General
Type of Company IBC
Political Stability Good
Standard Authorized Capital No
Tax on Offshore Profits Nil
Corporate Requirements
Local Registered Office and Registered Agent Required Yes
Minimum Number of Directors/Managers 1
Local Directors Required No
Corporate Directors Permitted Yes
Minimum Number of Shareholders/Members 1
Local Shareholders Required No
Corporate Shareholders Permitted Yes
Company Secretary Required No, but normally appointed
Bearer Shares Allowed Yes, but not available
Annual Requirements
Filing of Annual Return No
Submit Audited Accounts No
Min. Annual Tax / License Fees US$350
Shelf Companies Available Yes
ENERAL INFORMATION
INTRODUCTION
The British Virgin Islands (BVI) is a group of islands in the Caribbean Sea located approximately 80 kilometers east of Puerto Rico. The BVI became an internally self-governing colony in 1967 and is a member of the British Commonwealth. The largest and most populated Island is Tortola, which has about 16,000 inhabitants. The capital, Road Town, is on the southern shore near Sir Francis Drake Channel. The economy, one of the most prosperous in the Caribbean area but is highly dependent on the tourist industry, which generates about 20% of the national income.
In 1985, the Government offered offshore registration to companies wishing to incorporate in the Islands.
LANGUAGE
The official and spoken language is English.
TYPE OF LAW
Common Law, based on English Common Law with local modifications and local statutes.
COMPANY INFORMATION
TYPE OF COMPANY FOR INTERNATIONAL TRADE AND INVESTMENT
International Business Company (IBC)
TIME TO INCORPORATE
One Day, but allow ten working days for receipt of documentation.
RESTRICTIONS ON NAME AND ACTIVITY
Names must end with one of the following words, or their relevant abbreviations - Limited, Corporation, Incorporated, Société Anonyme, Sociedad Anónima.
The following names and their associated activities cannot be used: Assurance, Bank, Building Society, Savings, Loans, Insurance, Reinsurance, Fund, Royal, Trust, Chamber of Commerce, University Co-operative and Municipal.
CLASSES OF SHARES PERMITTED
Registered shares, bearer shares, shares of no par value, preference shares, redeemable shares and shares with or without voting rights.
DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES
No.
LICENCE FEES
Companies with an authorized capital up to US$ 50,000 pay US$ 350 per year. Additional incorporation and annual fees would be payable for companies having a higher share capital.
FINANCIAL STATEMENT REQUIREMENTS
Whilst there is no requirement to file audited accounts with the authorities, a companyis requiredto keep financial records, which reflect the financial position of a company.
Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other professional advice. We do not accept any responsibility, legal or otherwise, for any error or omission.
