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Harneys launches new Legal Minds on Markets podcast series
Corporate Services

Harneys launches new Legal Minds on Markets podcast series

Introducing Legal Minds on Markets, a new series of podcasts providing clear views and incisive commentary on trending topics in the financial world with an offshore slant.

Practically Speaking: Episode six - Demystifying the continuation or re-domiciliation of foreign companies
Corporate Services

Practically Speaking: Episode six - Demystifying the continuation or re-domiciliation of foreign companies

In our sixth episode, Transactional Partner Rachel Graham and Transactional Counsel Thomas Dugdale discuss the following: what a continuation, “re-domiciliation” or “migration” is, why continue or migrate to another jurisdiction practical considerations of continuing your company in or out of a jurisdiction, how continuations might affect creditors and other interested parties, and commonly encountered issues and solutions.

Wish you were here?
Corporate Services

Wish you were here?

Every year, we advise dozens of clients seeking to continue their companies into the BVI. A continuation, known in other jurisdictions as a “re-domiciliation” or “migration” is, according to the BVI Business Companies Act, 2004 (as amended) (the Act), permissible so long as the law of the foreign jurisdiction also permits continuation. However, as experience demonstrates, some jurisdictions are harder to leave than others. This article seems to demystify the process of continuing a foreign company into the BVI.

Bringing your BVI company to an end: strike off vs liquidation
Corporate Services

Bringing your BVI company to an end: strike off vs liquidation

A BVI company has no limit on its duration (unless provided otherwise in its memorandum or articles). Indeed, this firm continues to act for many companies incorporated in the very early days of the International Business Companies Act - now approaching 40 years ago. The majority of companies do, however, at some point reach the end of their useful life and directors and shareholders need to be aware of the options available. The introduction of reporting obligations under the economic substance regime which continue while a company is struck off the register mean that is more important than ever to be well informed.

Are BVI companies entering a period of hyperactivity?
Corporate Services

Are BVI companies entering a period of hyperactivity?

The BVI Financial Services Commission (FSC) published its quarterly statistics for Q1 2018, which showed a 12 per cent year on year surge in incorporations as against the previous quarter. In fact, it was the highest rate of quarterly incorporations for nearly 3 years.