The Micro Business Companies Act, 2017 (the MBC Act)
The MBC Act, which was brought into force on 5 June 2018, provides a new platform for the registration of micro businesses (Micro Business Companies or MBCs), defined by the MBC Act as “businesses with an asset value or annual turnover of no more than $2 million (in any currency) and not more than 10 employees”. An MBC can be converted in to a BVI Business Company if these parameters are exceeded. An MBC is not permitted to carry on regulated business. Access the Act here.
The FSC’s electronic registration system, VIRRGIN, has been expanded to include a new Application Programming Interface (API). Through the API, Registered Agents can develop mobile applications and more efficiently register, manage and administer MBCs. The MBC platform simplifies the company registration process, with client due diligence conducted directly through the FSC’s portal. Annual fees for an MBC will be US$100.
Please contact us for further information on the developing regime.