Lifting the Corporate Veil of a Cayman Islands Company

The British Virgin Islands International Tax Authority has issued an update confirming that improvements have been made to the Economic Substance ("ES") bulk filing functionality within the Virtual Integrated Registry & Regulatory General Information Network platform following the technical and system issues previously experienced with the submission of...

The British Virgin Islands’ Business Companies Act, 2004 (As Revised) (the “Act”) permits a company incorporated in a jurisdiction outside the British Virgin Islands (“BVI”) (a “Foreign Company”) to migrate to and continue operations in the BVI as a company incorporated under the Act if the laws of...

The British Virgin Islands International Tax Authority (“ITA”) introduced updated procedural requirements for Economic Substance (“ES”) reporting through the Virtual Integrated Registry Regulatory General Information Network (“VIRRGIN”). The requirements were accompanied by guidance clarifying the information and documentation expected in connection with ES filings.

The laws relating to trusts and equity in the Cayman Islands and in the British Virgin Islands are derived directly from English law but have been modified in each jurisdiction by legislation to reflect their respective position as a premier offshore financial centre.