O’Neal Webster, a well-established British Virgin Islands law firm with offices in Tortola and London, is organized for the efficient delivery of legal services for our clients throughout the world. Our dedication to professional standards frames our business savvy approach and contributes to our clients’ successes. We stand by our client service promise and welcome your enquiry.
Season’s Greetings! Please note that our offices will be closed on December 24-25, 2024, and January 1, 2025.
O’Neal Webster has a broad range of commercial litigation clients in the BVI and internationally. The successful candidate will be keen to develop their professional experience and training, emphasizing commercial cases, before the BVI Commercial Court. A background involving significant advocacy experience and exposure to complex commercial/business disputes is preferred. The role will involve intensive and in-depth legal research and drafting, especially of written submissions, affidavits, and witness statements, quite often to tight deadlines for demanding professional clients. A willingness to work as part of a team is essential, as is the ability to self-organize and use technology effectively.
Interested candidates may submit their résumés to the HR Department at recruit@onealwebster.com. The closing date for applications is December 17, 2024.
The relevant amendments have been made to reflect issues arising from the Caribbean Financial Action Task Force Mutual Evaluation Report (the Report) and a number other BVI statutes, such as the BVI Business Companies Act, 2004, have similarly been amended to reflect issues arising from the Report.
The recommendations arising from the Report insofar as they relate to trusts cover two basic issues: (a) the implementation of a requirement for trustees to keep accurate beneficial ownership information, and to update that information on a timely basis, and (b) imposing penalties for trustees which fail to provide information to competent authorities such as the BVI’s Financial Services Commission.
Our corporate and commercial team, led by Christopher Simpson, includes Simpson, Managing Partner Vanessa King and Partner Kerry Anderson, who have all been honored as “Leading Lawyers” again. In dispute resolution, Paul Dennis, KC, is named a Leading Lawyer, with Nadine Whyte Laing and Asha Johnson Willins also recommended. Christopher McKenzie, a partner in the firm’s London office, is recognized as a Leading Lawyer in the trusts/private client category.
Congratulations to our outstanding attorneys, who continue to provide exceptional service to clients worldwide. Thank you to The Legal 500 for recognizing our commitment and excellence for 14 years in a row!
The minimum wage in the British Virgin Islands was set to increase by over 40 percent from $6.00 per hour to $8.50 per hour, the BVI’s first increase since 2016 and its second in approximately 25 years. However, due to a policy matter, the increase has been postponed and the revised implementation date will be announced in Q1 2025.
This, coupled with the introduction of mainstream ETFs in the U.S. and the discussions around the SEC Staff Accounting Bulletin (SAB) 121(which explicitly targets crypto-asset custodians), underscores the increasing relevance of cryptocurrencies and the pressing need for their regulation.
The British Virgin Islands (BVI) has long been recognised for its thoughtful and balanced approach to regulation. As the digital asset industry gained momentum, observers eagerly awaited the BVI’s stance on Bitcoin and other cryptocurrencies. The Territory’s proactive response did not disappoint, demonstrating its commitment to maintaining a secure and investor-friendly environment. Learn More Here >>>
Unfortunately in the case of many BVI companies, even those with a sole shareholder/director, too little attention has been given to succession planning. As readers will appreciate, particularly as shareholders age, it is prudent for those advising them to encourage them to focus their minds on their succession planning options at the earliest opportunity. Naturally, as a is the case with any other asset, succession planning needs to be considered by all individual shareholders of BVI companies, no matter how many shareholders or directors they may have, but the main focus of this article is on the many BVI companies which have a sole shareholder/director.
These bank failures can have a devastating impact on depositors, including bankruptcy.
Similarly, the spectacular collapse of FTX, at the time one of the world’s largest digital currency exchange platforms, shocked account holders who suddenly faced the prospect that their money was gone.
One month after FTX filed for bankruptcy, O’Neal Webster was engaged by a profitable British Virgin Islands company with significant exposure in the FTX collapse. The losses were so severe that the company faced insolvency. Notwithstanding, in conjunction with a local accounting and consultancy firm, we guided the company back to regular operations in about 100 days.
This article by Kerry Anderson, Head of O’Neal Webster’s Funds and Regulatory Department, summarizes what you should know when your BVI company faces a financial collapse caused by events out of your control.
However, today, more global entities increasingly use BVI statutory mergers in high-value cross-border transactions. This shift substantiates the BVI’s corporate regime, which is valued for its ample flexibility in facilitating cross-border business combinations and restructurings, supporting the evolution of businesses over time.
The statutory nature of the BVI merger process provides certainty regarding the exchange of shares, other securities, assets and liabilities, which are critical elements in most business combinations and restructurings. As such, the BVI remains an essential jurisdiction in the mergers and acquisitions market for small, medium and global players. To learn more about how BVI statutory mergers work, link here.
