BANKING

The BVI banking sector remains agile and resolute in its support for the community and stable in uncertain times by embracing the technological innovations that will shape the future of finance and banking.  It harnesses and accelerates innovation through continued investment in technology to facilitate the progress of businesses and the prosperity of people living and working the BVI. 

As the representative of the BVI’s banking sector, the BVI Bank Association (BVIBA) has been at the forefront displaying its commitment to supporting the local community whilst keeping its finger on the pulse of emerging global trends. The BVIBA has led the sector by coordination between banks to better support both local businesses as well as their retail clients, enabling future success.

With significant corporate activity taking place in the BVI day in and day out, it is inevitable that our banks are designed to accommodate all corporate activity well and efficiently.  With their strong international connections and mainly foreign ownership, our banks provide a seamless service to assist the world of international finance.

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INSOLVENCY AND CORPORATE RECOVERY

As a major international financial centre within excess of 430,000 active registered companies and one of the world’s largest fund domiciles, the BVI is a prominent jurisdiction in terms of insolvency and restructuring work. BVI companies are frequently found in complex, international financing and group structures with its insolvency practitioners and attorneys working alongside others all over the world.

In terms of the BVI framework for insolvency, all insolvency appointments in the BVI require licensed insolvency practitioners with local knowledge, who also offer international expertise.  The BVI Insolvency Act 2003 is modern, fit for purpose and supported by a strong Commercial Court.  BVI Insolvency Practitioners are regulated by the Financial Services Commission (FSC).

A strong professional body also exists – The Recovery and Insolvency Association (RISA).  RISA was established by members of the insolvency and restructuring industry in the British Virgin Islands (“BVI”) in 2009 to promote and support the development of the insolvency and restructuring industry in the BVI.  It is an active association which supports the industry through various technical and social events and by its focus on legislative development in the BVI.   RISA is a member of the International Association of Restructuring, Insolvency & Bankruptcy Professionals (INSOL). https://risabvi.com/

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FIDUCIARY SERVICES

Nowhere is this more important in the British Virgin Islands than with the role of the Registered Agents.  Indeed, only a registered agent can incorporate a BVI company, and they are essential in its ongoing maintenance.

Registered agents are licensed by the BVI Financial Services Commission (the Commission) and are subject to its regulatory oversight under various laws and regulations, including the Regulatory Code and the Anti-Money Laundering and Terrorist Financing Code of Practice.   Legally, a BVI company must at all times have a registered agent, except when it is in insolvent liquidation.

  • Section 91(6) of the BVI Business Companies Act, 2004 (as amended) (the Act) provides that, “A company that does not have a registered agent in contravention of [subsection (1)] commits an offence and is liable on summary conviction to a fine of $10,000.”
  • Further, section 91(A) of the Act provides that, “If at any time a company does not have a registered agent it shall forthwith, by resolution of members or directors, appoint a registered agent.”

An important element of Registered Agents work is impacted by the Association of Registered Agents which is a vibrant professional organization catering for this important and growing industry in the BVI.  The ARA provide educational workshops and host important professional and social events for its membership throughout the year.

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