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BRITISH VIRGIN ISLANDS INTERNATIONAL ARBITRATION CENTRE ANNOUNCES COLLABORATION WITH HONG KONG INTERNATIONAL ARBITRATION CENTRE
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The British Virgin Islands International Arbitration Centre (BVI IAC), an independent not-for-profit institution serving the demands for dispute resolution in the international business community, today announced that it has signed a collaboration agreement with the Hong Kong International Arbitration Centre (HKIAC).
According to Francois Lassalle, Chief Executive Officer of the BVI IAC, “The Cooperation Agreement provides both institutions with the possibility for holding hearings at the other’s facilities and encourages knowledge and best practices sharing between HKIAC and BVI IAC. We are excited about our formal collaboration with HKIAC and look forward to continuing to work together in the best interest of the international business community.”
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GLOBAL BUSINESS: UNLOCKING BVI OPPORTUNITY FOR THE DECADE AHEAD - VISTRA 2030
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VISTRA’s latest industry survey, Vistra 2030, shows a trending downwards of offshore centres in its jurisdiction rankings, where respondents rate the importance of onshore, midshore and offshore financial centres. Simon Filmer explains what this means for the BVI and other established jurisdictions, and why he thinks the future of offshore is secure as global business grows more sophisticated and seeks locations with solid reputations and sound legal structures.
Click here to read more.
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BVI – ECONOMIC SUBSTANCE: ENFORCEMENT AND PENALTIES FOR NON-COMPLIANCE
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The penalties imposed by the Economic Substance (Companies and Limited Partnership) Act, 2018 (“ESA”) are intended to be rigorous, effective, and dissuasive, ranging from financial penalties to striking off from the registry. The BVI International Tax Authority (“ITA”) is responsible for assessing and enforcing compliance with the requirements of the ESA.
Assessment
Following the assessment of information on the activities filed by the entity’s registered agent on BOSS, the ITA may determine that the entity has not complied with the economic substance requirements during a financial period and issue a notice of non-compliance to an entity’s registered agent. By way of background, compliance with the requirements set by ESA is assessed by reference to financial periods, typically on an annual basis. Some entities have already been issued with first non-compliance notices by the ITA in relation to the first financial period.
Click here to read more.
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TRUST DISPUTES AND THE BVI TRUSTEE (AMENDMENT) ACT, 2021
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In the Trustee (Amendment) Act 2021 (the “Amendment Act”) the BVI legislature has made a number of changes to the BVI Trustee Act (the “Act”) that may affect trust disputes arising in Asia and elsewhere once the Amendment Act comes into force fully.
The key changes are (1) amendments to Section 83A of the Act broadening the “firewall” provisions, protecting trusts from the potential effects of foreign laws and judgments; (2) a wholly revised Section 86 of the Act on the reservation of powers to a settlor (or others); (3) a new Section 58B on the variation of trusts; and (4) a new Section 59A on the availability of Hastings-Bass relief.
Click here to read more.
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EXPANDING OBOR USING THE BRITISH VIRGIN ISLANDS AND CAYMAN ISLANDS INVESTMENT STRUCTURES
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With reportedly over US$3.87 trillion in projects underway, the footprint of the Belt and Road Initiative ("B&R") not surprisingly includes structuring projects using offshore jurisdictions such as the British Virgin Islands ("BVI"), the Cayman Islands ("Cayman"), Ireland, Luxembourg and Jersey, all of which are leading offshore and midshore jurisdictions, respectively.
The role, in particular, that Cayman and the BVI has played in the B&R is simply an extension of the dominant role that Cayman and BVI structures presently play in the China growth story.
Click here to read more.
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CONYERS LAUNCHES 'GREEN' PARTNERSHIP WITH GREEN VI
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Firm takes first steps towards a more sustainable BVI through in-house and community programmes. Conyers kicked off its strategic partnership with environmental non-profit Green VI with a series of interactive educational sessions on how to promote the wellbeing of the BVI environment through sustainability.
The firm simultaneously launched its comprehensive office recycling programme, which alongside existing composting efforts will help reduce its carbon footprint.
Click here to read more.
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The BVI Arbitration Group and the BVI International Arbitration Centre are pleased to propose a free webinar on Construction Disputes in the Caribbean.
Date: 30th June 2021
Time: 11am (BVI Time)
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UPCOMING EVENTS
BVI Finance Summer Klatsch
1st July 2021 | 5:30 p.m.
A Roundtable Discussion on the Potential Impact of a Global Minimum Corporate Tax rate on International Finance Centres (IFCs)
16th July 2021|
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