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 BC | BC, 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 availability | Yes, upon request |
| SHARE CAPITAL | |
| Permitted currencies | Any foreign currency |
| Standard currency | USD |
| Minimum issued capital | None, but our standard company comes with standard paid-up capital of US$1 |
| Authorised capital | N/A |
| Par / nominal value | Optional |
| DIRECTORS | |
| Minimum | One (1) |
| Corporate directors | Allowed |
| Local directors requirements | No |
| Location of meeting | Anywhere |
| Minimum number of meetings | Per Articles of Association |
| Publicly accessible records | No |
| SHAREHOLDERS | |
| Minimum | One (1) |
| Bearer shares | Yes, however higher maximum registration fee and annual fee are payable and all bearer shares must be held by authorised custodian |
| Corporate shareholders | Allowed |
| Local shareholders requirements | No |
| Location of meeting | Anywhere |
| Minimum number of meetings | Per 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.