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BVI

British Virgin Islands

The British Virgin Islands are an Dependent Territory of the United Kingdom, located in the Caribbean off Puerto Rico. The BVI is politically stable; under the 1967 constitution, the Governor represents the Queen and heads an Executive Council. There is a 13-member elected Legislative Council.

The British Virgin Islands are an English-speaking British Dependant Territory located in the Caribbean off Puerto Rico. The BVI is composed of over 50 islands, the land area is approximately 60 square miles. The BVI is politically stable, the Governor represents the Queen and leads an Executive Council. The Legislative Council consist of 13 elected member. The population of 22,500 is of mixed Caribbean and European origin.

The principal island is Tortola, with a population of about 14,000. BVI has modern telecommunications and is easily accessible by sea and air through the main gateways Puerto Rico and the U.S. Virgin Islands.

The BVI has tried hard to exclude money laundering and comply with international standards, mostly with success, and has a relatively good reputation.

BVI International Business Companies

IBCs are companies incorporated under the International Business Companies Ordinance 1984 (as amended). BVI IBC is a tax exempted company with strict confidentiality requirements. International Business Companies are by far the most popular and widely used type of company in BVI.

The more significant features and advantages of BVI offshore companies (IBCs) are:

  • minimum of only one shareholder, and one director
  • no need to appoint any operating officers
  • shareholders, officers and directors may be corporations or individuals
  • shareholder's or director's meetings can be held in BVI or any other country
  • meetings can be arranged by telephone or other electronic means
  • shareholders as well as directors may vote by proxy
  • Annual General Meeting not required for BVI IBC
  • company shares may be denominated in any currency and in more than one currency
  • BVI IBC is required to keep only such accounts and records as the directors consider necessary or desirable and these may be kept abroad
  • no requireement to prepare financial statements or to appoint auditors
  • British Virgin Islands IBC can be incorporated within 24 hours of the receipt of instructions

Main characteristics of BVI IBC

Official language / language of documents: English
Minimum number of Members: 1
Minimum number of directors: 1
Minimum paid-up capital: No specific requirements
Bearer shares: Allowed but should be kept by authorized Custodian
Registered Agent in BVI: Required
Registered Address in BVI: Required
Corporate Seal: Mandatory
Available special types of company: Segregated portfolio company and Restricted purpose company
Redomicile a foreign company into BVI: Available
Redomicile a BVI company abroad: Available
Annual license fees to the BVI Government: USD 350 for Company with up to 50,000 shares / USD 1100 for Company with more than 50,000 shares or with bearer shares
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