British Virgin Islands (BVI)

Political Structure

The British Virgin Islands are a British overseas territory with self-government in most internal matters. According to the 1977 constitution, the role of HM Queen Elizabeth II is replaced by a governor who is in charge of foreign affairs, defence, internal security and the public service. On all other matters, the executive council has authority.

Economy

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. The economy, one of the most stable and prosperous in the Caribbean, is highly dependent on tourism generating an estimated 45% of the national income. In the mid-1980s, the government began offering offshore registration to companies wishing to incorporate in the islands. The adoption of a comprehensive insurance law in late 1994, which provides a blanket of confidentiality with regulated statutory gateways for investigation of criminal offenses, made the British Virgin Islands even more attractive to international business. There are no recent official statistics on total numbers of incorporations but these are estimated at approximately 950,000.

Population

The population is approximately 33,200, the largest and most heavily populated Island is Tortola which has approximately 20,000 inhabitants. 90% of the inhabitants are of African descent with a remaining 10% up of European, Indian or mixed race.

Language

The official and spoken language is English.

Standard Currency

US Dollar

Time Zone

UTC-4

Exchange Control

None.

Type of Law

BVI Company Law

Confidentiality

The BVI offers a high level of privacy and anonymity.

Type of Company for International Trade and Investment

Business Companies (BC)

General

• Type of Company
  BC
• Type of Law
  Common
• Shelf Company Availability
  Yes
• Time to Form
  2 days
• Corporate Taxation
  Nil
• Double Taxation Treaty Access
  No

Share Capital or Equivalent

• Standard currency
  US$
• Permitted currencies
  Any
• Standard Authorized Capital / Shares
  US$50,000

Directors

• Minimum number
  One
• Local required
  No
• Corporate Directors permitted
  Yes
• Publicly accessible records
  No
• Location of meetings
  Anywhere

Shareholders

• Minimum number
  One
• Publicly accessible records
  No

Company Secretary

• Required
  Optional
• Local or qualified
  No

Accounts

• Requirements to prepare
  Yes
• Audit requirements
  No
• Requirements to file accounts
  No
• Publicly accessible accounts
  No

Required Documents in English Language

• Certified copy of valid passport
  Yes
• Notarised/certified or original proof of address (issued within the last 3 months) in English or translated into English
  Yes

Other

• Requirement to file annual return
  No
• Change in domicile permitted
  Yes