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PHASE TWO OF CONTROLLED RE-ENTRY PROCESS BEGINS
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Companies and organisations can now begin to register as part of Phase two of the Virgin Islands’ Restricted Border and Controlled Re-Entry Plan.
Phase two of the Virgin Islands’ controlled border reentry process allows for several new categories to be permitted into the Territory including Work Permit Holders; Existing Work Permit Exemption Holders; Residing Entry Permits such as Retirees and Home owners; students of locally based Medical Schools and the H. Lavity Stoutt Community College; persons employed by the Government of the Virgin Islands Bodies, Agencies, Boards and teachers whether public and private; Dependents of Belongers, Permanent Residents, Work Permit Holders and Work Permit Exemption Holders, persons desirous of conducting business in the Territory; and diplomats deemed as Business Visitors.
The registration process will continue to be facilitated on the online portal www.bvitravel.vg which will allow for owners or employers to register their company and/or organisation and the employee who they wish to travel back into the Territory. Companies that employ work permit holders, that are outside of the Territory must create an account online as part of the process. They should also search to verify if the company has been listed in the registry and if not, should proceed to the registration process. Upon submission of the online form and required documents, a team comprised of members from the Immigration and Labour Departments will review the information submitted to approve or dismiss. Registrants are advised that the process will take a minimum of two weeks which does not guarantee approval prior to confirming travel arrangements.
Read the full article, here.
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INTO THE SANDBOX: FINTECH INNOVATION IN THE BVI
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On 31st August, 2020, the Financial Services (Fintech Regulatory Sandbox) Regulations, 2020 came into force, significantly enhancing the British Virgin Islands regulatory framework and providing room for innovation in the fintech sector. The sandbox is a controlled environment for fintech businesses to conduct live-testing with temporarily adjusted regulations. Fintech developers can operate within the sandbox for a set time period and with limited reach, without having to go through the usual full process of regulatory authorization.
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The Sandbox environment allows for effective early testing of fintech products to identify areas for improvement to safeguard against error in actual deployment. It also allows the Financial Services Commission (FSC) to provide clarity on whether a new financial product or service complies with legal and regulatory requirements. Seeing fintech businesses deployed in a controlled environment improves the overall efficiency of a fintech system and encourages further innovation.
Read the full briefing from O’Neal Webster, here.
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HARNEYS ADVISES ON GROUND-BREAKING BRAZILIAN IPO
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Pictured: Greg Boyd, Partner, Harneys
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Harneys acted as BVI counsel to Aura Minerals Inc. in respect of their IPO on the Brazilian Stock Exchange on 7th July, 2020. The proceeds raised R$790.1 million, generating additional capital for the multi-national mining company that owns and operates gold and copper mines in Honduras, Brazil and Mexico. Aura is already listed on the Toronto Stock Exchange. This was a standout IPO as Aura Minerals are the first genuine foreign issuer to have securities listed on the Brazilian Stock Exchange.
The Harneys team was led by Partner Greg Boyd, who commented saying: “Due to the nature of the transaction this was a learning curve for all involved and required three offering memorandums; for Brazil, the US and Canada. A huge effort was made by all the legal teams to reach completion.”
Read the full article, here.
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WAIVER OF EXTENSIONS TO ENTRY PERMITS EXTENDED
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The Immigration Department is informing work permit holders that it has extended the waiver of the issuance of extensions to entry permits until 31st December, 2020. This waiver only applies to persons seeking renewals of work permits, and does not include persons who have received conditional permits.
The waiver allows work permit holders to visit the Department of Labour & Workforce Development to submit and collect work permits without obtaining an extension from the Immigration Department.
For further information, work permit holders may contact the Immigration Department at +1(284) 468-4705.
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KALO TO JOIN PRESTIGIOUS G36 ORGANISATION
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Independent insolvency and restructuring firm, Kalo, has been invited to join INSOL International’s prestigious Group of 36 (G36).
INSOL is a world-wide federation of national associations of accountants and lawyers who specialise in turnaround and insolvency. Membership of the G36 is acknowledgement of the role Kalo has played in shaping significant aspects of offshore insolvency and restructuring case law on some of the most high-profile global insolvency, restructuring and fraud matters to pass through the international courts in recent years.
As a G36 member firm, Kalo will provide significant ongoing financial and intellectual resources to Insol to enable it to carry out its collaboration with major projects that shape the future of global insolvency.
Commenting, CEO of Kalo Gordon MacRae, said: “We live in a word that is more interconnected than ever before. In order for us to operate effectively, we understand the need to have dynamic and robust cross-border restructuring and insolvency solutions at our disposal, no matter where transactions touch the globe.
We hope that through our membership of G36 we can help shape future thinking on best practice for dealing with cross-border insolvency and restructurings across the world, to ensure that stakeholders are fairly protected, and risk is minimised. As the global economy expands, it is critical that we apply a global mindset to restructuring and insolvency matters in order to impact distressed situations positively. We hope to have such an impact through our membership of G36.”
Read the full article on the announcement, here.
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COUNTRIES HAVE RESPONDED DECISIVELY TO THE COVID-19 CRISIS, BUT FACE SIGNIFICANT FISCAL CHALLENGES AHEAD
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According to a new report by the Organisation for Economic Co-operation and Development (OECD), governments have taken unprecedented fiscal action in response to the COVID-19 crisis, but countries will need to support economic recovery in the face of significantly increasing fiscal challenges.
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The report, Tax Policy Reforms 2020, describes the latest tax reforms across OECD countries, as well as in Argentina, China, Indonesia and South Africa and identifies major tax policy trends adopted before the COVID-19 crisis and takes stock of the tax and broader fiscal measures introduced by countries in response to the pandemic, from its outbreak to June 2020.
Once recovery is well underway, governments should shift from crisis management to more structural tax reforms, but they must be careful not to act prematurely as this could jeopardise recovery. Commenting, Director of the OECD Centre for Tax Policy and Administration Pascal Saint-Amans, said: “Right now, the focus should be on the economic recovery. Once the recovery is firmly in place, rather than simply returning to business as usual, governments should seize the opportunity to build a greener, more inclusive and more resilient economy. One path that should be urgently prioritised is environmental tax reform and tax policies to tackle inequalities”.
He added: “Tax co-operation will be even more important to prevent tax disputes from turning into trade wars, which would harm recovery at a time when the global economy can least afford it.” Read the full article, here.
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THE DISRUPTION CAUSED BY COVID-19 MEANS THAT FINTECH’S TIME HAS COME
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It’s not hard to find stories right now suggesting that the “fintech movement” is under threat. In common with other technology sectors, Covid-19 has placed severe stress on the financing of new financial services players, with a 39 per cent decline in year-on-year venture capital and private equity investment in fintech in the first six months of this year.
It is clear that the pandemic is accelerating the need for financial innovation and disruption. There can be no debate that the future is more digital. For every bank, insurer, mortgage lender or payments enabler, a priority is how to develop better and faster digital models to meet a growing consumer appetite for digital services.
Read more on The Times, here.
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COMPLIANCE OFFICER/MLRO
The role requires candidate with a minimum experience of 5 years, additional qualification will be considered as well, with well-rounded knowledge in AML Code of Practice, AML Regulations and all other relevant legislations, since he/she will interact with Compliance Committee at a Board level, as well as other persons at managerial level in the organization. Responsible also to liaise with Financial Services Commission, the International Tax Authority and the Financial Investigation Agency.
Belonger status is preferred, excellent verbal and written communication skills in English. Please note this is a position subject to the approval of the BVI Financial. CV can be sent to the following email: mhibbert@pmalawyers.com
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BVI FINANCE SALUTES BINTA JALLOW
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BVI Finance Salutes Binta Jallow – Marketing and Media Relations Coordinator! Congratulations on your new job – we will miss you!
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UPCOMING EVENTS
SEPTEMBER
BVI Finance Breakfast Forum
Webinar | 16 Sep | 10:00 a.m
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