Deloitte Announced Merger of BVI, USVI and Bermuda Offices

In the end of August, international accounting and financial consulting firm Deloitte announced the merger of its BVI, USVI, and Bermuda practices. It is said to bring enhanced services to clients and greater access to Deloitte professionals who provide insights and solutions to complex business challenges.

The company also informed that the practices will continue to operate as Deloitte & Touche Services Ltd, from the current offices in the British Virgin Islands and US Virgin Islands, providing tax, consulting, financial advisory and audit services. The company does not plan to close offices, and each of them will have local leadership. 

The merger combination, effective from August 26, coincides with the retirement of BVI/USVI office managing partner Mark Chapman, who will continue as a consultant to the company through the end of October. Mark Chapman joined Deloitte BVI in 1995, and focused on offshore enterprises in the financial services sector. Now the British Virgin Islands and US Virgin Islands offices will be operated by Carlene Romney, who is specialist in financial services audits, and Richard White, an experienced professional with over 13 years of working in practice and industry as a chartered accountant.

Speaking about the merger of practices, Carlene Romney stated that Deloitte’s clients, communities and professionals will benefit from it, as the company will be able “to deliver additional services, especially in areas such as tax, restructuring, and risk management.”

Brian Obvi,
Offshore Analyst

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BVI Government Signed Contract with LGS and Associates

The Government of the British Virgin Islands signed a contract worth US$100,000 with a financial industry consultancy firm LGS and Associates, which is headed by the financial industry expert Mrs. Lorna Smith. 

The information about the signing of the contract in December 2012 was confirmed by the Financial Secretary Mr. Neil Smith and by Mrs. Smith herself, who stated that the contract is not a new assignment since she has been providing services to the BVI governments, including under the Virgin Islands Party administration. 

Mrs. Smith recently attended the OECD Global Forum on Transparency and Exchange of Information. She also took part in the negotiations concerning tax treaties between OECD countries and OECS countries, all of which have been put on the OECD ‘white list’. She also takes the post of Chairperson of the Financial Services Business Development Committee, whose task is to maintain the image of the British Virgin Islands as a top international finance centre, identifying new and emerging markets and recommending legislation for introduction and support of new and existing products and services.

Mrs. Smith assisted in the BVI passing phase I review process on global transparency and exchange of information for tax purposes, and, in her own words, continues to work to ensure that the BVI moves phase II of the review process.

Brian Obvi,
Offshore Analyst

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Harneys Issued Second Edition of “British Virgin Islands Commercial Law”

In the last weeks of 2012, the international offshore law firm Harney Westwood & Riegels announced the publication of the 2nd edition of practitioner’s textbook ‘British Virgin Islands Commercial Law’. Since it was first published in February 2012, it remained the first and only textbook focusing solely on British Virgin Islands law and practice, comprising Harney’s expertise as the oldest and largest law firm in this offshore jurisdiction.

The publication is an authoritative source of information and advice for lawyers and other professionals who work with corporate structures and transactions, providing a deep analytical view of BVI legal background, related to business companies, partnerships, credit and security, investment funds, insolvency, dispute resolution, taxation and trust legislation. 

There are some changes in the law of the British Virgin Islands that occurred since the 1st textbook was edited, including the passing of the BVI Business Companies (Amendment) Act 2012 was passed and the accompanying BVI Business Companies Regulations 2012.

Brian Obvi,
Offshore Analyst

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International Law Firm Opens Offices in BVI and Singapore

International financial services provider Bedell Trust has announced plans to open new offices in the British Virgin Islands and Singapore. After this, in addition to continuing to service its European-based clients out of Jersey, company's British Virgin Islands legal team, based at Bedell Cristin Jersey, will establish physical presence both in the BVI and Singapore. The BVI law team will also closely co-operate with the Channel Islands offices in providing multi-jurisdictional financial services solutions to customers from Asia.

Bedell Trust will also form an affiliation with an established BVI corporate management services company to support the provision of BVI corporate services to its clients. The company announced that the developments "are central to the Bedell strategy to provide multi-jurisdictional legal and fiduciary services in the key locations where our international client base demands them”.

Brian Obvi,
Offshore Analyst

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New Lawyers Join Harney's Hong Kong Office

The British Virgin Islands-based offshore law firm Harneys Corporate Services Limited, providing administration services to the BVI corporations, has increased the number of lawyers in its HK office, as a part of ongoing expansion of its Asian practice.

The hire of the three new lawyers brought to eight the number of lawyers in the firm's Hong Kong office. Cheng Cheng Tan joined the BVI firm from Rahmat Lim & Partners, where she was a partner. Her spheres are banking and finance as well as corporate and commercial law, with a focus on securities listings, joint ventures and cross-border mergers and acquisitions. Kane Guo, who joined Harneys from another leading international offshore law firm, specializes in M&A, FDI and banking. Kane's practice areas include corporate and commercial, investment funds and private equity. The third lawyer, Zhao Feifei, practices banking and finance, corporate and commercial law.

The head of Harneys' Hong Kong office, Paul Law, welcomed the new hires to the office, saying that the new lawyers “will add both onshore and offshore experience and regional perspectives to the team.”

Brian Obvi,
Offshore Analyst

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Approval of Alternative Investment Fund Managers Directive to Launch Fund Industry in BVI

The Alternative Investment Fund Managers Directive, final terms of which were approved by the European Parliament on November 11, 2010, allows for the distribution of non-EU funds to professional investors in the European Union. There are two methods of distribution, one of them, the private-placement regime, has been traditional in the EU for non-EU funds, and it will remain in place until 2018. It is proposed that in 2015 it will transition to allow full access to EU passport marketing regime to non-EU funds on the same terms as EU funds. EU funds will become eligible for a passport in 2013. This method, along with the alternative method of the EU marketing passport system, will be subject to similar conditions. These conditions include the need for supervisory co-operation agreements between the regulator of the EU member state in which a fund is being marketed and the regulator of both the fund manager and the fund.

Walkers, the leading international financial centre law firm, welcomed the confirmation of the Alternative Investment Fund Managers Directive and the removal of uncertainty for non-EU fund managers marketing non-EU funds in the European Union. According to Walkers, this is a very positive development for investment funds industry in the BVI, Cayman Islands and Jersey. Rod Palmer, partner and Global Head of Investment Funds with Walkers, said that "The confirmation that non-EU fund managers will be able to continue marketing Cayman Islands, BVI and Jersey funds to professional European investors is excellent news for the industry."

Richard May, Walker's partner based in the BVI, said that the Cayman Islands, BVI and Jersey are highly rated by the FATF in respect to their anti-money laundering regimes, so they will not have to make any changes in their funds' operations to comply with the Directive.

Brian Obvi,
Offshore Analyst

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NY Funds Conference Proved to be Successful

The New York funds conference, which was hosted on September 23 by the International Finance Centre (IFC) and the BVI Investment Funds Association, was named a “great success” by the Executive Director of IFC Sherri Ortiz. According to one of conference participants, the event was well organized, and information was interesting and well presented.

On the conference the following presentations were provided by representatives of Conyers Dill & Pearman, Maples and Calder, Walkers, Harney´s and Ogier: State of the Funds Market, A Regulatory Approach, Litigate with Confidence and Lessons learnt for the Funds Industry from the Financial Crisis. The British Virgin Islands Financial Services Commission provided updates on the territory's regulatory regime and recent legislation initiatives.

Sherri Ortiz commented that the conference was also a “clear demonstration of how far the Territory has progressed in this sector and the extent to which our funds business has grown. There is an increasing appetite from global practitioners to understand more about the Virgin Islands, as evidenced by the call for more events of this kind.”

Brian Obvi,
Offshore Analyst

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BVI IFC Hosts New York Funds Conference

On September 23, the British Virgin Islands International Finance Centre (IFC) and the BVI Investment Funds Association will host a conference in New York under the title "A New Era in Funds Domiciliation," where Domiciliation refers to the fixed location of a fund.

By words of the Executive Director of the BVI IFC Ms. Sherri Ortiz, the conference is a great demonstration of Territory's progress in this sector, and the extent to which BVI businesses in funds have grown. She noted that this is an excellent opportunity for them to showcase their funds expertise to international practitioners who want to know more about the British Virgin Islands.

The Executive Director said that the NY conference “promises to provide a quality programme of discussions and keynote speakers. It will provide a unique platform for an exchange of views, sharing best practice and formulation of strategies to best deal with opportunities in 2010 and 2011." She added that the event, which will be attended by leading hedge fund providers in the U.S., will include presentations from leading private sector practitioners on the following topics: State of the Funds Market, A Regulatory Approach, Litigate with Confidence and Lessons learned for the Funds Industry from the Financial Crisis.

The Conference is part of the BVI IFC's work on marketing the BVI financial services industry and promotion of the jurisdiction's reputation as a reliable financial services centre. The event will be visited by the representatives from the BVI FSC, such reputable offshore law firms as Conyers Dill & Pearman, Maples and Calder, Walkers, Harney´s and Ogier.

Brian Obvi,
Offshore Analyst

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Harneys' HK Office Head to Lead Maples and Calder's BVI Practice in Hong Kong

The head of Hong Kong office of Harney Westwood & Riegels Michael Gagie was laterally hired by an offshore legal firm Maples and Calder, to co-lead the firm's British Virgin Islands practice in Asia. On 1 September, Mr. Gagie started work in his new post in Hong Kong office of Maples and Calder, along with Barry Mitchell. Both lawyers were living and working in BVI for some time before moving to Asia.

Since 2003, when Mr. Gagie joined Harneys, he regularly advised on listings of BVI corporations on international stock markets, including NASDAQ and AIM Market in London. By words of joint managing partner of Maples and Calder in Hong Kong Christine Chang, his arrival “could not have come at a better time as the market prepares for the BVI listings of BVI-incorporated companies on the Hong Kong Stock Exchange”.

Brian Obvi,
Offshore Analyst

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Conyers Dill & Pearman Hires Head of the New Trust&Private Client Practice in BVI

The offshore law firm of Conyers Dill & Pearman recently hired Raymon Davern to head the new Trust & Private Client practice in the British Virgin Islands. Prior to joining the BVI office of Conyers Dill & Pearman, Mr. Davern was part of the Private Client team at one of the oldest law firms in the Cayman Islands. He has more than 10 years experience of Chancery litigation and advisory work, and another 10 he was the Lecturer in Law at King's College in London.

Raymond Davern told the press that the BVI has the potential to flourish as a jurisdiction for private clients and high net worth individuals. He spoke about the importance of the new Private Client practice, which will offer an increase in the level of choices and will be able to bring Conyers brand to private clients, as well as raise the jurisdiction's profile.

Robert Briant, Managing Partner of Conyers´ BVI office, said that the introduction of the Trust & Private Client practice in the jurisdiction extends the BVI practice of Conyers into ''a full service law firm advising on a full range of corporate, litigation and trust & private client law.”

The offshore firm has recently made a number of new hires in BVI and other countries, continuing to strategically expand through the addition of key experts.

On May 13, Conyers will host its 2nd Annual Trust Forum in London, where lawyers from BVI, Bermuda, and Cayman Islands will participate in a series of talks on multi-jurisdictional options for the international private client market.

Brian Obvi,
Offshore Analyst

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The Commission Warns Investors on Forex Currency Trading Frauds

The BVI FSC has issued an advisory warning to investors to beware them of Foreign Exchange Currency Trading Frauds. The warning issued under Section 4 (1) (1) of the Financial Services Commission Act, 2001, informs the public that the entities professing to offer high yield and low risk investment opportunities from investments in foreign currency contracts “are normally scams”. In the opinion of the Commission, these entities may look like a new sophisticated form of investment opportunities, but in reality these are financial frauds “especially perpetrated on retail customers”.

The Commission explains that Forex scams may be widely advertised, and the customers are told that they will obtain tens of thousands of dollars in a few weeks or months. After the currency trading firms tell the customers that they can or should trade in the interbank market, or that they will do so on their behalf, customers' money is diverted or simply stolen.

It is noted in the document that the interbank market does not usually include individual or retail customers, and the claims on the possibility of trading in this market should therefore be treated with extreme caution. The public is asked to note a number of warning signs that can point at foreign exchange scam, and not to invest in them.

The BVI FSC warns that if the companies do not inform customers on the risks involved, or even mislead them, then they would be involved in illegal schemes.

Brian Obvi,
Offshore Analyst

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BVI FSC Issues Advisory Warning No. 4 of 2009

Yesterday, the British Virgin Islands Financial Services Commission has issued an advisory warning No.4 of the year 2009. By this document, the Commission informed that A.M.B Ltd., A.M.B. Amerbank Limited, AMERBANK LIMITED and Antilles Merchant Offshore Bank are not licensed to conduct banking or offshore banking business or any financial services business in or from within the territory of the British Virgin Islands. Also, the named entities are not incorporated or registered in the jurisdiction.

The Commission advised the public to exercise caution in conducting any transactions with these entities, and reminded that they should always be contacted to verify the regulated status of any company, trying to be registered or authorised for work in BVI.

The document is issued under Section 4 (1) (1) of the Financial Services Commission Act, 2001, and signed by Managing Director/CEO of the Commission Robert Mathavious.

Brian Obvi,
Offshore Analyst

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Walkers Provides Local BVI and Cayman Counsel in Singapore

Walkers, one of the leading international offshore law firms, announced opening the new office in Singapore. This decision, meaning further expansion into the Asian market, was made due to the increasing demand for British Virgin Islands and Cayman Islands legal and corporate services in Singapore as well as other countries of the Association of Southeast Asian Nations (ASEAN). Walkers will have BVI counsel practicing in the new office in Singapore, and it will be the first law firm to provide practicing Cayman Islands counsel in this Asian country.

The official opening of the new office will take place on 2 February 2009. The Singapore office will be spearheaded by partners Ashley Gunning, who will lead the investment funds and corporate groups, and John Rogers, who will be the head of the finance team. Mr. Rogers was the first finance lawyer in Walkers’ Hong Kong office, while Mr. Gunning has significant expertise in hedge funds and private equity, as well as general corporate matters, having worked in both the Cayman Islands and the BVI.

Grant Stein, global managing partner of Walkers, commented on the firm’s expansion in Singapore saying that “the opportunities presented in Singapore make it a logical next step in the process of expanding Walkers’ global development “. By his words, extending its presence in the ASEAN, the firm “will be able to provide seamless integrated Cayman Islands and BVI offshore legal and corporate services to clients operating in this region.”

Opening of a new Singapore office of Walkers group follows its recent expansion in Hong Kong, where it added ten new staff members and relocated to new, larger premises. The HK staff, now including approximately 20 lawyers, will work in synergy with the Singapore team to provide clients in the Asian region with Cayman and BVI counsel as well as advice on Jersey law.

Brian Obvi,
Offshore Analyst

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Smith & Williamson Announces Expansion to BVI and the Cayman Islands

One of the leading independent providers of investment management, accountancy, tax, corporate and financial advisory services, Smith & Williamson, has recently expanded in the Caribbean region, opening offshore offices in the Cayman Islands and the British Virgin Islands.

The company has published summer issue of their quarterly bulletin brought by Smith & Williamson's Restructuring & Recovery Services division. In this report, they announced establishing a joint venture with CRG Partners, – a U.S. firm specialising in operational and financial restructuring service, - in April this year.The joint venture of Smith & Williamson with this firm will also strengthen company's restructuring and recovery presence in the British Virgin Islands and the Cayman Islands. The partners will be able to offer a comprehensive suite of restructuring services in these offshore jurisdictions, including turnaround consulting, interim management, crisis management, performance improvement and financial restructuring and advisory services from Europe to the U.S.

Smith & Williamson has 12 principal offices in the UK and Ireland, and is working in 97 countries providing global investment and financial advisory service. Along with establishing its offshore offices in BVI and the Cayman Islands, Smith & Williamson has also expanded its presence in Ireland due to a merger with Dublin-based Oliver Freaney & Company, which has extensive experience in launching financial and business solutions.

Brian Obvi,
Offshore Analyst

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Two Lawyers Hired to the BVI Office of Appleby

Appleby Hunter Bailhache, an offshore specialist group with substantial presence in the jurisdictions of the British Virgin Islands, the Cayman Islands and others, in the mid of August announced recruiting additional lawyers staff to the three-partner practice in the British Virgin Islands.

One of the two lawyers which will add to the British Virgin Islands offering are Eliot Simpson, who was an advocate in the Jersey firm Mourant du Feu & Jeune. Now, as he joined as a partner to Appleby office in BVI, he will lead the BVI litigation and insolvency group.

Litigation and insolvency barrister Andrew Willins has become an associate at Appleby after membership in 29 Bedford Row, Nicholas Francis QC's chambers.

Andrew Bolton, the head of litigation and insolvency of Appleby, commented on the new appointments to the BVI office, saying that the skills and experience they bring mean that the company has one of the strongest litigation practices in the BVI.

Appleby Group has approximately 600 lawyers and staff in different jurisdictions and financial centres. The previous appointment to the BVI office of Appleby was in February 2007, when Alex Erskine was appointed as an BVI Office Managing Partner.

Brian Obvi,
Offshore Analyst

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BVI Offshore Service Providers Launching New Services and Adding Corporate Officers

Harneys Corporate Services Limited, a trust company based in the British Virgin Islands, and the largest provider of administration services to the BVI Business Companies, has announced on March 14 the launch of a new Share Trust service in BVI. The Share Trust is to enable a simple, modern and cost-saving solution to succession planning involving shares in the BVI Business Companies. Its main point is automatic succession to the shares of the company and appointment of replacement directors in the event of shareholder's death or early incapacity.

By words of Harney's senior associate Zac Lucas, "Succession planning involving shares in a BVI Business Company was usually a complex and costly affair, involving lengthy legal documents and significant delays. The Share Trust was specifically designed to remedy these problems."

Some days later, Walkers, one of the leading global offshore law firms and the second largest offshore law firm in the BVI, announced that it has added three corporate lawyers in its BVI office. The firm invited new staff to cope with the increased volume of work in the British Virgin Islands in the spheres of corporate finance, mergers & acquisitions, investment funds, and private equity work.

The new BVI legislation, allowing for quick and flexible merger arrangement and available for both domestic and international mergers, led to an increased amount of mergers & acquisitions. As to Walkers' BVI office, it has been involved in several corporate deals for major global companies. To manage this work, the firm has invited Matthew Cowman and Stuart Baldwin who specialize in project and acquisition finance and corporate transactions, and Phillip Sacks - an advisor on a variety of investment funds, private equity, and general corporate and commercial matters. All these lawyers have worked with corporate and law firms in the UK, Australia, Bahrain and the Caribbean for more than 20 years.

Another sphere that benefited from the flexibility of the provisions of the BVI Business Companies Act are BVI investment funds and private equity funds. In response to this, Walkers established an Investment Funds and Private Equity Department in its BVI office with the doubled number of funds lawyers.

Brian Obvi,
Offshore Analyst

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PricewaterhouseCoopers Opens its Office in BVI

This month, PricewaterhouseCoopers (PwC) has opened its office in the British Virgin Islands. The work of the BVI office will be concentrated on investigations, forensic accounting, insolvency, restructuring, solvent wind up of companies, schemes of arrangement and business continuity.

Senior Partner of PwC Cayman Nick Freeland explained that the firm's global client base will benefit from the firm's long presence in the market. He noted that the BVI market is evolving, with an increasing demand for experts that can effectively manage critical and complex business issues and crises. The partnership will initially focus on advisory services in BVI, and the PwC East Caribbean Partnership will continue to provide other Advisory services to Government, and select domestic clients from Barbados.

PwC's team at the BVI office will be lead by Nick Carter, BVI resident and licensed insolvency practitioner, who has much experience in both the accounting and legal aspects of corporate securities, turnarounds, restructuring and insolvency, being qualified as a lawyer and accountant, and has been involved in many assignments across the globe and in multiple industries.

Brian Obvi,
Offshore Analyst

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Offshore Industry Professionals Highlight BVI Regulations' Changes Favourable to Financial Community

The British Virgin Islands continues the improvements of business environment for corporations and financial institutions, which actually started from the British Virgin Islands Special Trusts Act 2003, and the BVI Business Companies Act 2004.

One of the leading global offshore companies, Walkers, has recently expressed its opinion on the newly implemented private trust company legislation and the Legal Profession Bill. Offshore professionals have also highlighted other important enhancements contributing to BVI leading positions in offshore financial world including the development of the Caribbean's first Commercial Court and the appointment of a Managing Judge for the Eastern Caribbean Supreme Court.

The planned introduction of the new private trust company legislation was announced in October 2006, and the law provisions came into force on 15 January 2007. Under the newly enacted law, certain private trust companies may be exempted from licensing requirements and other provisions of the Banks and Trust Companies Act. Under procedures implemented by the Financial Services Commission, these exemptions will be applied to the BVI private trust companies which do not offer their services to the general public.

Private trust companies allow for establishing family-controlled structures, and offer trustees all the benefits of limited liability and perpetual existence which are usually the features of corporate vehicles, and can decrease the amount of taxes, by moving the liability from the settlor to the trust company. This kind of corporate vehicles has become increasingly popular in offshore financial centres during the last 15 years.

Other important steps taken by the BVI Government is the development of the first Commercial Court in the Caribbean and introduction of the Legal Profession Bill, which makes provision for the fusion of the barrister and solicitor branches of the legal profession, and promotes legal education and the discipline of legal practitioners. This Bill is another example of how the jurisdiction focuses on providing the highest level of legal services.

New legislation's positive impact on offshore industry is confirmed by the growing volumes of financial services provided by offshore law firms. For example, Walkers law firm has reported the increased amount of work in its BVI office, including the high net-worth corporate transactions and complex international litigation cases. As a result of an increase in litigation work, the law firm recently added three members to its BVI department, and now it has become the second largest law firm in the BVI.

Brian Obvi,
Offshore Analyst

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Zurich-based Plenum Group’s Fund of Funds in the British Virgin Islands

In March 2007, Switzerland-based financial services firm Plenum Group launched the Plenum Specialized Commodity Fund. The new British Virgin Islands-domiciled fund of funds is investing in commodity funds that find opportunities in unconventional and traditional commodity and energy markets. Initially the fund was expected to launch with some $6 million in equity.

The BVI-based fund of funds charges a 1.5% management fee and 20% performance fee, with a $100,000 minimum investment requirement.

The Specialized fund is already the second fund of funds managed by Plenum Group. The first one was a Pan-Asian fund of funds, dubbed the Plenum Asia Dragon Fund.

The main subsidiaries of Zurich-based Plenum Group are:

• Plenum Investments AG – an international investment advisor whose main business is structuring and management of investment products in the fields of hedge funds and equities with or without capital guarantees;
• Plenum Asset Management, formed in 1993 and now providing the following services to the private clients: brokerage and safe custody, investment products, asset management, investment advisory and wealth structuring;
• Plenum Prudential AG, specializing in life insurance solutions;
• Plenum Securities AG, a 100% affiliated subsidiary of Plenum Holdings AG in Zug, and an associated member of the SWX Swiss Exchange.

Brian Obvi,
Offshore Analyst

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GoodBye to the BVI International Business Companies Act. Long live BVI Business Companies Act

On the 1 January of this year the British Virgin Islands Business Companies Act 2004 (the BVI BC Act) became the only Business Companies Act in the jurisdiction, after 2 years of transition period when the old BVI International Business Companies already on the register were permitted to operate under the International Business Companies Act or Companies Act. Now the International Business Companies (IBC) Act, which was enacted in 1984 and brought more than 700 thousand registered companies to the BVI, is completely replaced with the above-mentioned BVI BC Act.

The main changes implemented in the new legislation, which were noticed and most of all discussed by the community a year ago, concerned:
a) new bearer shares regime: The companies are allowed to issue bearer shares, but they must be kept by an Authorised or Recognised Custodian. The owner of the bearer shares must provide the following information to the custodian:
* full name of the beneficial owner of the shares,
* declaration that no other person has an interest in the shares, or full names of any persons having an interest in the shares.
b) the requirement to maintain the Register of Directors at the Registered Office of the IBC in BVI
c) new annual license fees reflecting different approach to companies with or without bearer shares kept fully or partially with BVI Custodian

These measures were enacted to make the British Virgin Islands legislation compliant with the international standards, including the 40 anti-money laundering recommendations of the Financial Action Task Force. The new legislation was also put in compliance with European Union (EU) Savings Tax Directive and EU Code of Conduct on Business Taxation.

However, the above list of changes in the new legislation concerning the BVI financial services is far from being complete. Many offshore specialists may confirm that this legislation is providing other positive changes for financial institutions and corporations, undertaking a wide range of structured, asset and project finance transactions in the British Virgin Islands.

As recently said Christopher Lloyd, a Senior Partner in Walkers’ BVI office: “The new regulations allow corporations much more flexibility in structuring their particular transactions in ways that are most advantageous to their business goals. At the same time, the rules incorporate sophisticated creditor protections.”

The new BVI BC Act also provides for statutory recognition of security over a BVI company's shares, which is usually the key component of complicated multiple-step financial transactions. This is one of the new legislation features that could be especially attractive and useful to financial institutions and corporations, that are looking for undertaking structured, asset, and project finance transactions.

Brian Obvi,
Offshore Analyst

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