Simmonds Building, 30 DeCastro Street, Road Town
Tortola, British Virgin Islands.
tel: +1(284) 494-5808
fax: +1(284) 494-5811
email: info@onealwebster.com
 
 

BVI At A Glance

The British Virgin Islands are a small group of islands situated in the north-eastern Caribbean some 60 miles east of Puerto Rico and directly adjacent to and forming a part of the same geographic group as the United States Virgin Islands. Direct access by air to the British Virgin Islands from North America and Europe is primarily achieved through San Juan, Puerto Rico which is 30 minutes away by connecting air links. San Juan is approximately 2 hours flying time from Miami. The proximity to the United States Virgin Islands and Puerto Rico have made these two territories the natural trading partners of the British Virgin Islands with a great deal of trade and travel going back and forth between the islands.

The British Virgin Islands are located in the same time zone as the eastern United States and 4 hours behind Greenwich Mean Time.

Though the British Virgin Islands consists of some 60 islands and cays with a combined land mass of less than 100 square miles, there are four principal population centers, the largest being the island of Tortola, site of Road Town, the capital and commercial center of the territory. The British Virgin Islands are mostly volcanic in origin with a topography characterized by steep wooded hills and white sand beaches ringing the coasts of most islands, the island of Anegada the sole exception, being perfectly flat and limestone in origin.

The main industries in the British Virgin Islands are tourism and financial services. Each sector currently contributes approximately fifty percent to the revenue of the territory, contributing to one of the highest standards of living in the Caribbean, with a per capita income of approximately $30,000 in 1996. The literacy rate is 98%.

The British Virgin Islands are a British Overseas Territory, one of a handful in the Caribbean. The British Virgin Islands are constitutionally autonomous of the United Kingdom and are internally self-governing with a Governor appointed by the British Government as the representative of the British Crown in the territory. The Governor is responsible for defense, external affairs, the local police force and the administration of justice. The Governor normally acts on the advice of the locally elected government.

Most government functions are the responsibility of locally elected representatives who together with the opposition members, comprise and sit in the Legislative Council, a unicameral body that consists of 13 members. The head of the Government is the Chief Minister who with a Cabinet of three ministers conducts the affairs of government for the territory. The voting age is 18 years. There are two main political parties. However, there is broad consensus on the general trend of development in the territory. The British Virgin Islands are regarded as politically and economically stable.

The official language is English.

The British Virgin Islands has a population of approximately 24,000 (July 2002 est.) persons of which perhaps 13,500 possess full status to live and work in the territory without restriction.

Several population groups coexist in harmony.

  • Former Deputy High Court Registrar joins O'Neal Webster
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  • BVI FSC announces extended transition dates for SIBA
  • O'Neal Webster strengthens litigation practice
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  • O'Neal Webster makes key Corporate and Banking Appointment
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  • BVI Shipping Registry sees increased resgistrations
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  • BVI FSC appoints new Deputy Director of Insurance
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  • BVI companies can be listed on the HKSE
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  • BVI legal and regulatory framework - insight for offshore private equity investors (Worldwatch (Private Equity) - Financier Worldwide Magazine)
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  • BVI Securities and Investment Business Act, 2010
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  • Guide to the BVI Business Companies Act, 2004
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  • Guide to the Mutual Funds Act, 1996
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  • Guide to security registration in the BVI
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  • Benefits of establishing a fund in the BVI (Financier Worldwide)
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Recent Transactions

  • Acting for vendor in sale of Hong Kong residential property (valued at over US$35,000,000). This residential area is known to be one of the most expensive residential areas in the world.
  • Advising on structuring of US$20,000,000 asset sale of Israeli based software company including advising on various post closing and distribution issues.
  • Advising a group of segregated portfolio funds in relation to a US$15,000,000 funding and note purchase transaction.
  • Acting for large New York based BVI fund in litigation proceedings concerning assets valued at over US$2 billion.
  • Acting for major bank in relation to cross-border loan financing in excess of US$8,000,000 to a group of companies.