The BVI is a British Overseas Territory with a legal system developed on English common law. The BVI is supporting international business industry presence within its jurisdiction and as a reason of that gained rank amongst the top offshore jurisdictions globally. The data according to ”The Global Financial Centres Index”.
Under SIBA regulation, the FSC promotes the BVI’s license regime to comply with international best practice and common standards of industry predefined by such organizations as the International Monetary Fund and the International Organization of Securities Commissions.
In 2010 International Monetary Fund issued the statement that the global financial crisis has not affected the health of companies incorporated in BVI. Simultaneously the report indirectly affirmed the FSC as a capable organization to enforce the core principles of international supervision of the financial markets for the companies with the principal place of business in BVI. The commission has made it happen by the introduction of SIBA.
Moreover, in 2013 the FSC and regulatory authorities of 31 European countries have signed a Memorandum of Understanding (“MoU”) regarding the mutual assistance in the supervision and oversight of managers of investment funds. The reached agreement reaffirms the important role FSC holds in international regulation and notifies the investors that the jurisdiction of BVI is respectfully recognized by the financial sector worldwide.