The British Virgin Islands Overview

The BVI is a British Overseas Territory, which means that it is under the sovereignty of the United Kingdom but it is not part of the United Kingdom itself. It is located in the Caribbean Sea, east of Puerto Rico. The islands make up part of the Virgin Islands archipelago with the remaining islands being part of the US Virgin islands.

The official language is English.

The British Virgin Islands is the most popular jurisdiction to choose when looking to set up holding entities especially for high value assets. It also serves as a very favourable option for joint-ventures, mergers and acquisitions. Many investors look to the BVI for investment fund set-up, banking and finance based services. The BVI provides a wide range of trust and wealth management structures which are widely favoured among high net worth individuals and international businesses alike.

The British Virgin Islands BC Companies Key Facts

  • It takes approximately 3-5 days to incorporate a company with a requested name.
  • There is no income tax, no capital gains tax, inheritance and gift tax in the BVI.
  • There is no tax on foreign profits received to a BVI company
  • The concept of authorised share capital is not required.
  • Considerations to the capital can be in any currency.
  • The most effective number of shares that a company is authorised to issue is 50,000 shares with or without a par value. This is the maximum number that can be issued at the minimum state fee.The minimum authorised share capital is 1 share and the minimum issued share capital is 1 share.
  • The minimum number of Shareholders is 1.
  • A Register of Shareholders must be kept by the Registered Agent. The Register of Shareholders is not available on public record.
  • Bearer shares are not permitted.
  • The minimum number of Directors is 1. Corporate Directors are permitted.
  • Meetings of Directors can take place anywhere in the world. Meetings of Directors can also take place by proxy. Details of the Directors are not disclosed on public file unless the Directors elect to do so.
  • A Secretary is required to keep a record of the company’s transactions.
  • Company Seals are compulsory.
  • All BVI companies must provide details of Beneficial Ownership to the Secure Search System – BOSS
  • Details of the Beneficial Owner are not disclosed  to the public
  • Corporate Minutes and Resolutions must be kept by the Registered Agent.
  • Filing accounts and auditing of companies are not required in BVI, however you must maintain financial records of all transactions internally to determine the financial position of the company at all times.
  • Foreign companies can be redomiciled in the BVI & BVI companies can be redomiciled abroad

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