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BRITISH VIRGIN ISLANDS COMPANY
| Official Name |
The British Virgin Islands |
| Nationality |
The British Virgin Islanders. The nationals hold passports of British dependent territories. |
| Capital |
Road Town located on the biggest and the most developed island of Tortola. |
| Location |
The British Virgin Islands or BVI as it is known, forming an archipelago of about 40 sister islands in the Caribbean Sea; located about 60 miles east of Puerto Rico, North of the Leeward Island and adjacent to the US Virgin Islands. The principle islands are: Tortola, Virgin Gorda, Anegada and Jost Van Dyke. Road Town being the capital is located in the biggest of the islands' chain – Tortola. |
| Official Language |
English |
| Official Currency |
U.S. dollar |
| Population |
Total population is 22,016 (2005 estimate) with its density 260 per 1 sq. km (673 per sq. mi). Adult literacy rate goes to 98%. Ethnic division: over 90% of African descent; remainder are of European, American and Asian origin. |
| Political Status |
The BVI is a British Overseas Territory which is constitutionally autonomous from the UK, self-governed except for external affairs, defense, internal security and courts administration. |
| Political System |
Head of State – Queen Elizabeth II represented by the Governor General.
Head of the Government – Chief Minister. |
| Ruling Party |
The National Democratic Party (NDP) came in office in 2003 lead by Doc., the Hon Orlando Smith. |
| Next Election |
By 2008. |
BRITISH VIRGIN ISLANDS COMPANIES HAVE THE FOLLOWING FEATURES AND ADVANTAGES:
Progressive legislation
The BVI IBC legislation was introduced in 1984 but was developing and subsequently amended taking into consideration the changes required by the industry.
Efficient Incorporation (BVI)
Under normal circumstances, a B.V.I. IBC can be incorporated within 3 working days.
Flexibility in BVI company structure
- Only one director and shareholder required for the BVI company formation.
- Shareholder(s) and director(s) may be the same person.
- The shareholder(s) and director(s) can be a natural person or a corporate body.
- There is no requirement for appointing local shareholder(s) and director(s).
- There is no requirement for a resident secretary.
Privacy for identity of principals
The BVI incorporation documents do not carry the name or identity of any shareholder of director. The names or identities of these persons do not appear in any public record.
Confidentiality
Shareholder(s) and director(s) nominee services are allowed to ensure confidentiality of beneficiaries.
Shares and capital requirements of a British Virgin Island Company.
- Shares can be issued with or without par value;
- Shares may be issued in any recognizable currency or in more than one recognizable currency;
- Shares may be paid up in cash or through the transfer of other assets or for other consideration;
- The standard share capital is USD $50,000 or an equivalent in another recognizable currency.
Minimum capitalization
The minimum paid in and issued capital may be one share which is fully paid.
Taxation in BVI on IBC Profits
According to the IBC Act of 1984, offshore companies are exempted from all taxes for a period of 20 years.
Maintain company books and records for a BVI offshore company
BVI company records and accounts do not have to be held or filed with the authorities. If the shareholders, directors or officers decide to maintain such records or accounts for their BVI companies, these may be held anywhere in the world.
Annual financial statements and other records for BVI Companies
- There is no requirement for any financial statements, accounts or records to be kept for B.V.I. IBC;
- If it is found to be desirable or necessary by the director(s) or shareholder(s) these records may be held anywhere in the world.
Meetings of shareholder(s) and director(s)
- There is no requirement for meetings of shareholder(s) and/or director(s)
- If meetings of shareholder(s) and/or director(s) are desirable these meetings can be held by telephone or any other electronic means of communication providing that all participants can clearly hear each other.
- Meetings if thought necessary can be held anywhere in the world.
Doing business with BVI companies and residents
B.V.I. IBC is restricted from doing business with B.V.I residents or companies except where:
- It makes or maintains professional contact with solicitors, barristers, accountants, bookkeepers, trust companies, management or secretarial companies, investment advisors, or other similar persons or entities carrying on business within the BVI.
- It prepares or maintains books and records within the BVI (if it decides to keep such books and records).
- It holds within the BVI, meetings of its directors or members (if it so desires).
- It holds a lease on property for use as an office from which to communicate with members or where books and records of the company are prepared or maintained (if so decided).
- It holds debt obligations, shares or other securities in a B.V.I. IBC or any other locally incorporated company.
- Shares, debts obligations or other securities in the company are owned by any person resident in the BVI or by any IBC (BVI) or any other locally incorporated company.
Restrictions on any business activities outside the BVI for a BVI Corporation
There are no restrictions on doing business outside of the BVI except illegal activities or such activities that require additional licensing such as: provision of Banking services, or services of the Insurance and Trusts.
One of the following words must be used at the end of the company name “Limited”, “Corporation”, “Incorporated”, “Société Anonyme”, “Sociedad Auonima”, “Gesellsehaft mit beschvanhter Haftung” or abbreviations thereof “Ltd.”, “Corp.”, “Inc.”, “S.A.”, “GmbH”.
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