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Things you must know about The BVI Business Companies Amendment Act 2022

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 […]

British Virgin Islands Department of Trade & Consumer Affairs

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 […]

BVI Record Keeping Requirements

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 […]

British Virgin Island Economic Substance Services

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 […]

British Virgin Island’s Regulatory Sandbox and Fintech Innovation

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.  […]

Typical Uses for British Virgin Island Companies Worldwide

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 […]

BVI Record Keeping Requirements

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 […]

The Data Protection DPA Enters into Force in the BVI

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. […]

Typical Uses for British Virgin Island Companies Worldwide

In 1984, BVI introduced the International Business Company (IBC) Legislation, allowing businesses to incorporate in the territory.   Its solid regulatory structure, dependable government, modern legal structure,  accommodating business procedures and opportune timing, attracted worldwide attention and catapulted the BVI to become the world most popular choice for offshore corporate domicile. Since that time, BVI has […]

British Virgin Island’s Regulatory Sandbox and Fintech Innovation

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.  […]