COMPANY SECRETARIAL: BVI – Probates (Resealing) Act, 2021
To deal with shares in a company incorporated in the BVI, the grant of representation is required. The grant of representation would take the form of either:
- A BVI grant of probate/letter of administration; or
- The resealing of foreign grant of representation.
The new legislation which came into force 9 July 2021 expands the list of jurisdictions to 67 jurisdictions including Hong Kong and the United States.
The effect of resealing the foreign grant of representation would give such force and effect to the grant as if it was granted by the BVI court.
Effects of new legislation
Now, if the deceased shareholder of a BVI company is a Hong Kong/US resident and left a will covering his/her assets including the shares of the BVI company, or dies without a will (intestate) in Hong Kong and obtains a grant of probate or letters of administration issued by the Hong Kong/US court, the person who obtained the foreign grant may now apply to BVI Probate Registry to have foreign grant resealed in the BVI without the need to commence a fresh application for probate. This will expedite the process of administering an individual’s estate that includes BVI assets.