The European Union imposed requirements on jurisdictions with low or no taxation, to enact legislation that would provide for economic substance for companies wanting to benefit from being incorporated in those jurisdictions.

A Legal Entity Identifier (“LEI”) is a 20 digit alpha-numeric code assigned to legal entities to identify them on a global basis.

Captive insurance companies are a form of self insurance. Any organization with a good risk management programme that feels that its insurance premiums are too high, may benefit from setting up a captive.

The annual licence fee for BVI companies incorporated between 1 July and 31 December is due by 30 November.

Under the requirements of the BVI Business Companies Act (the “Act”) BVI companies have been required to maintain records and underlying documentation.  These requirements have been in place since 2015 and during 2022 the Act was amended to require filing annual financial returns with your registered agent.  The BVI Business Companies (Financial Return) Order was Gazetted on 2 March 2023.

The UK implements a range of sanctions regimes through regulations made under the Sanctions and Anti-Money Laundering Act 2018 (the Sanctions Act)

There are amendments to the BVI Business Companies Act, that come into effect on 1 January 2023.