Government measures in key jurisdictions 3rd edition final - Flipbook - Page 25
British Virgin Islands
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.
•
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.
Have any measures
been put in place to
accommodate social
distancing (such as
remote general
meetings)?
Government measures in key jurisdictions
25