About British Virgin Islands (BVI)
The British Virgin Islands (BVI) have been a British colony in the Caribbean since 1672. The British Virgin Islands are a group of about 50 islands situated in the Eastern Caribbean, 60 miles east of Puerto Rico and 180 miles north of Antigua.
With a stable self-governed political structure, and its own internal legislation based on a common law legal system, this territory enjoys high economic and political stability. BVI companies are not required to file tax returns or any other type of report or declaration to the BVI government regarding foreign-source income. The national currency in BVI is the U.S. Dollar and the official language in English.
Benefits of Setting up an Offshore Business in BVI
- Exemption from all local taxes for BVI Business Companies conducting business outside of the BVI
- Well-developed financial services industry
- Common law legal system based on English law
- Well-developed professional infrastructure
- Excellent telecommunications system
- Easy air access to North America and Europe
- No foreign exchange restrictions.
Key Corporate Features
| General | |
| Type of Company | BC |
| Type of Law | Common |
| Shelf company availability | Yes |
| Time to establish a new company | 2 days |
| Corporate Taxation | Nil |
| Double Taxation Treaty Access | No |
| Government fees for number of issued shares not exceeding 50,000 | US$ 350 |
| Government fees for number of issued shares exceeding 50,001 | US$ 1,100 |
| Share capital or equivalent | |
| Standard currency | US$ |
| Permitted currencies | Any |
| Minimum paid up | US$1 |
| Usual number of shares issued | 50, 000 |
| Directors | |
| Minimum number | One |
| Local required | No |
| Corporate Directors Permitted | Yes |
| Publicly accessible records | No |
| Location of meetings | Anywhere |
| Shareholders | |
| Minimum number | One |
| Publicly accessible records | No |
| Location of meetings | Anywhere |
| Company Secretary | |
| Required | Optional |
| Local or qualified | No |
| Accounts | |
| Requirements to prepare | Yes |
| Audit requirements | No |
| Requirements to file accounts | No |
| Publicly accessible accounts | No |
| Other | |
| Requirement to file annual return | No |
| Change in domicile permitted | Yes |
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