Speaker(s)

• Mr Leon Mao, Head of Advisory and Managing Director, Vistra North Asia
• Mr Edmond Chiu FCG HKFCG(PE), Council Member, HKCGI; Head of Corporate & Fund Services, Vistra Corporate Services (HK) Limited (Chair)

Description

British Virgin Islands (BVI) companies are a popular choice for offshore entity set-ups; and have been a common feature in all corporate governance portfolios in Hong Kong, Mainland China and Asia since the 1990s.

Recently, the BVI government enacted significant new changes to the jurisdiction’s company laws and regulations. The BVI Business Companies (Amendment) Act 2022, and the BVI Business Companies (Amendment) Regulations 2022, will take effect as from 1 January 2023.

With a view to ensuring that governance professionals are well-informed on this topic, Vistra, one of the leading global firms when it comes to offshore services and regulatory compliance in the BVI, will provide a practical overview on the new regulatory requirements, recommend best practice approaches,  and where applicable identify solutions.

In this webinar, a corporate governance perspective will be applied to review the key changes, and assess required actions and forward planning which governance professionals as well as other compliance officers and administrators should be planning for now, towards ensuring that in the new year, their BVI entities are fully compliant with the new regime.

The following new changes will be covered: 

• Changes to the striking-off system
• Fast track Dissolution and impact on assets
• Restoration of dissolved companies
• Changes to the requirements for liquidators in solvent liquidations
• Bearer shares system to disappear
• Financial records and accounts obligations
• Annual returns
• Directors names to become publicly available
• Persons with significant control

(Recorded in December 2022)

Level: Intermediate

Speaker's and Chair's bio:
Mr Leon Mao
Mr Edmond Chiu