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.
