British Virgin Islands

Introduction

The British Virgin Islands (“BVI”) is located in the Caribbean Sea, approximately 30 minutes flying distance (80 kilometers) east of Puerto Rico. BVI is a British overseas territory and is one of the world’s leading offshore financial center. Its official language is English.

BVI Business Companies are exempted from taxation on business activities or transactions carried outside of the BVI. BVI has sound commercial constructions and communication systems, coupled with the widespread use of English and usage of English Common Law, the BVI is favoured by financiers and bankers around the world. Offshore companies, trusts, insurance companies and mutual funds on the islands are supported by the developed and well-trained professional services providers. The principle corporate legislation is the BVI Business Companies Act 2004.

Features and Advantages

  • Minimum number of director and shareholder is one. They can be of any nationality and no need to reside in BVI.
  • Information of director and shareholder is not accessible publicly. Chinese company name (or other name in foreign language) is permitted can be incorporated with the Registrar.
  • Not subject to any taxes in BVI, including stamping duty.
  • Not required to file annual return and audited accounts.
  • Comparing to other jurisdictions, it is easier to find BVI lawyers in any other countries, even in Asia.
  • Flexible regulations which makes it easier for clients to operating their companies.
  • It takes only 1-2 working days for BVI company formation.
  • Shelf companies are available for purchase.
  • Companies conducting certain activities in the BVI are required to comply with the Economic Substance requirements.

Please NOTE: The time of annual license fee payable to the Companies Registrar is regardless of its incorporation date. The due dates are set at 31st May for 1st half companies (companies registered in January to June) and 30th November for 2nd half companies (companies registered in July to December) every year.

Summary

Type of Company
Business Company

Time to Incorporate
1-2 working days

Disclosure of Director / Shareholder Information / Beneficial Owner
Information of director, shareholder and beneficial owner is not accessible publicly, however a copy of the Register of Directors and information of beneficial owners must be filed with the Registrar of Companies

Taxation
Nil

Minimum Director
At least 1 director who can be natural person or corporate body

Minimum Shareholder
At least 1 shareholder who can be natural person or corporate body

Audit Requirement
No audit requirement for accounts

Filing of Accounts
Required to prepare accounts / Accounts are not accessible publicly

Filing of Annual Return
Not required

Economic Substance
Economic Substance Companies conducting certain activities in the BVI are required to comply with the Economic Substance requirements

The information in this article is of a general nature only. We have made every effort to ensure that the information included herein is up-to-date and accurate, we do not accept any responsibility for any inaccuracy, errors or omission. We strongly recommend that applicable professional advice be taken prior to purchasing any company.

British Virgin Islands News