Offshore jurisdictions update

Offshore jurisdictions update

Oracle Capital Group closely monitors the situation in offshore jurisdictions where we help our clients to set business presence. The autumn of 2020 brought specific updates that we like to share.

BRITISH VIRGIN ISLANDS

The British Virgin Islands (BVI) Government takes proactive measures to control, prevent and suppress the spread of COVID-19 by restricting access to the BVI. Curfew is effective by the end of September.

Due to the resurgence of COVID-19 infections in the BVI, the BVI Government has re-introduced a curfew effective 16 September 2020 to 30 September 2020 between the hours of 5:01 p.m. and 4:59 a.m. daily. Businesses are permitted to operate (subject to certain conditions) during the hours of 5:00 a.m. to 5:00 p.m. daily.

JERSEY

The Jersey Financial Services Commission (JFSC) works remotely since the end of August. The Registry is working in an entirely digital basis and document submission is through the electronic filing portal Easy Companies Registry and by email for the JFSC.

Company searches may be conducted in the usual manner, through the electronic Companies Register.

MAURITIUS

The Financial Services Commission of Mauritius issued a communique on the filing and reporting requirements of its licensees in view of the national lockdown which was in force as a result of the COVID-19 pandemic.

The FSC has thus confirmed that it will continue to maintain a flexible approach and will not impose administrative penalties on its licensees, including Reporting Issuers, for late filings and reporting obligations.

Oracle Capital Group experts can facilitate new company registrations and manage start-up operations of offshore companies economically and swiftly. Oracle Capital Group can also recommend and deliver complete packages for an already existing offshore entity. From providing recommendations on which jurisdictions to explore and choosing the type of entity to form, Oracle Capital Group will provide guidance and execute a strategy that best suits your needs.

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