BVI has evolved as a major international insurance center and a highly favored domicile for enhanced products and services. Now it is one of the world’s leading financial centers with high quality services, able to meet the changing needs of international businesses and markets.
Over the years, this region has strengthened its position as the location of choice of various international trust settlements and operations. The 2013 amendments saw a drastic increase in BVIs trusts and estate legislation. This made BVI a well regulated, pre-eminent and progressive jurisdiction for international business services. The reputation of the territory has expanded over the world and many developing markets now realize the importance of doing business in this area.
Why BVI for your Business?
- The new legislation – the Business Companies Act 2012 and BVI Business Companies Regulations 2012 ensures BVI as safe and returning hub for many business destinations.
- Approved Manager Regime (AMR) allows eligible fund managers and advisers to submit simple application to the Financial Services Commission and then start the business seven days later.
- An approved manager can act as the investment manager/adviser to any number of private or professional funds recognized under SIBA as well as any number of closed-ended funds domiciled in the territory.
- The BVI follows International Association of Insurance Supervisor’s core principles which increase the territory’s level of transparency.
- BVI is a home of many fund managers and administrators and is recognized as the world’s second largest hedge fund domicile. It is member of Securities Commissions making it even more reliable for emerging markets and business.
- Service providers like manager, administrator or custodian need not be a resident of BVI. This is a very liberal business growing opportunity for foreign investors.
The trend of doing business in BVI has been growing in the area of aircraft registration as well. After the enforcement of Mortgaging of Aircraft and Aircraft Engine Act, 2011 and Mortgaging of Aircraft and Aircraft Engine Regulations, 2012 in October 2012, the expansion of the island’s aircraft registry by enabling locally registered operators to secure aircraft financing has grown in popularity.
BVI for Aircraft Registration and the Law
The efforts of the Government of the British Virgin Islands to make BVI a leading aircraft registration hub in order to maintain its reputation as one of the world’s leading financial centers is even more complemented by adoption of Mortgaging of Aircraft and Aircraft Engines Act, 2011 and the Mortgaging of Aircraft and Aircraft Engines Regulations, 2012.
This means that BVI now has a US Federal Aviation Authority Category One Aircraft Register under the International Aviation Safety Assessment program which permits aircraft to be registered in the British Virgin Islands bearing the prefix VP-L.
- This adoption of law enables registration of charges over BVI-registered aircraft and aircraft engines owned by BVI based companies.
- This law also enables aircraft operators to register ownership of aircraft and aircraft engines under three separate registries: for aircraft, their engines and their mortgages. This makes banks and other financial services prefer lending to companies whose aircraft or aircraft engines are registered in jurisdictions which offer arrangements for registration of their interest as it provides additional amount of security.
- This law enables local operators to register ownership of aircraft and their engines unlocking credit opportunities for fleet expansion.
- This law has made provisions for international operators to secure their business in the islands all they need is a supportive regulatory environment. This gives international operators various privileges and attracts them to register their aircraft and engines in BVI.
- This law has provisions for filing of priority notices which reserves and protects a particular priority position for a prospective mortgage for fourteen days and also has clear provisions on enforcement, transfers, transmission and discharge of mortgages. This specially makes Lenders happy.
Not only these, other various advantages are there if an institution wishes to register their Aircraft in BVI. Due to various advantages of growing their business by being based on British Virgin Islands, many business markets are attracted towards this territory. If there is any interest in registering an aircraft in BVI or applying for aircraft or aircraft engine mortgage registration, consult a professional and reputed company handling financial services in this area.