British Virgin Islands

Located in the eastern Caribbean Sea. Consist of more than 50 islands. The largest of them is Tortola.

Capital

Road Town

Official language

English

Currency

U.S. Dollar (USD)

Government

The British overseas territory. Governmental body of the British Virgin Islands is represented by the Executive Council, headed by a governor who is appointed by the Ministry of Foreign Affairs of the United Kingdom. The Executive Council consists of the Chief Minister, three Ministers and the Attorney General. The legislative body is represented by a unicameral Assembly.

Economy

Economy of the British Virgin Islands is the most stable and prosperous in the Caribbean. The main branches are tourism and financial sector. British Virgin Islands are a popular area for the registration of offshore companies (up to 40% of all offshore companies in the world).

Legal system

Based on English common law

Corporate law

  • The BVI Business Companies Act 2003, Amendments 2004
  • Limited Partnerships Act 1996
  • Trustee (Amendment) Act 2003
  • Special Trusts Act 2003

Types of companies

  • International Business Company
  • Company Limited by Guarantee
  • Hybrid 'Cap 285' Company
  • Public Company
  • Limited Partnership
  • Trusts

International Business Company, IBC

  • The authorized capital of the company is declared, there is no mandatory requirement for its payment, no minimum and the maximum amount of capital.
  • Annual fee is USD 300 if the authorized capital is up to USD 50,000, USD 1,100 for a capital of over USD 50,000.
  • it is enough to issue one share for opening a company. Shares are paid in cash or through the transfer of other assets. The share capital may be expressed in any currency. Nominal value may be omitted. If shares have a nominal value, the shareholder must pay the company's shares.
  • The available types of shares are: registered shares, bearer, no par value, preference shares, redeemable shares and shares with or without voting rights.
  • The shareholder may be one person or entity. There are no requirements for the resident status and citizenship.
  • The minimum number of directors required is 1. Corporate and nominee directors are permitted. Meeting of Directors may be held anywhere in the world at the suggestion of any of the directors. The AGM is conducted only at the request of a board of directors or owner of more than 50% of the voting shares.
  • Appointment of the Secretary is not required.
  • Information about the shareholders of the company is confidential.
  • Any activity not prohibited by law is allowed, except for transactions with residents of the British Virgin Islands, and real estate located in the British Virgin Islands. A special license is needed to conduct banking, insurance, reinsurance and trust services.
  • Company name can be in any language using the Latin alphabet, they should not be identical or confusingly similar to the existing ones.
  • At the request of third parties the following information may be be disclosed: articles of incorporation, charter, the name and address of the agent's office.
  • Filing of financial statements and annual report is not required. However, the International Business Company shall maintain accounting records that reflect its financial condition. An audit is not required.

Taxation

The Company is exempt from all taxes and duties, if acting outside the British Virgin Islands.

Agreements on avoidance of double taxation

Absent. Agreements on exchange of information are signed with Aruba, the Czech Republic, India, Sweden.