BVI Business Companies (Amendment of Schedule 1) (No. 2) Order, 2024 (SI 2024 No. 70)

Summary

This Order amends the fee schedule (Schedule 1) of the BVI Business Companies Act 2020 by inserting two new fee items linked to beneficial ownership filings. It does not create new substantive obligations itself but sets the fees payable for filings already required elsewhere in the Act and its Schedule 2.

• New fee: change of beneficial ownership: A $75 fee applies for filing a change in beneficial ownership information under section 96A(8) of the Act.
• New fee: existing company registration filing: A $0 fee applies where an existing company files, for registration by the Registrar, information required under sections 41, 43A, 96A, 118 and 118A(1A), within the period specified in paragraph 60I(1) of Part VIIA of Schedule 2.
• Commencement: The Order comes into force on the date the BVI Business Companies (Amendment) Act, 2024 comes into force, rather than on a fixed date.

The practical effect is to confirm the cost of the beneficial ownership filings that companies and their registered agents are required to make once the related substantive amendments take effect.

Key obligations

• Companies filing a change in beneficial ownership information under section 96A(8) must pay a $75 filing fee.
• Existing companies filing, for Registrar registration, information required under sections 41, 43A, 96A, 118 and 118A(1A) must do so within the period specified in paragraph 60I(1) of Schedule 2 (fee for this filing is set at $0).

Applies to

BVI business companies, registered agents

Deadlines

• within the period specified in paragraph 60I(1) of Part VIIA of Schedule 2: Deadline for existing companies to file required information (sections 41, 43A, 96A, 118, 118A(1A)) for registration by the Registrar under the $0 fee item.
• date the BVI Business Companies (Amendment) Act, 2024 comes into force: Commencement date of this Order, tied to the coming into force of the related Amendment Act.