Coronavirus - Government measures in key jurisdictions - Flipbook - Page 17
British Virgin Islands
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Litigation
•
Yes, the Eastern Caribbean Supreme Court remains open and fully operational.
Measures and practice directions have been put in place to ensure the continuation
of court proceedings while protecting the health and safety of the court employees
and other court users. These measures include provision for electronic service and
filing and remote hearings via video conferencing technology.
•
COVID-19 Emergency Guidelines for Conducting Court Procedures in the BVI
Are the courts
operating?
Tax
•
No.
•
Has any new
legislation been
introduced in light
of COVID-19?
See below regarding economic substance.
Company
law matters
The BVI Registry of Corporate Affairs is operating as usual with some minor changes
to adapt to the COVID-19 pandemic.
•
•
Have any measures
been put in place •
to accommodate
social distancing
(such as remote
general meetings)? •
There is no requirement for BVI companies to hold annual general meetings.
There is also no requirement for board meetings to take place in the BVI or for
board members to be in the same physical location. Meetings by telephone or
video conference are acceptable, provided that all of the directors participating in
the meeting can hear each other clearly.
The COVID-19 global pandemic has been declared an exceptional circumstance
under the Financial Services (Exceptional Circumstances) Act 2020, which provides
a framework for stability of financial services operations conducted in and from the
BVI during exceptional circumstances. The Act allows regulated persons to relocate
outside and elsewhere within the BVI during or after any period of occurrence of an
exceptional circumstance and outlines how outstanding regulatory obligations and
liabilities are to be applied or modified.
•
In relation to economic substance requirements, the BVI International Tax Authority
has confirmed that only those board meetings relating to a BVI company’s “core
income generating activities” are required to be physically held in the BVI. Alternate
directors based in the BVI may be appointed to attend physical board meetings
whilst regular travel is restricted. If it is still not possible to have a board meeting in
the BVI or to meet some other economic substance requirement due to restrictions
resulting from the COVID-19 outbreak, BVI entities should retain documentary
evidence for the applicable periods of time affected.
•
Please see our update on Overcoming barriers to completion of corporate
transactions amidst COVID-19-challenges and our Caribbean Regulatory Update.
•
All the most recent Mourant updates relating to COVID-19 are available at Mourant
COVID-19 Updates.
Government measures in key jurisdictions
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