For the past 20 years, the British Virgin Islands’ (BVI’s) financial sector has enjoyed phenomenal success, based in many respects on the innovative and popular International Business Companies Act (Cap. 291) (IBCA). Even so, the Government and private sector have acknowledged that there is room for improvement in the legislative framework.
The Government promised to meet international commitments to enact new legislation by 1 January, 2005 and at the start of the year the BVI Business Companies Act 2004 came into force. Accordingly, there are now three corporate statutes in the BVI – the new Act, the IBCA and the Companies Act (CA).
