In December 2015 we noted that the BVI had introduced a requirement to file a Register of Directors. There has now been a further update to the requirement to file a Register of Directors. This is now a mandatory requirement with effect from 1 April 2016. The filing dates and penalties have now been disclosed in the BVI Business Companies (Amendment) Act, 2016.
Where an existing company fails to file a copy of its register of directors on or before 31st March 2017 or, if an extension has been granted, on or before the end of the period of extension, the following penalties shall apply:
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Existing Companies
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| (i) | For the first month or part thereof after 31st March 2017 or extension | $300 |
| (ii) | For the next 3 months or part thereof after the period specified in sub-paragraph (i) or extension | $ 500 |
| (iii) | For the next 3 months or part thereof after the period specified in sub-paragraph (ii) or extension | $750 |
| (iv) | After the end of the period specified in sub-paragraph (iii) or extension | $1,000 for each month or part thereof that the failure continues |
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New Companies incorporated after 1 April 2016
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| (i) | Register to be filed within 21 days of appointment of first directors |
| (ii) | Any subsequent changes to directors must be filed within 30 days of any change occurring |
| (iii) | For failure to file changes in particulars in a register of directors within the specified period, the penalty payable shall be $100 |