BVI Introduces New Licence Classes for Family Businesses

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This month, the British Virgin Islands have amended two laws, namely the Banks and Trust Companies Act 1990 and the Company Management Act 1990 in order to offer two new license classes of trust and corporate service providers important to family and other related groups.

A Class 4 trust license enables the holder to conduct certain business transactions relating to company management and trusts by family offices and similar firms. The Class 5 permit enables the holder to conduct company management business only by family offices.