BRITISH VIRGIN ISLAND
The British Virgin Island (BVI) is one of the oldest and most respected offshore financial centres in the world. It is a group of islands in the Caribbean Sea located approximately 80 kilometers east of Puerto Rico. Since introducing its International Business Company (IBC) legislation in 1984, the BVI offshore financial services sector has flourished and is now the world's most popular offshore centre. About 41% of the world's offshore companies have been formed in the BVI.
The major advantages of a British Virgin Island Business Company (BVI BC) are:
- •Zero corporate income tax
- •Corporate documents are well known to and widely recognized by international banks
- •Inexpensive annual support
- •Has never been blacklisted by FATF and OECD
- •Information about corporate directors, officers, shareholders and beneficial owners is not filed with the BVI Register of Companies and closed for the public
- •No restrictions on doing business and buying property in the BVI and all other countries
- •Available for residents of any country
- •Companies incorporated in any other jurisdiction may be continued in BVI as an BC
- •BVI BC can, where the laws of another jurisdiction permit, redomicile to such jurisdiction.
Some of the requirements of setting up a business company in BVI are as followings:
- -The word "Limited", "Corporation", "Incorporated", "Societe Anonyme" or "Sociedad Anonima" or the abbreviation "Ltd", "Corp", "Inc" or "S.A." must be part of the corporate name.
- -A minimum of one shareholder is required and bearer shares are allowed.
- -Each company must have at least one director and corporate directors are permitted. However, under the Business Companies (Amendment) Act 2005 or "the New Act", every newly incorporated company will be required to appoint first director within 6 months of the date of incorporation.