BVIBRITISH VIRGIN ISLANDS

Technology and Innovation Offshore Guide

OVERVIEWBVI

The British Virgin Islands (BVI) is a British overseas territory and is recognised across the globe as the premier jurisdiction for the registration of asset-holding companies. BVI corporate legislation is generally regarded as non-prescriptive, in that companies are able to devise the corporate structure and procedures applicable to their business, subject to certain limited statutory requirements. The corporate structure and procedures applicable to a BVI company are set out in the company’s constitutional documents (i.e., its memorandum and articles of association), which govern the relationship between the company, its members and its directors. The flexibilities inherent in such a system make BVI companies extremely attractive as part of asset-holding structures. Based on the attractiveness of BVI corporate vehicles for international businesses, asset holding and investments, there has been a steady increase in the use of BVI companies as holding and operating companies across the technology industry.

BRITISH VIRGIN ISLANDS

JERSEY

JER

GUERNSEY

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ISLE OF MAN

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MAURITIUS

MAU

BERMUDA

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SEYCHELLES

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CAYMAN ISLANDS

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BVI

GLANCEAT A

KY The Appleby Technology and Innovation Offshore GuideIOM

KYBDA

As the pace of technological change accelerates, so too does the legal and regulatory landscape.

Our “At a Glance” matrix provides a snapshot of the current legal and regulatory position in eight of the world’s largest offshore jurisdictions across a number of different technology sectors. The full chapters then expand upon those responses to provide a single, comprehensive resource to help you identify the most suitable offshore jurisdiction for your technology project.

BVI

BRITISH VIRGIN ISLANDS

GLANCEAT A

KY The Appleby Technology and Innovation Offshore GuideBVI

KYBDA

FINTECH BDA BVI KY GUE IOM JER MAU SEY

Existence of a “sandbox” or other regulatory neutral initiative?

Digital “incubator” or hub?

Examples of FinTech use cases?

Local AML requirements based on those of the FATF?

Electronic signatures valid?

INITIAL COIN OFFERINGS (ICOs) BDA BVI KY GUE IOM JER MAU SEY

ICOs separately regulated?

ICOs subject to the local AML regime?

Can an ICO be conducted without a physical presence in the jurisdiction?

Can a crypto-to-crypto exchange be established?

Can a crypto-to-fiat exchange be established?

Licence or registration required for crypto-to-fiat transfers?

Local banks willing to provide accounts for ICO projects?

Gambling platforms permitted?

DATA PRIVACY BDA BVI KY GUE IOM JER MAU SEY

Separate data protection framework?

TOKENISED FUNDS BDA BVI KY GUE IOM JER MAU SEY

Can a tokenised fund be established?

Tokenised funds subject to the local AML regime?

Can service providers outside the jurisdiction be used?

depends on

nature of service

INTELLECTUAL PROPERTY BDA BVI KY GUE IOM JER MAU SEY

Is copyright protection available?

Can trade marks be registered?

Are patents registrable?

Are trade secrets protected?

TAX BDA BVI KY GUE IOM JER MAU SEY

Tax exemptions available for corporate entities?

Individual investors exempt from income taxes?

DOING BUSINESS BDA BVI KY GUE IOM JER MAU SEY

Access to local government and regulators?

Ability to establish a local presence and hire staff?

Direct flights to onshore hubs

As the pace of technological change accelerates, so too does the legal and regulatory landscape.

Our “At a Glance” matrix provides a snapshot of the current legal and regulatory position in eight of the world’s largest offshore jurisdictions across a number of different technology sectors. The full chapters then expand upon those responses to provide a single, comprehensive resource to help you identify the most suitable offshore jurisdiction for your technology project.

depends on

nature of service

4The Appleby Technology and Innovation Offshore GuideBVI

The Financial Services Commission (FSC) is the main regulator for the FinTech sector as it develops. One of the FSC’s functions is to promote a sound financial system in the BVI.

No such zones or initiatives have currently been established in the BVI. The FSC has indicated that it is considering establishing a regulatory “sandbox” to assist companies in the FinTech sector, but the admission criteria, regulatory exemptions and timeframe for implementation remain unclear at the time of writing.

1. 2.ARE THERE ANY “SANDBOX” OR OTHER REGULATORY NEUTRAL ZONES?

WHO IS RESPONSIBLE FOR REGULATING FINTECH COMPANIES?

A.FINTECH

5

3. 4. 5.

A. FinTechThe Appleby Technology and Innovation Offshore GuideBVI

To date, there has been no significant displacement of traditional financial service providers in the BVI. Nonetheless, as one of the largest international business and financial centres, it is expected that this will be an area of significant growth in the coming years, with recent drives from the BVI government for local entities to embrace FinTech solutions. In order to stay competitive, it is anticipated that traditional service providers will look at new innovations driven by technology-focused new entrants to the market. Similar to other offshore jurisdictions, one area of focus is on technology solutions that deliver performance improvements to existing paper-based checks and balances in areas such as customer due diligence, fraud detection and beyond. For larger financial institutions with substantial compliance overheads, the promise of FinTech to replace manual processes with technologies that are cheaper and more cost effective at achieving compliance and managing risk has yet to be realised but the possibilities are certainly being explored.

There are no significant barriers to entry for any companies who wish to be incorporated within the BVI, without any physical presence in the jurisdiction. Unless otherwise licensed under investment business, securities or certain other BVI financial services regulations, companies seeking to carry on business within the local market must apply for a local trade licence issued by the BVI Department of Trade, Investment Protection and Consumer Affairs. For further information, see section G below.

No special economic zones have currently been established within the BVI to benefit companies in the FinTech sector. Whilst the FSC has indicated that it is considering initiatives to encourage entities to operate physically within the BVI, any such project is unlikely to be viable without significant investment into infrastructure.

EXAMPLES OF FINTECH USE CASES?ARE THERE ANY BARRIERS TO ENTRY FOR FOREIGN COMPANIES?

IS THERE A DIGITAL “INCUBATOR” OR HUB?

6A. FinTechThe Appleby Technology and Innovation Offshore GuideBVI

International standards of anti-money laundering and counter-terrorist financing are set by the Financial Action Task Force (FATF). As a member of the Caribbean FATF, the BVI implements recommendations promulgated by the FATF.

All BVI-incorporated entities are subject to the BVI Proceeds of Criminal Conduct Act, 1997 (as amended), which sets out the principal money laundering offences. Certain ‘relevant’ businesses (which would include, for instance, entities caught within BVI financial services regulations and other entities thought to be at a higher risk of money laundering) are further subject to the BVI Anti-Money Laundering Regulations, 2008, and the Anti-Money Laundering and Terrorist Financing Code of Practice 2008 (the AML Code) (each as amended), which prescribe certain identification, record keeping and internal control procedures for such businesses.

In August 2018, changes were made to the AML Code to permit entities in the BVI to digitally verify identities and receive electronic copies of documents instead of traditional “wet ink” paper-based processes. The amendments are further evidence of regulators in the BVI embracing the blockchain revolution and will set a new standard for AML verification in the region.

7.WHAT AML REQUIREMENTS APPLY TO FINTECH BUSINESSES?

6.WHAT FORMS OF LEGAL ENTITY ARE AVAILABLE FOR TECHNOLOGY COMPANIES?

BVI has also recently introduced the Micro Business Companies Act, 2017, which offers a new form of corporate entity, limited by shares, with lower set up and ongoing costs and fewer obligations. This form of entity is aimed at sole-traders and start-up enterprises. Among other restrictions, this option is not available for any business licensed under any financial services regulation and micro businesses are subject to limitations on, among other things, turnover, share issuances and transfers.

The most popular type of BVI entity has been the BVI business company. A business company is a corporate structure managed by its director(s), whereby the liability of interest holders for the company’s debts or liabilities can be unlimited, limited by guarantee or, most commonly, limited by shares.

Whilst a common structure in other jurisdictions, the limited partnership has traditionally been underused in the BVI. Nonetheless, in January 2018, the BVI completely revised its legislation governing limited partnerships in a manner that now makes these an attractive and commercially flexible structure. A limited partnership is regarded in most jurisdictions as fiscally transparent and will consist of limited partners, who will not be liable for the debts of the partnership beyond the amounts they have agreed to contribute to the partnership, and at least one general partner, who will manage the business of the partnership and have unlimited liability for the debts of the partnership incurred whilst they are a general partner. Under the new legislation, a limited partnership can be established with or without legal personality.

7A. FinTechThe Appleby Technology and Innovation Offshore GuideBVI

Under the BVI Electronic Transactions Act, 2001, the legal requirement for a ‘wet’ signature is satisfied by an electronic signature if:

— the electronic signature adequately identifies the signatory; — the electronic record adequately indicates (i) the signatory’s

approval of the information to which the signature relates, or (ii) for the witnessing of a signature or seal, that the signature or seal has been witnessed;

— the electronic signature is as reliable as is appropriate given the purpose for which and circumstances in which the signature is required; and

— the recipient or counterpart of the electronic signature consents to receiving the electronic signature and the electronic signature of each witness (if any).

ARE ELECTRONIC SIGNATURES VALID?

8.

8The Appleby Technology and Innovation Offshore GuideBVI

1.HOW ARE ICOs REGULATED?

There is no separate framework for the regulation of ICOs in the BVI.

The primary piece of legislation regarding securities and investment businesses in the BVI is the Securities Investment Business Act, 2010 (as amended) (SIBA). SIBA provides for the licensing and control of persons engaged in investment businesses in or from within the BVI.

SIBA sets out an exhaustive list of financial instruments that constitute ‘investments’. Cryptographic tokens are not expressly included in that list. However, whether the characteristics of a token or other digital asset could nevertheless render it an investment under SIBA is a fact-specific enquiry dependent on the unique functionalities exhibited by the token or asset. If a token qualifies as an investment, the issuer of the token will be either dealing in, or arranging deals in, securities, although the issuer’s activities may fall within a list of excluded activities or safe harbours under SIBA.

A person who is not carrying on an investment business under SIBA may still bring themselves within the licensing requirements where they hold themselves out as carrying out an investment business. Care should be taken that, among other things, no words are used, in any language, which connote a securities investment business in the description or title of the business in question and that no representation is made in any document or in any other manner that a person is carrying on investment business.

The issuer of a token in the BVI will also be subject to the general criminal laws on fraud and common law governing intentional or negligent misrepresentation.

B.INITIAL COIN OFFERINGS (ICOs)

2.ARE ICOs SUBJECT TO THE LOCAL AML REGIME?

Generally, a utility token sale would not constitute a ‘relevant business’ and therefore would not need to adhere to the ‘enhanced’ AML due diligence requirements under the AML Code and the BVI Anti-Money Laundering Regulations, 2008. Notwithstanding this, it is recommended that issuers of tokens in the BVI prepare a KYC policy that applies to all participants in the token sale and which seeks to comply with enhanced AML procedures.

Recent changes to the AML Code permit digital verification of identities and the receipt of electronic copies of documents instead of traditional “wet ink” paper-based processes. This change is particularly important in the context of an ICO where the number of token purchasers could run into the many thousands.

9B. Initial Coin Offerings (ICOs)The Appleby Technology and Innovation Offshore GuideBVI

4.CAN A CRYPTO-TO-CRYTO EXCHANGE BE ESTABLISHED?

Yes. Currency exchanges operated by BVI-incorporated entities (whether or not operated from within the territory) are governed by the BVI Financing and Money Services Act, 2009 (FMSA). Whilst no relevant definitions are set out within FMSA, the FSC has indicated that tokens or cryptocurrency will not fall within the scope of ‘money’ or ‘currency’ within FMSA, and therefore exchanges between various cryptocurrencies and tokens will not constitute a ‘currency exchange’ and thus will not require licensing under FMSA.

Where traded tokens or cryptocurrencies constitute ‘investments’ for the purposes of SIBA (see question 1 of this Section B above), the exchange will need to be licensed under SIBA as an investment business. Operators of crypto-to-crypto exchanges may wish to ensure that issuers provide opinions as to the status of their token or cryptocurrency under SIBA prior to admission to the exchange.

3.IS A PHYSICAL PRESENCE REQUIRED IN THE BVI TO CONDUCT AN ICO?

No. However, at the time of writing, drafting has commenced on legislation to introduce an economic substance requirement for certain BVI entities.

5.CAN A CRYPTO-TO-FIAT EXCHANGE BE ESTABLISHED?

Yes. However, to the extent that crypto-currencies can be both purchased and redeemed or exchanged for fiat currencies, this may fall within either the currency exchange or money transmission provisions of FMSA and therefore require licensing under such act.

10The Appleby Technology and Innovation Offshore Guide B. Initial Coin Offerings (ICOs)BVI

8.ARE GAMBLING PLATFORMS PERMITTED?

The BVI Criminal Code 1997 (as amended) prohibits gambling activities from taking place in the BVI and makes it illegal to organise or take part in any form of wagering activities, save in limited charitable circumstances pre-approved by the BVI government. Whilst the Criminal Code does not expressly prohibit online wagering, and, in our view, is not intended to have extra-territorial effect, it would be prudent to ensure that any gambling platforms are operated by non-BVI entities, cannot be accessed by persons present in the BVI and no BVI entities receive the proceeds of winnings from any such platform.

7.ARE LOCAL BANKS WILLING TO PROVIDE ACCOUNTS FOR ICO PROJECTS?

Not currently. Unless the project establishes a physical presence in the BVI or otherwise can evidence a ‘nexus’ or connection between the BVI and its business operations, local banks have, traditionally, been reluctant to open accounts for BVI-incorporated entities.

It is typical for BVI entities to establish bank accounts elsewhere, whether in other overseas jurisdictions such as the Cayman Islands or onshore.

6.IS A MONEY SERVICES LICENCE REQUIRED FOR CRYPTO-TO-FIAT CONVERSION THROUGH AN OTC DESK?

To the extent that cryptocurrencies can be both purchased with, and redeemed or exchanged for, fiat currencies, such exchange is likely to fall within either the currency exchange or money transmission provisions of FMSA and therefore require licensing under such act.

11B. Initial Coin Offerings (ICOs)The Appleby Technology and Innovation Offshore GuideBVI

At the time of writing, neither the BVI government nor the FSC has issued any regulatory guidance on ICOs. We understand that the FSC and the BVI government are in the process of reviewing legislative and regulatory changes and it is expected that over the coming months and years there will be legal and regulatory developments to assist with the growth of the FinTech, blockchain and ICO industry in the BVI. We would expect that any such reform would only follow in-depth consultation with the industry.

9.ARE ANY LEGAL OR REGULATORY CHANGES EXPECTED?

12The Appleby Technology and Innovation Offshore GuideBVI

2.WHAT SERVICE PROVIDERS ARE REQUIRED FOR A TOKENISED FUND?

Public, private and professional open-ended funds must each appoint an administrator and, subject to exemptions available to private and professional funds on application (and public funds, in relation to custodian), an investment manager, custodian and auditor. Approved funds require an administrator.

All open-ended funds are required to appoint an authorised representative (who will act as the intermediary between the fund and the FSC).

All public, private and professional funds must submit audited financial statements to the FSC within six months of their financial year end.

All corporate entities incorporated in the BVI are required to maintain both a registered agent and a registered office within the BVI. In almost all circumstances, the registered office of the entity will be that of the registered agent, who will be one of a number of registered agents operating and licensed in the BVI.

In addition, a tokenised fund is likely to appoint a smart contract auditor and/or a third party KYC service provider to assist with the KYC process for subscribers. A tokenised fund may also opt to appoint trading counterparties, a distributor and/or placement agents.

1.ARE TOKENISED FUNDS REGULATED IN THE BVI?

In a tokenised fund, an investor’s interest is represented by a cryptographic token, as opposed to shares or other interests or units offered to investors in a more traditional fund structure.

There is no separate framework for the regulation of tokenised funds in the BVI.

The primary piece of legislation in the BVI regulating funds is SIBA, which is supplemented by regulations including the Mutual Fund Regulations, the Financial Services Commission (Securities and Investment Business Fees) Regulations 2010 and the Securities and Investment Business (Incubator and Approved Funds) Regulations 2015, and is regulated by the FSC. The legislation only captures open-ended investment funds, being those which collect and pool investor funds and issue fund interests (such as tokens in a tokenised fund structure) that entitle the holder to receive on demand, or within a specified period thereafter, an amount calculated by reference to the net asset value of the fund. Such open-ended funds are categorised in the BVI as either public funds, professional funds (with only professional investors with a minimum initial investment), private funds (with no more than fifty investors), recognised foreign funds (being open-ended funds incorporated outside the BVI but who wish to offer inside the BVI), approved funds (aimed at family offices) or incubator funds (for start-up funds). Such open-ended funds must be approved or recognised by the FSC.

Closed-ended funds, being funds where the investor or token holder is not entitled to redeem on demand his interests at a sum calculated with reference to the fund’s net asset value, are not caught by fund regulations within the BVI.

C.TOKENISED FUNDS

13C. Tokenised FundsThe Appleby Technology and Innovation Offshore GuideBVI

5.CAN TOKEN HOLDERS IN TOKENISED FUNDS REDEEM THEIR TOKENS OR TRANSFER THE TOKENS THEY HOLD?

Depending on the redemption rights set out in the terms of the fund, token holders may redeem their tokens for cash and/or payments in-kind (or a combination thereof). Where the amount received on redemption is calculated with reference to the net asset value of the fund, the fund will be regulated in the BVI as an open-ended investment fund.

Alternatively, or in addition, the terms of the fund may permit holders to transfer their tokens (usually with the written consent of the board). The attraction for holders of these tokens is that they also have the potential to offer liquidity through a securities exchange or through a peer-to-peer transfer. Where the only option for liquidity is to sell interests on a secondary market (whether on an exchange or peer-to-peer) rather than redemption by the fund, the fund will also normally benefit from being an unregulated, closed-ended fund.

The fund should ensure that any potential transferee (whether pursuant to an exchange or peer-to-peer):

— provides sufficient KYC documentation to comply with BVI’s AML laws, to the extent these apply to the fund;

— where regulated as a professional, private or incubator fund, provides sufficient information to demonstrate that they are an eligible investor; and

— agrees to the terms for the fund.

4.IS THERE A MINIMUM INVESTMENT AMOUNT?

For professional funds, the FSC requires that the initial minimum subscription per investor must be at least US$100,000 (or the currency equivalent thereof). For incubator funds, the initial minimum investment must be at least US$20,000 (or the currency equivalent thereof).

For all other types of regulated open-ended funds and unregulated, closed-ended funds, there is no minimum investment amount.

3.WHAT AML/KYC IS REQUIRED FOR TOKEN HOLDERS?

As with all entities incorporated in the BVI, a BVI tokenised fund would need to ensure it does not commit any offence under the BVI Proceeds of Criminal Conduct Act, 1997 (as amended).

BVI’s ‘enhanced’ AML legislation (being the BVI Anti-Money Laundering Regulations, 2008 and the AML Code) applies to any business conducting a ‘relevant’ business, which would include regulated open-ended funds.

Accordingly, each regulated tokenised fund will need to receive, and, in order to protect itself under applicable proceeds of criminal conduct legislation, each unregulated fund should consider receiving, KYC documentation on each subscriber and every transferee of the token. Each transferee will also need to agree to the subscription terms for the tokenised fund.

Recent changes to the Anti-Money Laundering and Terrorist Financing Code of Practice 2008 permit digital verification of identities and the receipt of electronic copies of documents instead of traditional “wet ink” paper-based processes.

14The Appleby Technology and Innovation Offshore GuideBVI

There is no formal legislation regulating data protection in the BVI; however, the BVI government has pledged that comprehensive data protection legislation, based on internationally recognised standards, will be enacted in the near future.

BVI courts recognise and subscribe to the common law duties of confidentiality and privacy, and English common law is persuasive, although not binding, in the BVI. As a result, while there is no overriding personal data protection legislation in the BVI, all entities that manage and maintain personal data will be subject to the common law duty of confidentiality described above.

The duty of confidentiality has also been codified in various aspects of BVI legislation, in particular the Banks and Trust Companies Act, 1990 (as amended), which regulates all banking and trust/fiduciary-related activities in the BVI. Licensed operators of such businesses, regulated by the FSC, are under a general obligation to maintain the confidentiality of a client’s personal data unless the individual has granted specific permission for its release or disclosure to third parties. This obligation may be limited where the licensee is required to disclose such data pursuant to anti-money laundering and similar legislation.

For corporate entities, the Registrar of Corporate Affairs is currently permitted to release only limited information regarding the particulars of any registered company, which would include the name, type of company, date of registration/incorporation, registered office address and status of the company. Details of individual shareholders, directors and officers of the company are not available for public inspection and shall only be made available by the Registrar to competent authorities (for tax compliance or other law enforcement purposes) on written request.

D.PRIVACY AND DATA PROTECTION

15The Appleby Technology and Innovation Offshore GuideBVI

1.COPYRIGHT

Copyright protection in the BVI is based on the United Kingdom’s Copyright Act of 1956. The BVI does not have its own copyright registry.

Open-source code is not separately regulated or protected in the BVI.

E.INTELLECTUAL PROPERTY

The BVI is a common law jurisdiction that has a robust IP protection regime.

The main IP rights available under BVI law to protect branding are registered trade and service marks. FinTech companies will generally own a combination of an established brand or trade name, which can include logos or icons, protected as registered trademarks in the British Virgin Islands.

16E. Intellectual PropertyThe Appleby Technology and Innovation Offshore GuideBVI

4.TRADE SECRETS

Currently, rules on confidentiality fall back on English common law principles. Where trade secrets have commercial value, a duty of confidentiality will be imposed in three primary circumstances:

— where there is an agreement between the parties that information should be kept confidential;

— where the relationship between the parties is one that the law imposes a duty of confidentiality with respect to; and

— where the nature and circumstances of the person obtaining the information make it such that the law will require that they keep the information confidential.

3.PATENTS

The Patents Act (Chapter 155), provides for local patent applications and applications to extend rights under a UK registration. In practice, the BVI Registrar of Trade Marks, Patents and Copyright will only re-register UK registered patents. A UK-based patent registration is valid for the same period as specified on the underlying UK registration on which it is based.

2.TRADE MARKS

On 1 September 2015 the British Virgin Islands’ Trademarks Act 2013 and Trademarks Rules 2015 came into effect, which allow the direct registration of service marks without an existing UK registration. Another significant aspect of the legislation sees the BVI align its classification system with the Nice Classification.

17The Appleby Technology and Innovation Offshore GuideBVI

The BVI is a tax-neutral jurisdiction with zero income, corporate or capital gains taxes for any entities incorporated within the BVI. Furthermore, there is no withholding tax on interest or distributions paid by BVI entities to investors, and investors will not otherwise be subject to income or capital gains tax within the BVI. Assuming the company does not hold, directly or indirectly, any real property in the BVI, no stamp duties or similar documentary taxes are imposed by or in the BVI.

If an entity employs anyone within the BVI, such person will be subject to payroll tax of between 10 and 14 per cent (8 per cent of which is paid by the employee, and the remainder paid by the employer) on remuneration (including severance pay, bonuses and money paid under profit-sharing scheme) for services rendered wholly or mainly in the BVI. Contributions will also be required for social security and national health insurance.

F.TAX MATTERS

18The Appleby Technology and Innovation Offshore GuideBVI

TRADE LICENCES

In order to conduct business within the BVI, and unless seperately licenced under investment business or certain finiancial services regulations, entities must obtain a trade licence under the Business, Professions and Trade Licences Act 1989. Trade licence applications are typically processed in six to eight weeks from the date of application, but can take significantly longer if the proposed entity is not wholly or partially owned by BVI Belongers.1

No trade licence is required for companies who wish to be incorporated within the BVI, without any physical presence or operations within the jurisdiction.

G.DOING BUSINESS IN BVI

1.

Whilst BVI is an attractive jurisdiction for international business, holding and investment companies whose physical operations are located elsewhere, the BVI currently presents challenges for entities wishing to establish a physical presence within the BVI.

1. A ‘Belonger’ is a person who, under the BVI constitution, is deemed to belong to

the BVI by virtue of birth and ancestry, or is otherwise naturalised in the BVI.

19The Appleby Technology and Innovation Offshore Guide

Whilst there has been discussion of establishing a direct flight route between the BVI and the conterminous United States, no such route is currently in operation. Passengers must transit through hubs such as Puerto Rico, or take a ferry to the nearby US Virgin Islands for transit onwards to mainland United States.

There is no direct route currently operating, or anticipated, between the BVI and the United Kingdom.

G. Doing Business in BVIBVI

TRANSPORTATION LINKS

3.

Any persons travelling to the BVI for business may request to stay for up to seven days at a time, without the need to obtain a temporary work permit. This exemption does not apply to foreign-admitted lawyers, not admitted in the BVI. For longer visits, or where the exemption does not apply, a temporary work permit may be required. Temporary work permits can be issued for up to a three-month period.

In addition to the permit, visas may be required depending on the residency of the visitor. No visa is currently required for visitors from, among other places, the United States, the United Kingdom, Canada and most EU member states.

For any expatriate who wishes to engage in more long-term employment within the BVI (whether self-employed, paid or unpaid, full-time or part-time), work permits must be obtained from the BVI Labour Department. Employers must give preference to any BVI Belonger who has applied and is qualified for the position. Work permits are typically issued for a one-year period.

VISAS AND WORK PERMITS

2.

© Appleby Global Group Services Ltd 2019.Published in the Isle of Man. All Rights Reserved.

CONTACT US

ABOUT US

BVITechnological innovation is transforming businesses, markets and our everyday life. Appleby’s multi-disciplinary global technology and innovation group comprises experts from each of our 10 offices to help businesses meet the new challenges and support clients across a broad range of emerging technologies, including:

— Blockchain

— Virtual Currencies, Token Sales and Initial Coin Offerings

— Financial Technologies

— Digital Technology and E-Commerce

— Intellectual Property

— Unmanned Aircraft Systems

— IT and Communications

— Data Protection and Information Management

Production credits:Report design by Infinite Global. Photo by JC Gellidon on Unsplash. Icons from Flaticon by Freepik and monkik.

+1 284 393 5346 rjack@applebyglobal.com

Associate | CorporatePartner | Corporate

+1 284 393 5316ajowett@applebyglobal.com

Rebecca JackAndrew Jowett