British Virgin Islands

Introduction

Although named by Christopher Columbus, the Virgin Islands has been home to many diverse people, including the Dutch, Spanish, Danish, French and British. The British Virgin Islands (BVI) is a British Overseas Territory with a long history of political stability. It is responsible for its own internal self-government. Good communication links with the rest of the world ensure extensive professional support from a robust and excellent infrastructure.

The legal system is based on English Common Law, and there is an efficient Commercial Court, with the Court of Final Appeal being the UK Privy Council. In addition to its thriving tourism industry, the BVI has become the world leader in offshore company incorporations. Flexibility has been a critical factor in explaining this phenomenal success. The BVI has established a rock-solid international presence and enjoys a reputation for cutting-edge, progressive and user-friendly legislation, together with quality services.

The BVI Business Companies Act was introduced in 2004; companies were first incorporated under that Act in 2005, but all new companies were incorporated under it, with effect from January 1, 2006.

Current Features & Benefits

• BVI companies are entirely tax neutral
• Comprehensive trustee, banking, accounting and funds management infrastructure
• Confidentiality – corporate directors are allowed to ensure confidentiality of beneficiaries
• Privacy of identity for principals –The names or identities of the director and shareholder do not appear on any public record
• Flexibility in company structure, for example, limited by shares, limited by guarantee, hybrids, a segregated portfolio, restricted purpose companies, etc
• Time-proven, efficient incorporation/registration process