Services of Registered Agent in BVI
It is required for offshore companies in all jurisdictions to have Registered Address within the country. Sometimes it can be a PO Box, but usually it would be a full street address. In most offshore jurisdictions, including British Virgin Islands, there is also a requirement that a company has a Registered Agent within the country. This may be any person (also an existing director) or company appointed by the directors of a BVI. More often the Registered Agent is a fully staffed, equipped, qualified and regulated firm, which provides those services to a considerable amount of clients and their offshore companies. Fidelity Corporate Services Ltd is such a licensed Registered Agent in the British Virgin Islands.
Subject to the Memorandum and Articles of Association Registered Agent has powers and authority to provide company formation, administration and management services as prescribed by the directors, except for the power to amend the M & AA, to appoint directors or agents, to approve arrangement plans, to make a declaration of solvency or approve a plan of liquidation.
The Registered Agent is located in the Registered Address of the company in the BVI, his name and address should be filed with the Registrar of Companies. This information is publicly available. The Registered Agent must keep at the Registered Office the Register of Members, Register of Directors and all Minutes and Resolutions of the Company. If the resolutions about the changes are not carried out by, or in the presence of the Registered Agent, they should be submitted to the Registered Agent for due filing and registration. These files remain confidential and do not appear on the public record, but certainly they are available for inspection by Company shareholders.
According to the new BVI Business Companies Act 2004, Registered Agent is required for all companies in the British Virgin Islands, regardless of their type and sphere of business operations. The requirement equally refers to onshore and offshore companies.
In fact, public availability of information about the Registered Agent, including his address, is the main purpose of having a Registered Agent and Address: the possibility for any person to know where the legal address of a particular company is, and which professional firm acts as a Registered Agent for this company. Actually, the Registered Agent is an “intermediary” between the Government and the offshore company, or between any third party and the offshore company.