Amendment to BVI Business Companies Act
The BVI Business Companies (Amendment) Act and the BVI Business Companies Regulations, 2012 (published on 10 May, 2012) are expected to come into force in the later part of 2012. Some of the key changes that are likely to take effect are:
Company Names ▼
Alternate Directors ▼
Registration of Charges ▼
Voluntary Liquidation ▼
Optional registration of registers of members and directors ▼
Seychelles International Business Companies (Amendment) Act, 2011
Under the International Business Companies (Amendment) Act, 2011, the key changes which will take effect from 1 January 2013 are as follows:
Accounting records to be kept by IBCs (S.65(1) of IBC Amendment Act 2011) ▼
Share Register (S.28(3) of IBC (Amendment) Act 2011) ▼
Register of directors and officers (S.65(2) of IBC (Amendment) Act 2011) ▼
Capital Duty to Be Abolished From June
The capital duty currently levied on Hong Kong companies under the Companies Ordinance will be abolished from June 1 2012.
The scope of the abolition relates to the amount of nominal share capital for registration of a company, an increase in the nominal share capital after incorporation and the amount of premiums for an issue of shares at a premium.
The abolition of the capital duty is implemented by the Companies Ordinance (Amendment of Eighth Schedule) order 2012. The Order was made by the Secretary for Financial Services and the Treasure, Professor K C Chan, to implement the Financial Secretary’s proposal in the 2012-2013 Budget to abolish capital duty levied on local companies.