| The British Virgin Islands International Business Companies Act (IBC Act) has been amended with the following:
- Bearer Shares.
As of 31st December 2004, bearer shares shall be held by authorized or recognized custodians, who will be persons approved by the Financial Services Commission (“FSC”) in accordance with the Financial Services Commission Act, 2001. If IBCs issues bearer shares then it should pay an annual license fee of US$1,000.00.
- Register of Directors.
All IBCs shall at all times keep an updated register of directors at the office of the Registered Agent in the BVI 12 months after the amendments come into effect. This is a simple issue regarding which we will be contacting you soon to coordinate compliance. | 
