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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 Business Companies Act, 2004 with the recent passing of amendments that will come into force on 1 January 2023. The BVI Business Companies Act and the BVI Business Companies Regulations were recently amended by the BVI Business Companies (Amendment) Act, 2022 (the "Amending Act") and

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 will essentially handle all matters regarding trade, business, investment, and consumer affairs.   Shereen Flax-Chares, Junior Minister for Trade & Economic Development, said that the goal was to simplify government’s procedures in order to minimize business and other costs.  The BVI government further sought to diversify

Financial RecordsOver 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 2014.  However, in the year 2015 the requirements were codified and included in the BVI Business Companies (Amendment) Act 2015, which became effective at the end of the year 2015.As a result, a BVI Business Company is now required to: •    Keep at its Registered

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 offshore companies in offshore low tax jurisdictions. The goal of this Action Plan was to curtail the use of BEPS strategies by multinational enterprises to manipulate tax rule gaps and mismatches to avoid or significantly reduce their tax burden. Given the growing dependence by the

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 commission independently regulates, inspects, and supervises all of the territory’s financial services (trustee business, banking, mutual funds establishments, company management, company registrations, intellectual property, limited partnerships, etc.).  Put simply, it protects financial services regulatory freedom and carries out commitments to white collar crime prevention, all