The Amendment Act will make it clear that the Registrar, when considering whether to allow a company name, is not to be concerned with the legal rights any person has to the name or to the use of the names — whether this arises out of trade or service mark legislation in the BVI or elsewhere, or under common law.

The Amendment Act will provide alternate directors with the power to sign written resolutions, and confirm that alternates have the responsibilities of a director under law when acting as alternate directors.

The Amendment Act will provide that an application to register a charge against a BVI company’s assets by a chargee (or a person authorised to act on the chargee’s behalf) may only be filed by a person qualified to act as a registered agent in the BVI or by a legal practitioner in the BVI, who is acting on behalf of the chargee. Similarly, the release of charge may be filed by a person qualified to act as a registered agent of a company or a legal practitioner in the BVI, acting on behalf of the chargee. Further, chargees outside the BVI who apply to register a charge in the BVI will be required to designate a person located in the BVI to receive copies of notices from the Registrar.

Under the Amendment Act, the liquidation of a solvent BVI company will commence on the registration with the Registry of a notice of appointment by the voluntary liquidator, rather than at the time of resolution to appoint the voluntary liquidator. Further, the Regulations provide that BVI companies which are regulated entities (e.g. banks; trust companies; certain insurance companies that are BVI business companies; money services companies and insurance intermediaries and managers, but not funds) will be required to appoint a licensed insolvency practitioner as voluntary liquidator.

Under the Amendment Act, an application to restore a BVI company (by paying the outstanding license fees, etc.) will need to be made within seven years of the company being struck off, rather than the current ten years, before the company will be dissolved.

The Amendment Act will provide clear provision that a company, which has elected to cease registration of changes in the register, can subsequently elect to file changes in the same register for registration

Section 28(3) of the Act requires a copy of the Share Register to be kept at the office of the company referred to in section 38 or such other place in Seychelles as the Directors determine and the company shall inform the Registrar of the address of the other place.