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Newsletter | Articles BVI – Time Running out for M&AA Updating On 1 January 2007 all BVI companies formed under the Old Act (International Business Companies Act (Cap 291)) will automatically be re-registered under the New Act (BVI Business Companies Act 2004). There is an opportunity to re-register under the New Act during the remaining days of 2006. It will be necessary to adopt new Memorandum and Articles of Association (M&AAs) relevant to the applicable laws. It’s important not just for good housekeeping reasons but the M&AAs will need to be up to date under the new legislation when an institution such as a bank requires sight of them. Whilst reviewing the M&AAs there is also the opportunity to remove bearer share provisions if they are not required, a move which will ultimately save US$750 in annual Government Tax. We recommend the above action so that every BVI company’s M&AA does not contradict and is fully consistent with the law that now applies. If you are an ILS client with a BVI company, you should already have been notified and any changes you have instructed us to make will have been made. If you are not an ILS client we will be pleased to assist you in attending to this matter efficiently and cost effectively. Further information from Gwen Rubaine.