BVI
Introduction
The British Virgin Islands (“BVI”) are a cluster of islands in the Caribbean Sea, east of Puerto Rico. The country has an area of 153 square kilometers and a population of around 27,800. BVI is a British Overseas Territory which became autonomous in 1967 and is a member of the British Commonwealth.
Its corporate law is based on English common law. English is the official language. BVI is one of the most popular offshore jurisdictions. Its business environment is favourable with an excellent worldwide communications system. The country’s economy relies heavily on tourism and financial services. As an offshore finalcial centre, the BVI’s economy is one of the most prosperous countries in the Caribbean region.
Advantages of BVI Business Companies (“BC”)
The BVI Business Companies Act 2004 (“BC Act”) governs all types of companies registered in the BVI (the commonform of BVI comnpanies are limited liability companies authorized to issue shares). BCs are quick and simple to incorporate, requiring minimum administration, providing privacy and asset protection. If the BC has no business activities in the BVI, it is exempted from BVI taxation on its income. There are no foreign exchange controls in BVI and corporations may transfer funds in and out of BVI with complete freedom.