The British Virgin Island (BVI) is a group of islands in the Caribbean Sea located approximately 80 kilometers east of Puerto Rico. The BVI is a British Dependent Territory which became self-governing in 1967 and is a nember of the British Commonwealth. Since introducing its International Business Company (IBC) legislation in 1984, the BVI offshore financial service sector has expanded rapidly. In 2004, the IBC Act was replaced by the Business Companies (BC) Act and further enhanced the jurisdiction’s populality.
The legal system is based on English common law supplemente by local ordiances. There are no taxes levied on BCs with the exception of the annual goverment licence fee which is USD350 for companies with the number of shares authorised to issue equal to 50,000 or less. Companies that fail to pay their licence fee by the due date are subject to penalties and will be struck off five months after the due date. Thre are no exchange controls or restrictions on the flow of currency in or out of the territory.
Each BVI cmpany must have a Registered Agent and Registerded Office in the BVI, provied by a licenced service provider.
Each company must have at least one director and corporate directors are permitted. However, under the Business Companies (Amendment) Act 2005 OR “the Act” every newly incorporated company will be required to appont first director within six months of the date of incorporation and the original or copy of the Register of Directors will be required to be kept at the office of the Registered Agent. Detailed of the Directers do not appear on any public record, although there are provisions for optional filing at the Registry of Corporate Affairs of this information if required.
The company should have at least one shareholder and bearer shares are allowed. Under the Act, bearer share certificates will have to be held by an approved custodian. According to the BVI Business Companies (Amendment) Act 2012, a bearer share company shall maintain a register of the company’s bearer share, specifying the number of the bearer share certificate, full name of beneficial owner, full name of any other person that has a interest in the bearer share and the name and address of the custodian. The Register o Shareholders or a copy thereof should be kept at the office of the Registered Agent. Details of the shareholder do not appear an any public record, although there are provisions for optional filing of this information if required. Often, it is advisable to keep the original register in the BVI for duty reason
There are no requirements for annual returns, annual meetings or audited account.
The BVI has now attracted a healthy number of international accounting and law firms. There are at present, relatively few banks or financial institutions. The Registry of Corporate Affair in the BVI is technically advanced and efficient, and has kept pace with continuingly increasing demand.
There are no specific statutory provisions governing secrecy in relation to companies, however, statutory filing requirements are minimal and the English law, which applies to the jurisdiction, does impose a common law duty on professional to keep the affairs of their clients confidential.
One IBC continuously holds a substantial stock of companies with a wide selection of names that are immidiately available for purchase. We can also arrange to incorporate a company with your choice of name and can also confirm the availability of name in advance. All companies are provided with a complete comapny kit, including share certificate of guarantee of quality. In addition, OneIBC can assist clients in abtaining certificates of goods standing and other certificates of corporate existence, as well as relevant post incorporation services.