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British Virgin Islands introduces major changes to the Business Companies Act 2004

The BVI Business Companies (Amendment) Act, 2022 has been introduced on the 12th of August 2022, featuring significant regulatory changes, including, but not limited to: obligation for entities to file Annual Returns, abolishment of the existing bearer share regime; modifications to the record retention period, requirement for voluntary liquidators to be resident in the BVI, changes in the restoration process for struck off companies, additional requirements for companies wishing to transfer the seat of their entity outside of the BVI. The changes will be effective as of the 1st of January 2023.