Christopher Simpson

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New BVI Insurance Code of Conduct to Take Effect July 2021

Insurance Code of Conduct for BVI domestic insurers, insurance intermediaries, and loss adjusters to take effect July 6, 2021 The BVI Financial Services Commission recently announced the issuance of the Regulatory (Insurance Code of Conduct) Code, 2021 (Insurance Conduct Code)…
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BVI Approved Fund Managers and Their Ongoing Obligations

The Approved Fund Manager regime in the British Virgin Islands, which has been in force since 2012, has found tremendous success with fund managers, globally. The regime is particularly attractive for start-ups, but also well suited for established small and…
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Redomiciling to the BVI: A wise choice for many companies in the COVID-19 era

Companies often consider “what if” they could transfer to another jurisdiction based on what is currently happening in their jurisdiction, or simply to take advantage of the regime and benefits offered by another jurisdiction. This era of COVID-19 is unprecedented…
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BVI

O’Neal Webster Advises on JPY 3.8 Billion British Virgin Islands Plan of Arrangement

O’Neal Webster has advised on a JPY 3.8 billion British Virgin Islands plan of arrangement which was recently approved by the Eastern Caribbean Supreme Court (British Virgin Islands) on April 6, 2020. Articles of arrangement were subsequently filed with the…
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BVI FSC Extends Annual Licence Fee Payment Deadline for Certain Licensees

An important notice came from the British Virgin Islands Financial Services Commission (the Commission) on March 23, 2020. The Commission acknowledged the possible business disruptions that the global pandemic COVID-19 may present for certain licensees in complying with the upcoming…
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The Substantive Issue of Economic Substance: A BVI perspective

By Christopher Simpson, O’Neal Webster The issue of economic substance is not a new one. More and more, modern companies coupled with new technology and trading practices challenge the notion of “economic substance” for value creation in the traditional sense…
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BVI ITA Releases Economic Substance Rules

The International Tax Authority (ITA) in the British Virgin Islands (BVI) has now released the Rules on Economic Substance (the Rules) which provides guidance on the interpretation of provisions under the Economic Substance (Companies and Limited Partnerships), 2018 (the Act). …
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BVI Companies and their Registered Agents: A critical relationship

A sometimes overlooked, yet critical, aspect of a British Virgin Islands (BVI) company is the role of its registered agent. Only a registered agent can incorporate a BVI company, and they are essential in its ongoing maintenance. Registered agents are…
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