 General
The British Virgin Islands (40 islands, small islands and outcrops situated approximately 80km east of Porto Rico) are an autonomous state of the British Crown and a member of the Commonwealth. The three principal islands are Tortola (where the capital, Road Town can be found), Virgin Gorda and Anegada. Sixteen of the 40 islands are inhabited. The population reaches approximately 22,000 inhabitants. All financial activities are concentrated on Tortola.
Local legislation is well adapted to the formation of companies; they impose very liberal organisational, management and inspection standards. The BVI are one of the world leaders in offshore legislation. Everyone is given a warm welcome, without being judged straight away.
Business Card
- Numerous serious banking institutions.
- Simplified formation of offshore companies.
- Political stability.
- Certificate of residence.
- Official language: English.
- Population 2004: +/-22187 inhabitants.
- Growth rate: 2.06%.
- Surface area: 153km².
- Currency: Dollar
- State: Unitarian, parliamentary monarchy.
- Main cities: Road Town - Tortola - Capital.
Banks
Banking secrecy is respected.
Local banks are relatively numerous.
Numeric and pseudonym accounts exist, but it is rather difficult to obtain one.
Tax
There is no local tax or VAT and exchange controls are non-existent. However, taxation varies depending on the company's residence status.
The government does not take any tax from partial activities undertaken outside of the territory. Double taxation treaties are in force with Japan and Switzerland.
Companies
Forming a company : In 1985 the International Business Company Act (1984) instigated the offshore system for IBC's and there have been more than 300,000 company registrations since. In our opinion, this record figure speaks for itself in terms of demonstrating the amount of interest generated. In 1997 IBC fees contributed to 45% of the State's budget and made up the archipelago's economic activity.
International Business Company (IBC) : This structure is the one most commonly used to form a company.
An IBC may support the investment programme of its choice and undertake any legal activity, of whatever sort. The purpose of the company must be noted when the company is being formed.
The speed with which a company can be registered on the Virgin Islands impresses even the most seasoned professionals.
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