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ARTICLE · 03 APRIL 2013

Recent Regulatory Reforms In The British Virgin Islands: Regulating Light, Regulating Right

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New rules for companies incorporated, and investment business managers licensed, in the British Virgin Islands took effect in late 2012.

British Virgin IslandsWealth Management
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New rules for companies incorporated, and investment business managers licensed, in the British Virgin Islands took effect in late 2012. Michael Burns, Nadia Menezes and James McConvill discuss the reforms.

(a) Background

The British Virgin Islands' ('BVI') remains the world's leading offshore centre for the incorporation of international business companies, with approximately 450,000 active companies currently registered in the Territory.

Approximately one million companies have been formed in the BVI since the enactment of the original International Business Companies Act 1984, which was later replaced by the BVI Business Companies Act 2004 (the 'BC Act'). The BVI is also the second largest domicile for offshore funds (behind the Cayman Islands), with over 2,400 funds registered in the BVI as a result of the jurisdiction's reputation for effective regulation of funds accompanied by competitive regulatory fees.

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