Mondaq All Regions - British Virgin Islands: Employment and HR
The Government of the British Virgin Islands has recently enacted legislation setting a minimum compulsory retirement age for employment law purposes, subject to certain exceptions. This is the first such measure in the Territory's history.
The BVI Business Companies Act, 2004 (the "New Act") came into effect on 1 January 2005. The New Act introduces a comprehensive new regime that will affect all companies incorporated or to be incorporated in the British Virgin Islands ("BVI") and replaces both the International Business Companies Ordinance (the "IBC Ordinance") and the Companies Act (Cap. 285) (together, the "Existing Legislation").
Harneys has recently acted for a client in a successful court approved arrangement under section 82 of the International Business Companies Act (Cap. 291) (the "Act"). Importantly the arrangement offered significant benefits to a client with a complex corporate transaction that it wished to put in place. The primary benefit in this case was the ability to seek exemption of exchanged securities from registration under the US Securities Act of 1933, as amended (the "Securities Act&q
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