BVI (British Virgin Islands)
General Information
General Information
| Location | Situated in the Eastern Caribbean, about 80 kilometres east of Puerto Rico Approximately 25 minutes’ flying time east of Puerto Rico |
| Capital | Road Town, Tortola (financial centre and the seat of government) |
| Population | About 21,730 |
| Language | English (official), Spanish |
| Legal System | English Common Law |
| Currency | US dollar |
| Exchange Control | None |
| Economy | The BVI economy is one of the most prosperous in the Caribbean. It is highly dependent on the tourism and yacht-charter industries, which generate an estimated 45% of the national income. The Offshore Financial Services sector is another major contributor |
| Time Zone | GMT -4 (Summer) GMT -5 (Winter) |
| Major Banks |
FirstCaribbean International Bank, FirstBank Virgin Islands, Bank of NovaScotia, Banco Popular |
| Principal Corporate Legislation |
Business Companies Act 2004 |
Company Incorporation
- Incorporation fee for a company with share capital less than USD 50,000 of 50,000 shares is USD 928 included government fee, professional fee, registered agent fee, registered address.(For company with English name only)
- Required at least one director and one shareholder
- Due diligence of the beneficial owners, director(s) and shareholder(s) are required
- A scan copy of Certificate of incorporation is available in 2 working days
Features & Benefits
- BVI companies are entirely tax-neutral
- Comprehensive trustee, banking, accounting and funds-management infrastructure
- Confidentiality – corporate directors are allowed to ensure the confidentiality of beneficiaries
- Privacy of identity for principals – the names/identities of company directors and shareholders do not appear on any public record
- Flexibility in company structure – for example, limited by shares, limited by guarantee, hybrids, a segregated portfolio, restricted purpose companies, etc.
- Time-proven, efficient incorporation/registration process
- Book keeping is required, shall keep such accounts and records as the director consider necessary or desirable in order to reflect the financial position of the company.
- No requirement on audited financial statements.
