Regulatory Blog

The BVI Business Companies Act, Revised Edition 2020, stands as a foundational legal framework that governs the incorporation, administration, and operation of business entities within the British Virgin Islands. Enacted initially in 2004 and revised across various years, this comprehensive legislation consolidates prior enactments into a structured regulatory code. It embodies principles of flexibility, efficiency, and compliance, providing businesses with a regulatory environment conducive to global commerce.

The BVI Virtual Assets Service Providers Act, 2022 establishes a comprehensive framework for the registration, regulation, and supervision of Virtual Assets Service Providers. VASPA aims to ensure the integrity, security, and compliance of virtual asset transactions while addressing risks such as money laundering, terrorist financing and proliferation financing.

The BVI Financial Investigation Agency Act Revised Edition as of 1 January 2020, is a comprehensive legal framework that establishes and governs the Financial Investigation Agency, a statutory body charged with investigating and combating financial crimes within the Virgin Islands. Originally enacted through Act 19 of 2003 and coming into force on 1 April 2004, the Act has undergone several amendments to enhance its scope and efficacy, notably through Acts in 2007, 2008, 2013, 2015, and 2017 (plus the further amendments outlined in detail below).

The BVI Securities and Investment Business Act (Revised Edition as of 1 January 2020), known as “SIBA”, is a comprehensive legal framework established in the British Virgin Islands to govern the licensing, regulation, and oversight of investment business activities within and from the territory. This iteration of SIBA consolidates amendments made since its original enforcement in 2010, reflecting legislative updates up to 2019 (but note, an important amendment in 2023 – see below – is not yet consolidated). It outlines obligations for individuals and entities operating in investment sectors and ensures adherence to standards designed to promote financial integrity, investor protection, and market stability.

The BVI Banks and Trust Companies Act, revised as of 1 January 2020, continues to serve as a foundational legal instrument governing the licensing, regulation, and supervision of banking and trust operations within the BVI. This comprehensive legislation, known as the “BTCA”, remains pivotal in ensuring the sound management of financial entities, safeguarding stakeholder interests, and sustaining public confidence in the jurisdiction’s financial services sector. With subsequent amendments in 2022, 2023, and 2024, the Act demonstrates its adaptability in addressing emerging regulatory needs and aligning with global best practices.

The BVI Financial Services Commission Act, Revised Edition 2020, establishes a comprehensive framework for overseeing financial services within the BVI. It created the Financial Services Commission, an independent body tasked with regulating and supervising financial activities while promoting the territory’s reputation as a credible global finance centre. The Act provides the legal foundation for the FSC's structure, functions, enforcement powers, and financial provisions, ensuring a robust, transparent, and adaptable regulatory environment.

The BVI Financing and Money Services Act, revised as of 1 January 2020, serves as a comprehensive regulatory framework governing the financing and money services sector in the Virgin Islands. Enacted initially in 2009 and subsequently amended in 2018, the Act provides the foundation for licensing, regulation, and supervision of entities engaged in financing and money services businesses, ensuring their compliance with both financial and anti-fraud standards. It reflects the jurisdiction’s commitment to fostering a transparent, accountable financial system while protecting consumer interests.

The BVI Insurance Act, as revised on 1 January 2020, establishes a robust framework for the licensing, regulation, and supervision of insurance businesses within the jurisdiction. Designed to ensure financial stability and protect policyholders, the Act addresses various aspects of the insurance sector, including the roles and responsibilities of insurers, insurance managers, intermediaries, and loss adjusters. Guided by principles of prudence and transparency, the legislation is a critical pillar for maintaining trust in the Virgin Islands’ financial services industry.

The BVI Limited Partnership Act, Revised Edition 2020, provides a robust framework for the establishment, regulation, and operations of limited partnerships in the British Virgin Islands. Serving as the foundation of law for these business entities, the LPA addresses essential components such as registration, governance, partner roles, financial records, and the mechanisms of both dissolution and restoration. Originally introduced in 2017 and revised in 2019, the legislation has consistently emphasised structural clarity, operational flexibility, and adherence to regional and international compliance standards.

The BVI Proceeds of Criminal Conduct Act, revised as of 1 January 2020, serves as a foundational legal instrument in the BVI, aimed at dismantling the financial incentives of crime by addressing the recovery and management of assets derived from illicit activities. Originally enacted in 1997, the legislation has undergone numerous and significant updates, as reflected in later amendments and orders such as the 2021 and 2023 Amendments, as well as the Proceeds of Criminal Conduct (Designated Countries and Territories) Order of 1999. Together, these modifications underscore the Act’s adaptability to emerging challenges, particularly in the context of global financial crimes.

The British Virgin Islands Financial Services Commission has extended the moratorium on filing fees for certain statutory updates until 31 March 2026, offering continued relief to eligible entities.

The BVI Financial Investigation Agency (Returns) Order, 2025, has been published, introducing a structured framework for the submission of returns by Designated Non-Financial Businesses and Professions and Non-Profit Organisations. This Order, effective from 27 November 2025, clarifies reporting obligations and establishes a clear legal context for compliance. The Order, gazetted as Statutory Instrument No. 99 of 2025, formalises these requirements into law.