With over 900,000 companies formed (approximately 450,000 of which are still active), the British Virgin Islands (BVI) is by some way the world's most popular offshore corporate domicile. In 2012 the BVI Business Companies Act (the BC Act) was amended and new regulations issued to introduce a number of measures aimed at keeping the BVI's corporate legislation attractive to the market. The amendments take effect on a date to be proclaimed, likely in the third quarter of 2012.
Over the course of the past year, the market has noted an increase in
the number of firms on the British Virgin Islands (BVI). "There has
been a surge of new entrances into the legal market, especially the
large offshore firms," one partner notes....
CONTEXT AND TRENDS
"Economic recovery remained patchy", was the overall summary of the last 12 months by one partner. However, there is consensus among lawyers that there has been an uptick in transactional work during the past year, with the British Virgin Island's (BVI) economy moving from restructuring to new deals born out of growth....