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Mark Forte, Head of the Litigation and Restructuring practice in Conyers’ British Virgin Islands office, and Tameka Davis, an associate in the department, discuss the duties of professional directors in BVI companies in the fourth quarter issue of INSOL World.
Professional directorship services are par for the course in the administration of companies incorporated in the British Virgin Islands. As an adjunct to registered office and agent services, fiduciary services providers (“trust companies”) frequently offer directorship services. These “directors” are invariably corporate directors permissible under the BVI Business Companies Act (the “Act”). The directors of the corporate directors in turn may be the trust companies or the trust companies’ affiliate located in a second offshore jurisdiction.
Rather than opting to use the trust companies’ own corporate director the beneficial owner of a BVI company (the “UBO”) may instead retain the services of some other professional director. There is considerable flexibility under the Act regarding who may act as a director. Virtually anyone/entity may be appointed a director of a BVI company, so long as they are not under the age of 18, an undischarged bankrupt or disqualified under the Insolvency Act or the memorandum and articles of association of the relevant company. Further, there is no requirement of residency. Professional directors are frequently paid a fee and offer professional directorship services to dozens if not hundreds of other companies. It is a big business.
To continue reading full articles in PDF format:
Professional Director’s Duties in BVI Companies
This article originally appeared in the fourth quarter issue of INSOL World and has been republished with permission from the publication.