Navigating Due Diligence for Financial Transactions in the British Virgin Islands
The British Virgin Islands (BVI) has established itself as a major international financial hub, attracting investors and businesses from around the world. As with any significant financial jurisdiction, conducting thorough due diligence is crucial when engaging in transactions within the BVI.
Publicly Available Information
When performing a BVI company search, you can access the following documents from the Registrar of Companies:
- Company Registration Number: A unique identifier assigned to each company.
- Registered Office Address: The address where official communications are sent.
- Incorporation Date: The date when the company was registered.
- Company Status: Indicates whether the company is active or inactive.
- Authorized Capital: The maximum amount of shares that can be issued.
Additionally, the public record may include:
- Memorandum of Association and Articles of Association: These documents outline the company’s governing structure and operations.
- Certificate of Incorporation: A one-page certificate confirming a company’s registration.
- Certificate of Good Standing: This document indicates that a company is up-to-date with its annual registry fee and has a current status.
- Register of Charges: A simple search will reveal any registered mortgages or charges against the company.
Non-Public but Required BVI Corporation Information
In 2016, the BVI Business Companies Act was amended to introduce a requirement for all BVI corporations to file a copy of their register of directors with the Registrar. However, this information is not publicly accessible unless the company chooses to release it. Furthermore, while the register of members is not filed with the Registrar, companies must upload beneficial owner information to the Beneficial Owner Secure System (BOSS) Portal.
Due Diligence and Accessing Additional Information
While general information about a BVI company’s registration can be obtained from public records, additional documentation may be accessible through the company’s registered agent. However, permission from the target company is usually required to secure the release of these documents. If you are able to obtain them, the registered agent will be responsible for notarizing the documents.
Conclusion
This article provides general information about conducting due diligence in the British Virgin Islands and should not be considered as legal advice. It is essential to consult with a qualified professional when engaging in financial transactions within this jurisdiction.