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BVI To Issue Electronic Certificates Of Good Standing

by Mike Godfrey, Tax-News.com, Washington

09 December 2014


The British Virgin Islands Financial Services Commission has announced that it can now issue digital certificates of good standing for companies and limited partnerships.

A certificate of good standing is a formal document issued by the financial services regulator listing the particulars of a registered company and confirming that the company is compliant with local requirements.

Certificates of good standing may be required in a number of circumstances to confirm a company's existence, such as when opening a bank account or instructing lawyers.

The offering of electronic certificates is intended to decrease delays, as it will allow the registry to automate the preparation of certificates and allow for instant delivery, eliminating the long postal times from the Caribbean.

Electronic certificates of good standing will bear the same security features as traditional hard copy certificates and users may authenticate any certificate of good standing by using the certificate authentication service on the FSC's website.

From next year electronic certificates will be issued by default. However, it will still be possible to request hard copy certificates for an additional fee.

TAGS: investment | law | financial services | international financial centres (IFC) | offshore | services

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