|Hong Kong Bank Account||$1,040|
|Bank Account in Singapore, Latvia, Austria, British Virgin Islands, St. Vincent & The Grenadines, Mauritius, or Belize||$975|
|Hong Kong Bank Account||$800|
|Bank Account in Singapore, Latvia, Austria, British Virgin Islands, St. Vincent & The Grenadines, Mauritius, or Belize||$750|
Business Companies (BC) are companies incorporated in the British Virgin Islands (BVI) under the International Business Companies Act, 1984, but whose business is to be conducted outside the BVI, and which may not do business with any person resident in the BVI.
BVI BCs are a very popular and widely used offshore companies because of their administrative ease, flexibility, taxation exempt status and the fact that they are widely accepted and understood by the international financial community. BVI BC 's may not own real property in the BVI, other than the lease of an office, and may not carry on banking or trust business (unless licensed under the Banks and Trust Companies Act, 1990) or insurance or re-insurance business (unless licensed in the BVI to carry on that business). Otherwise, BVI BC 's may engage in any activity that is not illegal under the laws of the BVI subject to any restrictions in their Memorandum of Association.
The British Virgin Islands are a small group of islands in the Caribbean Sea located 60 miles east of Puerto Rico. The BVI has excellent airline connections with Puerto Rico 's capital of San Juan, which is a major hub for American Airlines. The BVI financial services industry enjoys the advantages of having responsibility for its internal self-government, while maintaining the political and economic stability associated with being a British Overseas Territory.
The BVI have an independent legal and judicial system based on English Common Law, with a right of final appeal to the Privy Council in London. Policies and legislation are developed in close consultation with the private sector. Offshore business can be carried out in a tax-free environment.
|Type of Entity||BC|
|Type of law||Common|
|Shelf Company Availability||Yes|
|Minimum Government Fees (Excluding Taxation)||US$ 450|
|Corporate Taxation||None on Foreign Profits|
|Double Taxation Treaty Access||No|
Share Capital or Equivalent
|Usual Authorized||50,000 Shares|
|Minimum Paid-up Capital||US$1.00|
|Directors or Managers|
|Public Access to Records||No|
|Location of Meetings||Anywhere|
|Public Access to Records||Optional|
|Location of Meetings||Anywhere|
|Company Secretary Required||Optional|
|Local or Qualified||Not Required|
|Requirement to Prepare||Yes|
|Requirement to File accounts||No|
|Public Access to Accounts||No|
|Requirement to File Annual Return||No|
|Change of Domicile Permitted||Yes|
The British Virgin Islands consist of 60 islands and cays having a total land area of 150 sq km. The BVI lie to the north west of the United States Virgin Islands and are separated from them by a channel only five kilometres wide. The neighbour with the largest land area is Puerto Rico, 96 km to the west. Except for Anegada, which is a flat, coral island with little soil, the islands are hilly. The BVI 's greatest tourist attraction is their superb beaches.
Infrastructure & 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 prosperous in the Caribbean area, is highly dependent on the tourist industry, which generates about 21% of the national income.
In 1985, the Government offered offshore registration to companies wishing to incorporate in the Islands.
• Exchange Control
• Type of Law
• Principal Corporate Legislation
• Type of Company for International Trade and Investment
• Restrictions on Trading
• Powers of Company
• Language of Legislation and Corporate Documents
• Shelf Companies Available
• Language of Name
• Registered Office Required
• Name Restrictions
• Suffixes to Denote Limited Liability
• Disclosure of Beneficial Ownership to Authorities?