BVI Bearer Shares Immobilisation

On 1 January 2010, all BVI companies incorporated prior to 1 January 2005 (incorporated under the International Business Companies – IBC Act) that currently have the right in their Memorandum & Articles of Association (M&A) to issue bearer shares will be deemed to have amended their M&A to remove this right.

If the companies elect to keep their provisions relating to the issue of bearer shares, they will need to file a notice of that intention to the Registry of Corporate Affairs (the “Registrar”) and deposit the bearer shares with a licensed custodian prior to 1 January 2010. Unless the companies file the notice with the Registrar prior to 1 January 2010, they can no longer issue bearer shares and any bearer shares which they have already issued will be disabled.