The British Virgin Islands (BVI) is an archipelago of about 40 islands, 16 of which are inhabited. They are located 100 kilometres east of Puerto Rico. The BVI financial services authorities have responsibility for its internal self-government, while the political and economic stability of the territory is assured through its association with the UK, BVI being a British Overseas Territory with self-government in relation to internal matters. The 1977 constitution provides that the UK is represented by a governor responsible for external affairs, defence, internal security, and public service.
The population of the BVI is approximately 23,000. The capital, Road Town, is on the southern shore near Sir Francis Drake Channel. Tortola is the largest and most populated of the British Virgin Islands with a population of 18,000.
The economy of the BVI, is one of the most prosperous in the Caribbean area, and is highly dependent on tourism.
Registration of offshore companies commenced in 1984. By 2008 close to 900.000 companies have been incorporated, making the BVI one of the leading offshore jurisdictions in the world.
The official and spoken language is English while the local currency is the US Dollar. BVI have no currency exchange restrictions/controls.
Type of law: Common Law, based on English Common Law with local modifications and local statutes.
BVI Offshore Company Description:
Business Companies (BC) are companies incorporated in the British Virgin Islands (BVI) under the International Business Companies Act of 1984. BCs can only carry out business activities outside the BVI. It may not have business activities with BVI residents. BVI BCs are a very popular and widely used because of their administrative ease, zero tax characteristic, and their wide acceptance by the international financial community.
Type of entity: Business Company (BC)
Type of law: Common
Shelf company availability: Yes
Government fees for a share capital not exceeding US$50,000: US$350
Government fees for a share capital exceeding US$50,001 : US$1,100
Corporate tax: Zero
Double taxation Agreements: None
Share capital currency: USD
Minimum paid up: US$1
Standard Share capital: US$50 000
Minimum number of Directors: One
Local required: No
Corporate Directors Permitted: Yes
Minimum number of shareholders: One
Publicly accessible records: No
Location of meetings: Anywhere
Company Secretary Requirement: Optional
Local or qualified: No
Requirement to prepare accounts: Yes
Audit requirements: No
Requirement to file accounts: No
Publicly accessible accounts: No
Requirement to file annual return: No
Change in domicile permitted: Yes