Fee Changes in the British Virgin Islands Effective January 1, 2005, the annual government fee for International Business Companies will be increased from $300 to $350 for companies with authorized capital not greater than $50,000 and from $1,000 to $1,100 for companies with authorized capital more than $50,000. Companies with no par value shares and authorized capital of $50,000 or less will have their fee remain as is at $350. You should also note that, also effective on this date, any new company formed whose Memorandum and Articles of Association permits the issuance of bearer shares will now pay a government license fee of $1,100. Existing companies formed prior to January 1, 2005 will have until January 1, 2008 to amend their Memorandum and Articles of Association to prohibit the issuance of bearer shares before any increase in fees due to bearer shares becomes applicable.

More information can be found by visiting our website at www.usregisteredagents.com, or by emailing us at clientsupport@usregisteredagents.com. Previous issues of the USRA Newsletter can be found at: http://www.usregisteredagents.com/news/newshome.php About USRA: US Registered Agents, Inc. assists legal professionals with company formation, both internationally and offshore, and with registered agent and corporate document retrieval services throughout the world. US Registered Agents is an affiliate of National Registered Agents, Inc., a fully licensed professional Registered Agent for thousands of business entities, large and small, throughout the entire United States. US Registered Agents, Inc. is located in the historic district of Tappan, New York, approximately thirty minutes from midtown Manhattan. US Registered Agents, Inc. 101 Main Street, Suite One Tappan, New York 10983 Toll Free: 888-664-6263 Phone: 845-398-0900 Fax: 845-398-0808 www.usregisteredagents.com