In August 2020, the British Virgin Islands’ Financial Services Commission introduced its Financial Services Regulatory Sandbox Regulation. What exactly does this mean? What is the purpose? Let’s break it down. What is the British Virgin Island Financial Services Commission? The 2001 British Virgin Island (BVI) Financial Services Commission Act established the BVI Financial Services Commission. […]
The British Virgin Islands is one of the world’s leading financial centres and by far, the premier choice for corporate domicile. The BVI is highly regarded as a stable and safe jurisdiction and incorporating your business there, offers numerous benefits, the most important of which include: Zero Taxation: BVI does not levy taxes on corporations. […]
The British Virgin Islands (“BVI”) continues to demonstrate its commitment to ensuring that its financial services industry is aligned with international best practices, as set by bodies such as the Global Forum on Transparency and Exchange of Information for Tax Purposes and the Financial Action Task Force. Significant changes have been made to the BVI […]
In February 2021, the British Virgin Islands (BVI) replaced the Department of Trade & Investment Promotion with a new regulatory agency aimed toward improving trade relations. The newly established Department of Trade & Consumer Affairs will generate programmes and policies and also take on projects to boost private sector growth investment and local entrepreneurship. It […]
Financial Records Over the years following the passing of the BVI Business Companies Act 2004, the requirements for a BVI Business Company to maintain and keep financial records have been gradually increasing. Initially the requirements were dealt with via amendments to the Mutual Legal Assistance (Tax Matters) Act 2003 first in 2012 and then again […]
Several years ago, the Organization for Economic Cooperation and Development (OECD) set forth an Action Plan to restrict Base Erosion and Profit Shifting (BEPS), and strengthen Controlled Foreign Corporation (CFC) rules which Developed Countries deploy as part of their income tax systems to limit the artificial deferral or reduction of taxes via the use of […]
In August 2020, the British Virgin Islands’ Financial Services Commission introduced its Financial Services Regulatory Sandbox Regulation. What exactly does this mean? What is the purpose? Let’s break it down. What is the British Virgin Island Financial Services Commission? The 2001 British Virgin Island (BVI) Financial Services Commission Act established the BVI Financial Services Commission. […]
BVI adopted its offshore statute in the year 1984 to allow International Business Companies to incorporate in the territory. In 2004 it updated its statutes and launched the BVI Business Company. Its solid regulatory structure, dependable government, modern offshore legal structure, and accommodating business procedures attracted many companies. A BVI Business Company can be incorporated […]
Financial Records Over the years following the passing of the BVI Business Companies Act 2004, the requirements for a BVI Business Company to maintain and keep financial records have been gradually increasing. Initially the requirements were dealt with via amendments to the Mutual Legal Assistance (Tax Matters) Act 2003 first in 2012 and then again […]
In April 2021, the British Virgin Islands (BVI) government passed the Data Protection Act (DPA). The DPA became effective 9 July 2021. (Though BVI is a United Kingdom territory, it is not subject to Europe’s General Data Protection Regulation [GDPR]). The DPA’s main goals: • protect the personal data that public and private bodies process. […]