As of January 1st, 2010, the Memorandum of Association of every BVI company will be deemed to prohibit bearer shares.
To comply with the new BVI Business Companies Act, the following actions must be taken:

• Exchange bearer shares for registered shares, OR
• Immobilize bearer shares.

Those companies that wish to continue its existence in BVI and maintain bearer shares or the possibility of issuing them in the future will have to take the following steps:
1. Express your intention before 31 December, 2009, and
2. Immobilize all existing bearer shares with a licensed custodian. The custodian shall have the complete names of beneficial owners and their general information.
An alternative to bearer shares are to issue registered shares.

• Non-bearer share companies will pay minimum BVI license fees
• The shares may be registered under a corporation, foundation or trust. If these options are not suitable, you may consider transferring the domicile of the corporation, thus, maintaining its existence, to a jurisdiction that allows the issuance of bearer shares.

Please note that if the above mentioned steps are not taken before 31 December 2009, the existing bearer shares will be disabled.

We highly recommend you to inform us on your decision prior to 15 October 2009.

If you have questions regarding these changes, please do not hesitate to contact us.