BVI

General Information

The British Virgin Islands, or BVI for short, is a group of fifty islands in the Caribbean forming a British Overseas Territory. The main islands within this group are called Tortola, Virgin Gorda, Anegada and Jost Van Dyke. They have been autonomous from Britain since 1967. While the official name is the Virgin Islands, they are usually called the British Virgin Islands to separate them from the nearby American Virgin Islands.

 

Advantages of BVI Company Formation

  • 0% corporate tax
  • 0% capital gains tax
  • 0% profit tax
  • 0% gift tax
  • 0% sales tax / Value Added Tax
  • 0% inheritance tax
  • No stamp duty except for land transactions in the British Virgin Islands itself
  • No restrictions on doing business anywhere in the world
  • Ability to transfer and repatriate money without fees
  • No currency exchange fees or limitations
  • A minimum of one shareholder is required for a BVI company formation
  • A minimum of one director is required for a BVI company formation
  • Corporate directors and shareholders are permitted
  • No need to publicise company directors, officers, owners or shareholders

Characteristic of BVI Company

Principal Legislation BVI Business Companies Act, 2004 (“the Act”) as amended
Type of Law Common
Share capital There is no concept of authorised share capital in the Act. Standard authorised share capital is US$50,000. Minimum paid up share capital is US$1.
Classes of Shares Available Registered shares, shares of no par value, bearer shares, preference shares, redeemable shares and shares with or without voting rights. Bearer shares will be subject to anti-money laundering and due diligence obligations and a company which is authorised to issue bearer shares pays higher incorporation and annual fees.
Bearer Shares Permitted
Restriction on trading BVI Offshore Company cannot trade within the BVI or own real estate there. Banking, insurance, assurance, reinsurance, fund management, collective investment schemes, trust management, trusteeship business provision are not permitted.
Registered office Each BVI Company must have a Registered Office in the BVI, provided by a Licenced Registered Agent
Directors Requires a minimum of one director. Director can be of any nationality and need not be resident in the BVI. Corporate directors are permitted.
Shareholders Requires minimum one shareholder
Publicly Accessible Records No
Nominee Shareholder/Director Allowed
Location of Meeting Anywhere
Personal presence required No
Double Taxation Treaty access None
Requirement of file accounts / annual return None
Audit requirement None
Exchange control None
Company name restricted words Words such as “Assurance”, “Bank”, “Building Society”, “Royal”, “Trust Company”, “Trustee Company” etc. will require justification.
BVI Company Name The words “Limited”, “Corporation”, “Incorporated”, “Societe Anonyme”, “Sociedad Anonima” or Ltd, Corp., Inc., S.A. must be part of the name of every BVI Company.

 

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