British Virgin Islands

GENERAL INFORMATION

The Virgin Islands, often called the British Virgin Islands (BVI), is a self-governing British Overseas Territory, located in the Caribbean to the east of Puerto Rico. Road Town is the capital city. The legal system and courts are that of the United Kingdom.

Matters pertaining to the conduct of offshore businesses and regulation related thereto including issuing of licenses are governed and supervised by the BVI Financial Services Commission. The financial services sector in the BVI was established in 1984 and today, it is a leading international centre. Principal activities include corporate domicile, trust and estate planning, mutual fund administration and captive insurance companies. The BVI is recognised as a leading shipping and marine centre with a Category One Registry under the UK Red Ensign Group of Registries.

Other Basic Facts:

Time zone

Greenwich Mean Time -4

 

Official language

English

 

National currency

United States Dollar (USD)

 

KEY CORPORATE FEATURES OF BVI BUSINESS COMPANIES

TYPE OF COMPANY
Business Company or BCBC, being an offshore company, is a company that cannot carry on banking business, trust business, insurance business or company management business or business of providing registered address unless licensed
Shelf company availabilityYes, upon request
SHARE CAPITAL
Permitted currenciesAny foreign currency
Standard currencyUSD
Minimum issued capitalNone, but our standard company comes with standard paid-up capital of US$1
Authorised capitalN/A
Par / nominal valueOptional
DIRECTORS
MinimumOne (1)
Corporate directorsAllowed
Local directors requirementsNo
Location of meetingAnywhere
Minimum number of meetingsPer Articles of Association
Publicly accessible recordsNo
SHAREHOLDERS
MinimumOne (1)
Bearer sharesYes, however higher maximum registration fee and annual fee are payable and all bearer shares must be held by authorised custodian
Corporate shareholdersAllowed
Local shareholders requirementsNo
Location of meetingAnywhere
Minimum number of meetingsPer Articles of Association
 Publicly accessible records No
COMPANY SECRETARY
 Local secretary No
REGISTERED OFFICE
 Requirements At the office of a licensed management company in the BVI
ACCOUNTS
 Preparation of accounts Yes, a BC is required to maintain accounting records which shall accurately reflect its financial positions
 Audit requirements and filing No
 Publicly accessible records No
ANNUAL REQUIREMENTS
 Annual return None
 Annual government fee Depends on the company's share capital
GENERAL
 Legal system English Common Law
 Corporate re-domiciliation Yes
 Double taxation treaty access No
 Exchange control No
 Taxation Tax neutral jurisdiction. Exempt from all provisions of the Income Tax Act of the BVI, and exempt from the payment of any taxes or duties on profits, income, capital gains, assets or appreciations and any such tax or duty or tax in the nature of estate duty or inheritance tax with respect to dividends, interests, rents, royalties, compensation and other amounts payable by the company to persons who are not persons resident in the BVI

The information in this document is not advice of any kind but general information only and should not be relied on as legal advice. Kensington Trust Group recommends seeking professional advice on legal or tax issues affecting you before relying on it. While Kensington Trust Group tries to ensure that the content of this document is accurate, adequate or complete, it does not represent or warrant, express or implied, its accuracy, correctness, completeness or use of any of the information. Kensington Trust Group does not assume legal liability for any loss suffered as a result of or in relation to the use of this document. To the extent permitted by law, Kensington Trust Group excludes any liability for negligence, for any loss, including indirect or consequential damages arising from or in relation to the use of this document.