JD Supra (Blogs)
- JD Supra British Virgin Islands JD Supra, 2019
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Access to Company Information and Documents under the BVI Business Companies Act
In this article, we discuss the information and documents available to the public, to directors and to shareholders in relation to a company (a “BVI Company”) incorporated under the BVI Business Companies Act, 2004 (the “BVI Companies Act”). The BVI Registrar of Corporate Affairs (the “BVI Registrar”) maintains information for BVI Companies and certain of the information filed with the BVI...
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BVI update to the Economic Substance rules
The Economic Substance (Companies and Limited Partnerships) Act, as amended (the "ESA"), requires BVI legal entities which engage in relevant activities to maintain economic substance in the BVI. Our 'Overview of the British Virgin Islands Economic Substance Requirements' can befound here: The British Virgin Islands International Tax Authority ("ITA") is the designated competent authority with...
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Virtual asset services in the British Virgin Islands
The BVI Virtual Asset Service Providers Act (VASP Act) came into force on 1 February, providing clarity and certainty on the regulatory landscape for virtual asset services (VASPs) operating in or from within the BVI. Our Regulatory & Risk Advisory team has reviewed the Act and pulled together guidance to what activities fall within the scope of the VASP Act and to the relevant regulatory...
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Winding Up and Arbitration Clauses: A timely reminder that he who hesitates is lost
In Sian Participation Corp. (In Liquidation) –v- Halimeda International Limited BVIHCMAP2021/0017 (“Sian”), the Eastern Caribbean Court of Appeal again had occasion to consider (amongst a number of other things) the interrelationship between an arbitration clause in a loan agreement and the Court’s jurisdiction to appoint liquidators to a company under the Insolvency Act 2003. The judgment, in...
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What Happens in the British Virgin Islands, Stays in the British Virgin Islands
On 13 April 2021, the British Virgin Islands (“BVI” or “Virgin Islands”) became the latest jurisdiction to enact a comprehensive information privacy law when the territory published the Data Protection Act, 2021 (the “DPA 2021” or the “Act”) in its Official Gazette. Despite being a territory of the United Kingdom, the Virgin Islands was not bound by Europe’s General Data Protection Regulation (“GD
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Esports: A Dynamic, Fast-Growing Industry
From its infancy the 1980s in the form of arcade video gaming, electronic sports (or “esports”) has seen rapid growth in recent years with the advancement in technology and the internet. Briefly, esports are competitive tournaments organized for video game players involving audiences that watch video gamers compete against each other, similar in many ways to the experience of viewing a...
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Tax and the British Virgin Islands: Separating Myth From Reality
We will begin with an overview of the tax position. The British Virgin Islands has no corporate tax, capital gains tax, wealth tax, or any other tax applicable to a British Virgin Islands company. These companies are exempted from income taxes and stamp duties regarding all instruments or deeds relating to company business, including the transfer of all property to or by the company and its...
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BVI Court Orders Committal of Judgment Debtor Resident in Hong Kong: An Affirmation of the Commercial Court’s Pro-Enforcement Approach
In Sang Cheol Woo v Charles C Spackman, the BVI Commercial Court handed down its first written judgment on the issue of whether the Court has jurisdiction to grant a committal order against a judgment debtor resident and domiciled outside of the jurisdiction. Justice Wallbank ruled that the Court does have an inherent jurisdiction to make such an order against a personal judgment debtor over whom
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The British Virgin Islands: Coronavirus (COVID-19) and Force Majeure Clauses
The impact of the Coronavirus (COVID-19) has already proven to be far-reaching; since the World Health Organisation (WHO) declared the virus a pandemic on January 30th, 2020 we have seen many countries adopt unprecedented restrictions on both business operations and personal freedom of movement.
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LATIN AMERICA & THE CARIBBEAN A Legal Guide for Business Investment and Expansion - British Virgin Islands
1 .What role does the government of the British Virgin Islands play in approving and regulating foreign direct investment? The British Virgin Islands (commonly referred to as BVI) are a British Overseas Territory. As a British Overseas Territory the British Virgin Islands are under the jurisdiction and sovereignty of the United Kingdom. The British Virgin Islands are internally self-governing
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UK Trademarks will no longer be able to be extended to the BVI beginning September 1, 2015
As part of some major reforms to The Trademark Law of The British Virgin Islands (BVI) that will come into force on September 1, 2015, owners of trademark applications and registrations in the United Kingdom (UK) will no longer be entitled to a “fast-track extension” of those rights to the BVI.
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BVI FATCA Compliance Deadlines Extended
This week the British Virgin Islands (BVI) announced the extension of its FATCA registration and reporting deadlines, as follows...
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Turkcell Litigation – Another Victory for Cukurova: Privy Council confirms the terms for Cukurova to recover its interest in Turkcell
The Privy Council today delivered another crucial ruling in favour of White & Case’s client Cukurova, in its six-year battle to recover its controlling interest in Turkcell (Turkey’s largest mobile phone operator). The effect of its decision is that Cukurova will have to pay approximately $1.5 billion to reacquire its shareholding, less than half the amount its opponents, Russia’s Alfa, had...