Category: British Virgin Islands
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The importance of compliance with AML requirements across jurisdictions
Regulators are taking firm action again non-compliance with AML and CFT regulations as highlighted by these recent enforcement cases in Hong Kong and BVI.
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Disclosure of directors’ conflicts of interest
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A director is appointed by company shareholders to manage the day-to-day affairs of a company. With such management comes certain legal and fiduciary duties, and a director must act in the best interests of that company and its shareholders. Amongst these duties, is the ‘disclosure of interest’, which is the focus of this article with…
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BVI Accounting Records
Reminder to BVI companies on ongoing maintenance of accounting records and related official documentation detail Under the BVI Companies Act (Revised) and the Mutual Legal Assistance (Tax Matters) Act (Revised) a BVI company and the registered agent are required to have knowledge of the location of accounting records and also the person responsible for the…
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BVI Business Companies increase in Annual Fees effective 1 Jan 2023
The British Virgin Islands Financial Services Commission (FSC) has recently announced an increase in Annual Licence Fees coming in to effect on 1 January 2023. This fee increase applies to all new incorporations and renewals taking place in 2023, and does not apply to any 2022 Annual Licence Fee.
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BVI Voluntary Liquidation: a quick and easy guide
The process does not have to be complicated when preparing for the voluntary liquidation of a British Virgin Islands (BVI) company that is nearing the end, or has reached, the end of its useful life. Where a company is not a regulated entity, has no liabilities, or if it is able to pay its debts…
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UK Property – Register of Overseas Entities and Beneficial Owners
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The UK Government has now implemented legislation to create full transparency regarding the ownership by non-UK legal entities of title to property in the UK.
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Quick Alert – Four Big Amendments to the BVI Business Companies Act (2004): Effective 1 January 2023
Things are moving fast when it comes to increasing the transparency and effectiveness of company administration in the offshore centres. British Virgin Islands legislative council has now passed amendments to the BVI Business Companies Act, 2004.
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Impact of UK’s Economic Crime (Transparency and Enforcement) Act on British Virgin Islands (BVI) entities
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New obligations on BVI entities holding property or land in the UK are now in force with the introduction of a Register of overseas entities and beneficial owners.
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Reminder: BVI investment funds regulatory deadlines approaching – 30 June 2022
Fund clients are reminded about the 30 June 2022 filing deadline to submit the required information. Please see our overview below. v Jump to the requirements summary table. v Financial statements Pursuant to the Securities and Business Act (Revised) (SIBA), the Mutual Funds Regulations (Revised) and the Private Investment Funds Regulations, 2019, all BVI private,…
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Summary of BVI open-end investment funds
The British Virgin Islands has long been a jurisdiction of choice for the establishment of companies for use as asset holding vehicles. The development of the inter-connected global economy has led further to the widespread adoption of BVI companies as private equity or investment funds. Today, the BVI is home to over 2,000 registered and recognised…