The Legal 500

Companies often consider “what if” they could transfer to another jurisdiction based on what is currently happening in their current jurisdiction or simply to take advantage of developments within another jurisdiction.

So far as tourism is concerned, the British Virgin Islands (the BVI) is described as "Nature's Little Secrets"; in the financial services industry this could not be further from the truth.

On 20 July 2011 the Eastern Caribbean Court of Appeal (“ECCA”) handed down the latest decision in the long running case of Alfa Telecom Turkey Limited v Cukurova Finance International Limited and Cukurova Holdings AS.

The British Virgin Islands’ Mutual Legal Assistance (Tax Matters) Act, 2003 as amended in 2005 (the “Act”) has given effect in the BVI to EC Directive 2003/48 on the taxation of savings income in the form of interest payments (the “Directive”) for the last six tax years. 

Companies often consider “what if” they could transfer to another jurisdiction based on what is currently happening in their current jurisdiction or simply to take advantage of developments within another jurisdiction.

Directors of British Virgin Islands (“BVI”) companies have certain fiduciary duties which arise both at common law and under statute. These fiduciary duties ultimately seek to protect companies and their shareholders whose destiny lie primarily in the hands of the directors in charge.the hands of the directors in charge.

International law firm Harneys has once again earned stellar recognition from Chambers and Partners as one of the leading firms in the British Virgin Islands, with its practices in the Cayman Islands and Cyprus and recent expansion into Latin America also receiving positive reviews.

Over 800,000 companies have been incorporated in the British Virgin Islands (“BVI”) since 1984, and whilst many of those companies are purely used as holding vehicles for assets, increasing cross border investments has played a significant role in the increased use of BVI companies globally. Some of the key advantages of BVI companies include:

With the increasing popularity of British Virgin Islands (“BVI”) companies as a business entity worldwide, it is inevitable that these companies will become the subject matter of substantial sales and acquisitions. The briefing seeks to identify some of the structuring options for such a transaction, and the preparatory steps and other issues that may be of relevance.

British Virgin Island (“BVI”) companies are owned by their shareholders. The directors act as the shareholders’ agents in being responsible for the day to day running of the company and and having the powers necessary to undertake this role.

This briefing is intended to give a brief guide to the steps involved in the solvent liquidation of a business company incorporated in the British Virgin Islands (“BVI”). The liquidation process described (where a company has no liabilities or is able to pay its debts as they fall due) is carried out in accordance with Part XII of the BVI Business Companies Act, 2004 (the “Act”)