A company incorporated under IBC Act shall keep such accounts and records as the directors consider necessary or desirable in order to reflect the financial position of the company. A company incorporated under IBC Act shall keep minutes of all meetings of directors, members, committees of directors, committees of officers, and committees of members, and copies of all resolutions consented to by directors, members, committees of directors, committees of officers, and committees of members.
The books, records and minutes required by this section shall be kept at the registered office of the company or at such other place as the directors determine. A company incorporated under IBC Act shall have a common seal and an imprint thereof shall be kept at the registered office of the company.
A company that wilfully contravenes this section is liable to a penalty of US$25.00 for each day or part thereof during which the contravention continues, and a director, who knowingly permits the contravention is liable to a like penalty.
2. Inspection of Books and Records
A member of a company incorporated under IBC Act may, in person or by attorney and in furtherance of a proper purpose, request in writing specifying the purpose to inspect during normal business hours the share register of the company or the books, records, minutes and consents kept by the company and to make copies or extracts therefrom. If a request is submitted by an attorney for a member, the request must be accompanied by a power of attorney authorising the attorney to act for the member. If the company, by a resolution of directors, determines that it is not in the best interest of the company or of any other member of the company to comply with a request, the company may refuse the request.
Upon refusal by the company of a request, the member may before the expiration of a period of 90 days of his receiving notice of the refusal, apply to the court for an order to allow the inspection.
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Politically the British Virgin Islands enjoy the best of both worlds, having the ideal combination of responsibility for its internal self-government and being a dependent territory of the United Kingdom. It must be emphasized however that the administration of BVI Offshore Companies and Trusts and any legal matters so arising, such as claims against island based entities by foreign tax authorities, is solely within the jurisdiction of the BVI courts.
There are restrictions on what types of words you can use in a company name. See "restrictions" and BVI Restricted Words.No company can be incorporated which has a name which is identical to another company incorporated in the British Virgin Islands or so closely resembles the name that it could be deceptive or mixed up.
Ready-made, or "shelf" companies are companies, which are already registered by us and are available for immediate purchase by an interested client. These companies have not traded or entered into any dealings or obligations whatsoever. Since incorporation, their documents have been kept motionless "on the shelf" in our office, hence the name.
Subject to any limitations or provisions to the contrary in its memorandum or articles, shares in a company incorporated under IBC Act may be issued for such amount as may be determined from time to time by the directors, except that in the case of shares with par value, the amount shall not be less than the par value; and, in the absence of fraud, the decision of the directors as to the value of the consideration received
