 After 1 January 2007, all companies which had been originally incorporated under the International Business Companies Act were compulsorily re-registered under the BVI Business Companies Act.Detailed transitional provisions were enacted in Schedule 2 of the new Act to deal with discrepancies between the two sets of legislation.After 1 January 2009, all companies which had been originally incorporated under the Companies Act were compulsorily re-registered under the BVI Business Companies Act.