abolition of bearer shares, and record-keeping measures. The reforms will also include amendments to require persons wishing to act as voluntary liquidators of BVI business companies to be either licensed insolvency practitioners or persons resident in the Virgin Islands and holding specific qualifications and skills. Amendments will also be effected to Schedule 1 of the Act by reviewing and, as necessary, enhancing the registry fees regime" (the emphases are mine).