Seminar highlights: Key Updates to the BVI Business Companies Act (12 May 2025)
On 12 May 2025, Harneys Fiduciary, in collaboration with the Hong Kong Chartered Governance Institute (HKCGI), hosted a seminar, "Key Updates to the BVI Business Companies Act." Attended by over 400 participants in-person and online, the event provided clear, actionable guidance from BVI experts at Harneys Fiduciary, Managing Directors Joe Cheung and Amy Roost, along with Partner Raymond Ng from Harneys law firm, ensuring attendees were well-equipped to navigate the dynamic regulatory landscape.
Key highlights
- Overview of BVI BCA Amendments: Announced in late 2024, widespread changes to the BVI Business Companies Act and Limited Partnerships Act took effect on 2 January 2025. Key updates include an overhaul of the beneficial ownership regime and new filing requirements for beneficial owners and interest holders, aimed at aligning the BVI with international standards, centralising data via VIRRGIN (the BVI Registry’s online system), and enforcing dissuasive penalties for non-compliance.
- New filing requirements: The seminar explored critical filing obligations, including the Register of Members requirements, new filings for Nominee Shareholder Information, Register of Directors (with specific filings for Licensed Directors’ Information), Registers for Limited Partnerships, and Beneficial Ownership Information. It also covered exemptions for certain entities from Beneficial Ownership filings, practicalities of filing on the VIRRGIN platform, and an overview of required data for individuals, corporates, BVI professional directors, and share/partnership interests.
- Record keeping: Enhanced obligations for companies, limited partnerships, and registered agents, both before and after the amendments.
- Transition period: Existing entities have until 2 July 2025 to comply with the new filing requirements.
- Restoration and fees: New and amended fees apply for filings, reflecting the expanded compliance framework.
Panel discussion and Q&A
Combining fiduciary and legal expertise, the panel offered a balanced perspective on implementing the amendments, addressing practical challenges for Hong Kong-based entities. An interactive Q&A session followed, allowing attendees to pose specific queries on compliance strategies, filing processes, and cost implications, fostering a robust exchange of insights.
How Harneys Fiduciary can help
Harneys Fiduciary is here to guide clients through the evolving BVI regulatory landscape. Our tailored fiduciary and corporate services ensure seamless compliance with the amendments, empowering businesses, fund managers, and family offices to thrive.
If you have any questions or would like to request the presentation slides for a detailed overview of the BVI Act amendments, contact Joe Cheung or Amy Roost to learn how Harneys Fiduciary can support your BVI needs.
Revisit the seminar
Access the seminar replay on the HKCGI online platform: TBA.
