The British Virgin Islands (BVI) is one of the most popular and widely-used jurisdictions of offshore companies because of their confidentiality, anonymity and ease of operation. The tax exemption and minimum compliance requirements make BVI company a good choice to start up their company.
Basic Information
Geographical Location
The British Virgin Islands is comprised of 60 islands, cays and rocks, located 96 miles east of Puerto Rico and 180 miles northwest of Antigua in the Caribbean.
The total land area is 150 sq km, with the capital, Road Town, on the southern shore near Sir Francis Drake Channel.
Except for Anegada, it is a flat, coral island with little soil, the islands are hilly.
Population
The largest and most heavily populated Island is Tortola, which has about 16,000 inhabitants. There are a further 4,000 inhabitants who reside on the other islands, 3,500 of which are in Virgin Gorda. Around 83% of BVI residents are black, others include Indian, Asian and mixed. The sex ratio of male to female is 1.06 to 1.The literacy rate in BVI is around 98%.
Language
The official and spoken language is English.
Currency
The official currency is US Dollar (USD).
Economy
BVI economy is one of most stable and prosperous in the Caribbean, which is heavily dependent on tourism, generating an estimated 45% of the national income.
Since the mid-1980, government began offering offshore registration to companies wishing to incorporate in the islands, and incorporation fees and other financial services now generate substantial revenues.
For the agriculture, poor soil limits the food production which can’t even meet the domestic food requirement. Among the agricultural activities, livestock rising is the most important.
Government
The British Virgin Islands is first settled by the Dutch in 1648, then became a British Protected Territory and self-governing in 1967.
The Government is formed by a democratically elected Legislative Council of eleven members and an Executive Council comprising the Governor, who is appointed by Her Majesty the Queen, and four Ministers drawn from the Legislative Council.
Elections are held at intervals of not more than five years.
Law and Taxation
The legal system is based on the English Common Law, rules of equity, and on local statutes.
The judiciary is appointed by the territorial government with final appeal to the Privy Council in London.
The principle corporate legislations are The Companies Act (Cap. 285) and The International Business Companies Act (Cap. 291).
Local Infrastructure
There is an excellent daily air service between the Islands and the USA.
Cruise ships call in weekly to the Islands and there are freight carriers.
Advantages
- Low cost
- Political and economic stable
- No exchange control regulations
- No taxes levied on offshore and banking transactions
- Flexible corporate structure
- No disclosure necessary
- Offshore asset protection and financial privacy
- Wide range of applications
