BVI INTRODUCES THE MICRO BUSINESS COMPANIES ACT

On 23rd October, The Lawyer published an article from Carey Olsen about the recently

introduced the Micro Business Companies Act (MBC Act) – bespoke and innovative legislation designed towards developing and supporting the ever-burgeoning micro/small business market – and typically characterised as being smaller style unsophisticated, non-financial sector corporate entities or structures usually having one owner and perhaps a handful of employees.  The MBC are generally given a broad remit in terms of capacity and powers to carry on their business activities subject to certain restrictions.  It is permitted to issue no more than 6 shares in total consisting of 1 “principal” share and a maximum of 5 “investor” or “participant” shares.  Turnover should not exceed $2 million, and the gross value not exceed $2 million.

https://www.thelawyer.com/knowledge-bank/white-paper/british-virgin-islands-introduces-the-micro-business-companies-act/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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