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The British Virgin Islands
The British Virgin Islands (BVI) is a British Overseas Territory headed by a British appointed Governor.
Politically, a locally elected parliament headed by the Chief Minister is responsible for the internal affairs of the country by way of a bi-cameral parliamentary system. Parliament consists of the Executive Council and the Legislative Council. External Affairs is under the control of Britain. This dependency on Britain has provided for the best of both worlds for the islands. They enjoy a healthy democracy with a legal system based on British Common Law and statute enacted by the locally elected Legislative Council.
The BVI boasts of progressive legislation along with regulations and Supervisory functions which has provided for a world class offshore environment.
Under the International Business Companies Act (cap.291) no.8 of 1984, the BVI has enjoyed consistent growth in the offshore company formation sector. This sector now contributes approximately 50% of GDP and is therefore of similar importance as tourism is to the economy.
The British Virgin Islands is made up of numerous islands just 50 miles east of Puerto Rico and adjacent to the US Virgin Islands in the Caribbean Sea. The principal islands of the BVI are Tortola, Virgin Gorda, Anegada and Josh Van Dyke. The capital of BVI is Road Town, situated in Tortola.
Due to BVI's stable democracy, British and Caribbean culture, geographic location and progressive but flexible legislation and regulations, it has emerged as a world class environment for your International Business Company Incorporation.
What Makes BVI an Ideal Tax Haven
- 100 % tax exemption on IBC profits and non-resident shareholders.
- Minimum requirement of one shareholder and one director who may be the same person.
- Shareholders and directors do not have to be a physical person, but may be a company.
- Nominee shareholders and directors are acceptable and normal (we offer Nominee Services).
- No minimum capitalization required. The standard for capitalization is USD $50,000 at no extra incorporation costs or Annual Government Fees.
- Records, accounts and other reports are not required.
- Company incorporation can be quick and is usually completed within three working days.
BVI IBC's may conduct any and all legitimate business activity outside of the BVI, but they are restricted from the following:
- Carry on the business of providing a registered office or being a registered agent for companies incorporated in the BVI.
- Doing business with BVI residents, except professional contact, example; lawyers, accountants and investments advisers.
- Own real estate in the BVI.
Words such as “Limited”, “Corporation”, “Incorporated”, “Société Anonyme”, “Sociedad Auonima”, “Gesellsehaft mit beschvanhter Haftung” or abbreviations thereof example; “Ltd.”, “Corp.”, “Inc.”, “S.A.”, “GmbH” must be used at the end of each company name.
There are restrictions on the use in the name of the company with; “Assurance”, “Building Society”, “Chamber of Commerce”, “Chartered”, “Co-operative”, “Imperial”, “Insurance”, “Municipal”, “Royal”, “Trust” or any word or abbreviation conveying a similar meaning.
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