British Virgin Islands

The British Virgin Islands (BVI) is by far the most popular jurisdiction in the world for International Business Companies.

BVI is a British overseas territory, located in the Caribbean to the east of Puerto Rico. The islands make up part of the Virgin Islands archipelago. The BVI is known for its administrative ease, flexibility, taxation exempt status and the fact that they are widely accepted and understood by the international financial community.

The BVI has an independent legal and judicial system based on English Common Law, with a right of final appeal to the Privy Council in London. Policies and legislation are developed in close consultation with the private sector. Offshore business can be carried out in a tax-free environment.

Some of the key features of the BVI include

  • British Overseas Territory status.
  • Political and economic stability and a growth-oriented local Government.
  • English legal system (final right of appeal to the Privy Council in London).
  • Codification of modern banking, company, mutual fund, insurance and trust laws.
  • Innovative, flexible, user-friendly legislation with minimal regulations.
  • No taxes on IBCs; low tax rate for domestic companies.
  • No wealth, capital gains or estate taxes.
  • Asset security, and the freedom to transfer and merge assets.
  • Protection of wealth benefits, inheritance wishes and trust interests.
  • Legislative exemptions for qualified institutions.
  • Internationally recognized reputation and respectability.

Other factors which have made the BVI a jurisdiction of choice include an supportive Financial Services Department and a highly efficient BVI Companies Registry (both are BVI Government agencies). The Financial Services Department has maintained minimalist yet tight regulation to safeguard the integrity of the jurisdiction, and continues to initiate legislation which keep the Territory's laws among the most advanced and flexible to be found in any of the offshore financial centers. The BVI Companies Registry has introduced an advanced electronic name reservation system and is now capable of registering foreign language memoranda and articles of association. Despite the increasing volume, it continues to fulfill same-day incorporation orders, and has been invaluable in meeting international client needs.

Website: http://www.bvifsc.vg/