Best Corporate Governance Lawyers in British Virgin Islands

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Harneys
Road Town, British Virgin Islands

Founded in 1960
1,000 people in their team
English
Harneys is the British Virgin Island’s largest law firm with dedicated practice groups for all areas of commercial legal practice, each led by experienced professionals. Harneys was the first legal practice in the BVI over 60 years ago, and we continue to play a leading role in the...
BoltNagi
Road Town, British Virgin Islands

Founded in 1991
50 people in their team
English
About Our FirmFor almost a quarter of a century, BoltNagi PC has been known as a completely reliable source of legal advice for its clients, an exemplar corporate citizen by the business community and civic leaders, and an employer which offers a fulfilling, enjoyable, and supportive environment by...
McW. Todman & Co.
Road Town, British Virgin Islands

Founded in 1969
50 people in their team
McW. Todman & Co is a law firm founded by the late Dr. McWelling Todman CBE, QC in 1969. The firm is situated on the upper floors of the Todman building at 116 Main Street, the centre of Road Town, Tortola, the capital of the British Virgin Islands. The late Dr. Todman was the first native...
Bedell Cristin
Road Town, British Virgin Islands

Founded in 1939
200 people in their team
English
With extensive knowledge and experience of international transactions, our law team ensure the offshore component meets our clients' overall objectives.“They have got strength in depth and the lawyers there are very quick, pragmatic and always have an eye on the commerciality."Chambers and...
Alberton
Road Town, British Virgin Islands

Founded in 2010
10 people in their team
English
About AlbertonThe lawyers at Alberton are here to advise and represent you, from the boardroom to the courtroom. We represent a wide array of clients - from corporations to individuals - in a variety of matters, ranging from high-profile contracts and property conveyances to probate applications...
Carey Olsen
Road Town, British Virgin Islands

Founded in 1898
1,000 people in their team
English
Carey Olsen is a leading offshore law firm.We advise on Bermuda, British Virgin Islands, Cayman Islands, Guernsey and Jersey law across a global network of nine international offices.We are a full service law firm working across banking and finance, corporate and M&A, investment funds and...
Muilenburg Law LLC
Road Town, British Virgin Islands

Founded in 2009
50 people in their team
English
"St. John's Law Firm"​Muilenburg Law LLCWe've changed our name! Morrisette & Muilenburg, LLP, originally established in 2009, is now Muilenburg Law LLC, and continues to deliver top-quality legal services to clients on St. John, US Virgin Islands (and elsewhere) in a broad range of practice...
Collas Crill
Road Town, British Virgin Islands

Founded in 2011
500 people in their team
English
About Collas CrillCollas Crill is a top ten offshore law firm with offices in BVI, Cayman, Guernsey, Jersey and London. We deliver a comprehensive range of legal services to clients locally and around the world, from leading financial institutions, businesses and funds, to trustees, high-net-worth...
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About Corporate Governance Law in British Virgin Islands

Corporate governance in the British Virgin Islands (BVI) refers to the system of rules, practices, and processes by which companies incorporated in the BVI are directed and controlled. The jurisdiction is a leading offshore financial center and hosts thousands of international business companies (IBCs), investment funds, and other commercial entities. BVI corporate governance laws aim to promote transparency, accountability, and effective management, while providing companies with operational flexibility and confidentiality. The legal framework in BVI is designed to be business-friendly, attracting global investors while maintaining robust standards for corporate conduct and regulation.

Why You May Need a Lawyer

There are a variety of reasons why individuals and businesses may require legal assistance with corporate governance in the BVI. Some of the most common situations include:

  • Setting up a new company and understanding the roles and responsibilities of directors and shareholders.
  • Ensuring compliance with local corporate regulations and international standards, including anti-money laundering (AML) and economic substance requirements.
  • Resolving shareholder disputes or disagreements among board members.
  • Drafting and reviewing constitutional documents, such as Memorandum and Articles of Association.
  • Advising on directors’ duties, including the management of conflicts of interest and risk of personal liability.
  • Navigating regulatory investigations or enforcement actions by BVI authorities.
  • Conducting due diligence in mergers, acquisitions, or joint ventures involving BVI companies.
  • Implementing changes in company structure, such as re-domiciliation, liquidation, or restructuring.

A qualified lawyer can help ensure compliance with complex regulations, protect your interests, and guide you through legal processes efficiently and securely.

Local Laws Overview

The legal environment for corporate governance in the BVI is primarily governed by the BVI Business Companies Act, 2004 (as amended), which sets out the core provisions for the formation, management, and dissolution of companies. Key aspects include:

  • Directors’ duties and liabilities: Directors must act honestly, in good faith, and in the best interests of the company. There are clear provisions on conflicts of interest and the standard of care expected from directors.
  • Shareholder rights: Shareholders enjoy extensive rights, including access to key information, voting rights, and the right to bring legal action in certain circumstances.
  • Corporate recordkeeping: Companies must maintain proper records of their activities, including registers of directors, members, and other statutory records, even if these are stored outside the BVI.
  • Annual requirements: While most BVI companies are not required to file annual financial statements, they must pay annual government fees and meet filing obligations for certain events, such as changes in directors or shareholders.
  • Regulatory compliance: The Financial Services Commission (FSC) is the primary regulator, ensuring compliance with anti-money laundering (AML), counter-financing of terrorism (CFT), and economic substance standards.
  • Flexibility and privacy: The BVI legal framework is designed to offer flexibility in company management and a high degree of confidentiality for beneficial owners.

Understanding these key aspects can help directors, shareholders, and advisors fulfill their responsibilities and avoid common pitfalls.

Frequently Asked Questions

What are the main legal documents required for a BVI company?

The essential documents are the Memorandum and Articles of Association, which outline the company's structure and governance, and registers of directors and shareholders.

Are BVI companies required to have local directors or shareholders?

There is no requirement for directors or shareholders to be residents of the BVI. Persons from any nationality may serve as directors or shareholders.

What is the minimum number of directors for a BVI company?

A BVI company must have at least one director, who can be an individual or a corporate entity.

What are the ongoing compliance requirements for BVI companies?

Companies must pay annual government fees, maintain proper records, and comply with AML, CFT, and economic substance regulations. They must file certain changes with the FSC.

How are disputes between shareholders and directors resolved?

Disputes are generally resolved by referencing the company’s Articles of Association or through legal proceedings in the BVI courts, if necessary.

Are BVI company records public?

While some information is filed with the FSC, most company records, including registers of directors and shareholders, are not publicly accessible, ensuring a high level of confidentiality.

What are directors’ duties under BVI law?

Directors must act honestly and in good faith for the benefit of the company, avoid conflicts of interest, and exercise care, diligence, and skill in their role.

What is the role of the Financial Services Commission?

The FSC regulates and supervises companies in the BVI, ensuring compliance with legal standards and international best practices, especially regarding financial services activities.

What steps must be taken to dissolve a BVI company?

Dissolution generally involves shareholder approval, settling of liabilities, preparation of final accounts, and filing of dissolution documents with the FSC.

How can a lawyer assist with maintaining corporate governance compliance?

A lawyer can guide on meeting legal requirements, preparing or reviewing documentation, managing disputes, and acting as a registered agent to facilitate ongoing compliance.

Additional Resources

If you need further information or assistance regarding corporate governance in the BVI, the following resources and organizations may be helpful:

  • BVI Financial Services Commission (FSC): The main regulator for all financial and corporate entities in the BVI.
  • BVI Chamber of Commerce and Hotel Association: Provides advice and services for businesses operating in the BVI.
  • BVI government website: Offers updates on laws and regulations that may affect corporate governance.
  • Local legal practitioners: Law firms in the BVI with expertise in corporate and commercial law can offer tailored guidance and support.

Next Steps

If you require legal assistance with corporate governance in the British Virgin Islands, consider taking the following steps:

  • Identify your corporate governance needs, such as compliance, structuring, or dispute resolution.
  • Research and contact qualified legal professionals or law firms in the BVI who specialize in corporate law.
  • Prepare relevant documentation and specific questions to maximize the value of your initial consultation.
  • Confirm the lawyer’s credentials, experience, and understanding of local practices and international standards.
  • Work with your chosen advisor to review your current governance practices, ensure ongoing compliance, and address any legal concerns promptly.

Seeking timely legal advice can help avoid complications, safeguard your interests, and contribute to the long-term success of your business in the British Virgin Islands.

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Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.