Most Read Contributor in British Virgin Islands, August 2016
Electronic signatures (e-signatures)
provide flexibility and efficiency in cross-border transactions,
are virtually accessible from anywhere in the world, and, given the
advancements in digital signature technology, provide arguably
greater security than scanning and emailing wet-ink signatures.
Unsurprisingly, e-signatures are increasingly popular, and on 1
July 2016 the European Union's legal framework for e-signatures
came into effect via the eIDAS Regulation.
In comparison, the BVI passed similar legislation 15 years ago
and was one of the first to recognise the validity of e-signatures
and electronic records. The BVI Electronic Transactions Act,
2001 sets out the requirements for a legally binding
e-signature under BVI law. This recognition of e-signatures along
with other BVI statutory developments (such as simplified
requirements for the execution of contracts) provides flexibility
in cross-border transactions involving BVI companies.
This article considers what e-signatures are and when they can
be used under BVI law.
Click here to read more.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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