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BVI Business Companies Act
The BVI Business Companies Act (No 16 of 2004) is the principal statute of the British Virgin Islands relating to British Virgin Islands company law, regulating both offshore companies and local companies. It replaced the extremely popular and highly successful International Business Companies Act. It came into force on 1 January 2005. The decision to replace the International Business Companies Act was driven by two things. Firstly, there was a general perception that the older legislation was becoming a bit dated, and needed modernising. Secondly, the OECD and other multinational organisations had expressed concerns about ring-fenced tax regimes in tax havens, such as that under the older legislation and were putting jurisdictions under pressure to repeal them. The British Virgin Islands Financial Services Commission dealt with both issues in a single legislative swoop. The BVI Business Companies Act is actually based upon a New Zealand statute (as opposed to the Internat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
British Virgin Islands Company Law
The British Virgin Islands company law is the law that governs businesses registered in the British Virgin Islands. It is primarily codified through the BVI Business Companies Act, BVI Business Companies Act, 2004, and to a lesser extent by the Insolvency Act, 2003 and by the Securities and Investment Business Act, 2010. The British Virgin Islands has approximately 30 registered companies per head of population, which is likely the highest ratio of any country in the world. Annual company registration fees provide a significant part of Government revenue in the British Virgin Islands, which accounts for the comparative Taxation in the British Virgin Islands, lack of other taxation. This might explain why company law forms a much more prominent part of the law of the British Virgin Islands when compared to countries of similar size. History The first companies legislation in the British Virgin Islands was the Companies Act, 1884. However the great leap forward for company law ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
British Virgin Islands Companies Registry (2)
British may refer to: Peoples, culture, and language * British people, nationals or natives of the United Kingdom, British Overseas Territories and Crown Dependencies. * British national identity, the characteristics of British people and culture * British English, the English language as spoken and written in United Kingdom of Great Britain and Northern Ireland and, more broadly, throughout the British Isles * Celtic Britons, an ancient ethno-linguistic group * Brittonic languages, a branch of the Insular Celtic language family (formerly called British) ** Common Brittonic, an ancient language Other uses *People or things associated with: ** Great Britain, an island ** British Isles, an island group ** United Kingdom, a sovereign state ** British Empire, a historical global colonial empire ** Kingdom of Great Britain (1707–1800) ** United Kingdom of Great Britain and Ireland (1801–1922) * British Raj, colonial India under the British Empire * British Hong Kong, colonial Ho ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Share Capital
A corporation's share capital, commonly referred to as capital stock in the United States, is the portion of a corporation's equity that has been derived by the issue of shares in the corporation to a shareholder, usually for cash. ''Share capital'' may also denote the number and types of shares that compose a corporation's share structure. Definition In accounting, the share capital of a corporation is the nominal value of issued shares (that is, the sum of their par values, sometimes indicated on share certificates). If the allocation price of shares is greater than the par value, as in a rights issue, the shares are said to be sold at a premium (variously called share premium, additional paid-in capital or paid-in capital in excess of par). This equation shows the constituents that make up a company's real share capital: : \sum\text \times \text This is differentiated from share capital in the accounting sense, as it presents nominal share capital and does not take t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of The British Virgin Islands
The law of the British Virgin Islands is a combination of common law and statute, and is based heavily upon English law. Law in the British Virgin Islands tends to be a combination of the very old and the very new. As a Offshore Financial Centre#List of main offshore financial centres, leading offshore financial centre, the territory has extremely modern statutes dealing with company (law), company law, bankruptcy, insolvency, Bank regulation, banking law, trust law, insurance and other related matters. However, in a number of areas of law, such as family law, the laws of the British Virgin Islands are based upon very old English laws, and can cause some difficulty in modern times. Other areas of law, such as international law, are essentially regulated externally through the Foreign and Commonwealth Office in London by Order in Council. A large body of the laws of the British Virgin Islands consists of the common law, which continually updates itself through judicial precede ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Isle Of Man Companies Act 2006
The Isle of Man Companies Act 2006, also known as the 2006 Act, is a law which permits the incorporation of a flexible and modern corporate vehicle which was originally known as the New Manx Vehicle. Incorporation of 2006 Act companies commenced in the Isle of Man on 1 November 2006. The Act is a stand-alone piece of legislation which supplemented existing Isle of Man Companies Act legislation rather than replaced it. Isle of Man Companies can also be incorporated under the Isle of Man Companies Acts 1931-2004 and the Limited Liability Companies Act 1996. Introduction The Isle of Man Companies Act 2006 (the 2006 Act) provides for the incorporation of a flexible and modern corporate vehicle which was originally known as the New Manx Vehicle (‘NMV’). Background In 2003, two Isle of Man law firms Cains, and Dickinson Cruickshank (now Appleby) began to jointly lobby the Isle of Man Government to enact a new legislation for a New Manx Vehicle (NMV) which could compete on equal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Isle Of Man
The Isle of Man ( , also ), or Mann ( ), is a self-governing British Crown Dependency in the Irish Sea, between Great Britain and Ireland. As head of state, Charles III holds the title Lord of Mann and is represented by a Lieutenant Governor. The government of the United Kingdom is responsible for the Isle of Man's military defence and represents it abroad, but the Isle of Man still has a separate international identity. Humans have lived on the island since before 6500 BC. Gaelic cultural influence began in the 5th century AD, when Irish missionaries following the teaching of St Patrick began settling the island, and the Manx language, a branch of the Goidelic languages, emerged. In 627, King Edwin of Northumbria conquered the Isle of Man along with most of Mercia. In the 9th century, Norsemen established the thalassocratic Kingdom of the Isles, which included the Hebrides and the Northern Isles, along with the Isle of Man as the southernmost island. Magnus Bar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Constitutional Documents
In relation to juristic persons, the constitutional documents (sometimes referred to as the charter documents) are the documents which define the existence of an entity and regulate the structure and control of that entity and its members. The precise form of the constitutional documents depends upon the type of entity, such as corporations or private associations. Companies By convention, most common law jurisdictions divide the constitutional documents of companies into two separate documents: *the Memorandum of Association (in some countries referred to as the Articles of Incorporation) is the primary document, and will generally regulate the company's activities with the outside world, such as the company's objects and powers. *the Articles of Association (in some countries referred to as the by-laws) is the secondary document, and will generally regulate the company's internal affairs and management, such as procedures for board meetings, dividend entitlements etc. In m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Company (law)
A company, abbreviated as co., is a legal entity representing an association of legal people, whether natural, juridical or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals. Over time, companies have evolved to have the following features: "separate legal personality, limited liability, transferable shares, investor ownership, and a managerial hierarchy". The company, as an entity, was created by the state which granted the privilege of incorporation. Companies take various forms, such as: * voluntary associations, which may include nonprofit organizations * business entities, whose aim is to generate sales, revenue, and profit * financial entities and banks * programs or educational institutions A company can be created as a legal person so that the company itself has limited liability as members perform or fail to discharge their duties according to the publicly declared incorporat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Board Of Directors
A board of directors is a governing body that supervises the activities of a business, a nonprofit organization, or a government agency. The powers, duties, and responsibilities of a board of directors are determined by government regulations (including the jurisdiction's corporate law) and the organization's own constitution and by-laws. These authorities may specify the number of members of the board, how they are to be chosen, and how often they are to meet. In an organization with voting members, the board is accountable to, and may be subordinate to, the organization's full membership, which usually elect the members of the board. In a stock corporation, non-executive directors are elected by the shareholders, and the board has ultimate responsibility for the management of the corporation. In nations with codetermination (such as Germany and Sweden), the workers of a corporation elect a set fraction of the board's members. The board of directors appoints the ch ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ultra Vires
('beyond the powers') is a Latin phrase used in law to describe an act that requires legal authority but is done without it. Its opposite, an act done under proper authority, is ('within the powers'). Acts that are may equivalently be termed "valid", and those that are termed "invalid". Legal issues relating to can arise in a variety of contexts: * Companies and other legal persons sometimes have limited legal capacity to act, and attempts to engage in activities beyond their legal capacities may be . Most countries have restricted the doctrine of in relation to companies by statute. * Similarly, statutory and governmental bodies may have limits upon the acts and activities which they legally engage in. * Subordinate legislation which is purported passed without the proper legal authority may be invalid as beyond the powers of the authority which issued it. Corporate law In corporate law, describes acts attempted by a corporation that are beyond the scope of power ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Derivative Suit
A shareholder derivative suit is a lawsuit brought by a shareholder on behalf of a corporation against a third party. Often, the third party is an insider of the corporation, such as an executive officer or director. Shareholder derivative suits are unique because under traditional corporation, corporate law, management is responsible for bringing and defending the corporation against suit. Shareholder derivative suits permit a shareholder to initiate a suit when management has failed to do so. To enable a diversity of management approaches to risks and reinforce the most common forms of corporate rules with a high degree of permissible management power, many jurisdictions have implemented minimum thresholds and grounds (procedural and substantive) to such suits. Purpose and difficulties Under traditional corporate business law, shareholders are the owners of a corporation. However, they are not empowered to control the day-to-day operations of the corporation. Instead, shareholders ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
