BVI Offshore Law Firm Launched New York City Office

O-Neal Webster, full-service law firm headquartered in Tortola, BVI, in October announced its expansion to New York City, New York. It became the first BVI law firm to establish physical presence in the city; it also has an office in London, UK.

The newly established office in NY is headed by Kerry Anderson, former O’Neal Webster Managing Partner and the head of law firm’s Investment Funds and Regulatory Department. The office will provide advice on BVI law in investment funds and finance, corporate and commercial, property, business, trusts and estates, insolvency and restructuring. By words of the head of NY office, seminars and events will be regularly hosted there, to highlight the benefits of doing business with and in the BVI, the world’s leading jurisdiction for company incorporations.

The office will serve both US and global clients; US client base of the BVI firm includes major law and accounting firms, fund managers, family offices and many others.

BVI Finance Executive Director Lorna G. Smith commented: “O’Neal Webster’s opening of an office in New York, the global hub of international finance, is a significant milestone for the firm and the entire BVI jurisdiction… For the first time, clients will receive advice on BVI funds and private client activities directly within the U.S., thereby facilitating the speed and effectiveness for entering global capital markets. We are very proud of our member firm’s accomplishment.” 

BVI FSC Published New Amendment Order to BVI Business Companies Act

The BVI Financial Services Commission has published BVI Business Companies Act Amendment Order, which came into force on 1 September 2018, and which reduced maximum penalty for late filing of Registers of Directors from US$8,000 to US$5,000. Also, the Order provided for the issue of refund in cases where penalty over US$5,000 was previously applied, and the refund process was already started.

BVI Business Companies that were incorporated before 1 April 2016 were given time until 31 March 2017 to file Registers of Directors at the Registry of Corporate Affairs, and prior to the amendment BVI BCs that failed to file them were subjected to escalating penalty fees.

The registrar is authorized by this Amendment Order to strike existing companies from the Register if they fail to file RODs by the deadline of 31 December 2018, and the companies will need to pay all penalties and fees in order to be restored.