An overview of outsourcing in the BVI and the Cayman Islands
24 Jan 2025
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As business and commerce grow there is a need for primary service providers to rely on and use secondary service providers to support their business needs from an operational perspective. Essentially, outsourcing is a business practice in which businesses use external providers to assist with carrying out business processes that would otherwise be handled internally.
Under both the British Virgin Islands (BVI) and Cayman Islands regulatory regimes, outsourcing is a recognised practice. However, entities that are subject to the regime in both jurisdictions need to be conscious of the parameters within which they are allowed to operate their business while using and relying on outsourced practices.
Below is a comparison of the outsourcing rules in the BVI and the Cayman Islands.
Should you require any assistance with legal advice, reviewing or drafting outsourcing agreements, putting in place any outsourcing policies and procedures, etc please feel free to get in touch with the author or your usual Harneys contact.
