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Articles

Voluntary liquidations in the British Virgin Islands

Jan 13, 2025 | law.asia | Gary Smith |Edmond Fung |Loeb Smith Attorneys

A liquidation in the British Virgin Islands (BVI) can be either: (1) an insolvent liquidation and therefore governed by the Insolvency Act 2003 (as amended); or (2) a solvent liquidation and therefore governed by the BVI Business Companies Act (as amended) (Companies Act). The Companies Act was amended by the BVI Business Companies (Amendment) Act 2022 and BVI Business Companies (Amendment) Regulations 2022 (the Amendments).
BVI treatment of DAOs in insolvency

Nov 12, 2024 | law.asia | Gary Smith |Edmond Fung |Loeb Smith Attorneys

The British Virgin Islands (BVI) has been proactive in addressing the legal implications of decentralised autonomous organisations (DAOs), particularly concerning their assets and liabilities in the context of insolvency. While the BVI does not have specific legislation exclusively addressing DAOs, existing laws and legal principles can be applied to assess the treatment of DAO assets and liabilities. Legal structureBVI law does not have legislation or case law that defines what a DAO is.
Insolvent liquidations in British Virgin Islands

Aug 18, 2024 | law.asia | Gary Smith |Edmond Fung |Loeb Smith Attorneys

Liquidations in the British Virgin Islands can be either an insolvent liquidation governed by the Insolvency Act 2003 (as amended), or a solvent liquidation governed by the BVI Business Companies Act (as amended). This article provides a brief overview of insolvent liquidations.
Applying for a VASP licence in BVI

Mar 27, 2024 | law.asia | Gary Smith |Frost Wu |Loeb Smith Attorneys

The Virtual Assets Service Providers Act, 2022 (VASP Act), creates a legal framework for registration and supervision of Virtual Assets Service Providers (VASPs) – such as virtual asset exchanges, marketplaces and brokerages, and perpetual futures exchanges – operating in the British Virgin Islands (BVI).
Why are Cayman Islands’ foundation companies popular?

Feb 5, 2024 | law.asia | Robert Farrell |Loeb Smith Attorneys

The Foundation Companies Act 2017 introduced a new corporate vehicle to the Cayman Islands – the “foundation company”. This company structure has several applications and is growing in popularity. Foundation companies are governed primarily by the above-mentioned act together with certain provisions of the Companies Act (as revised) of the Cayman Islands, which apply to all types of company.
Cayman Islands: e-KYC, digital ID and remote onboarding

Nov 8, 2023 | law.asia | Gary Smith |Elizabeth Kenny |Loeb Smith Attorneys

The Cayman Islands Monetary Authority has amended the Guidance Notes on the Prevention and Detection of Money Laundering, Terrorist Financing and Proliferation Financing in the Cayman Islands.
Key features and benefits of a BVI professional fund

Sep 5, 2023 | law.asia | Elizabeth Kenny |Wendy Au |Loeb Smith Attorneys

A professional fund is the most popular type of open-ended investment fund in the British Virgin Islands (BVI), which may carry on business for up to 21 days prior to obtaining recognition by the BVI Financial Services Commission (FSC), provided the fund lodges an application for recognition with the FSC within 14 days of launch.
Lender’s perspective on Cayman subscription facilities and ELPs

Jun 19, 2023 | law.asia | Peter Vas |Wendy Au |Loeb Smith Attorneys

Subscription facilities, or loans made by a bank or a financial institution to a private equity fund, which are typically secured by unfunded commitments of limited partners of the fund and the right to receive proceeds of capital calls, continue to dominate Asia’s fund finance market.
Lender’s perspective on Cayman subscription facilities and ELPs

Jun 19, 2023 | law.asia | Peter Vas |Wendy Au |Loeb Smith Attorneys

Subscription facilities, or loans made by a bank or a financial institution to a private equity fund, which are typically secured by unfunded commitments of limited partners of the fund and the right to receive proceeds of capital calls, continue to dominate Asia’s fund finance market.
Features and benefits of BVI Approved Funds for startup, emerging managers

May 9, 2023 | law.asia | Gary Smith |Wendy Au |Loeb Smith Attorneys

The Financial Services Commission (FSC) of the British Virgin Islands (BVI) offers a range of investment funds that are particularly attractive to startup and emerging managers who have typically raised less than three funds with assets under management ranging from USD25-100 million.