Archive for December, 2014

BVI-based stakeholder buys Fortune Oil

Friday, December 26th, 2014

Oil investment company Fortune Oil announced that its majority stake owner, a consortium known as Fortune Dynasty and incorporated in the British Virgin Islands, is going to buy the rest of the company. BVI company is already the owner of 57% of Fortune Oil, and the other 43% will be purchased by Fortune Dynasty via a court-sanctioned scheme of arrangement, for the amount of up £388 million.
The terms of the deal are considered to be fair and reasonable by the independent Fortune Oil directors, advised by VSA Capital.

Fortune Dynasty is a limited liability company owned by First Level – a company 55% owned by Fortune Oil directors, and 45% owned by Vitol Bermuda.

Electronic Certificates of Good Standing to be issued to BVI Companies

Monday, December 8th, 2014

The BVI FSC announced the implementation of electronic Certificates of Good Standing. The Certificates for both BVI business companies and limited partnerships, produced by the Registry of Corporate Affairs, will be delivered electronically, effective Monday, 8 December. This is aimed to improve service efficiency for entrepreneurs having business in the British Virgin Islands.

Electronic Certificates will have the same security features as traditional hard copies, and may be authenticated by using the certificate authentication service on the Commission’s website. A Certificate of Good Standing may be requested from the Registry by any person in respect of British Virgin Islands Business Companies that meet the criteria of the BVI Business Companies. From 8 December 2014 to 31 January 2015, the electronic certificate and the traditional hard copy will be delivered for US$25 transaction fee. Starting from 1 February, 2015, Certificates of Good Standing will be delivered electronically as a default.