British Virgin Islands (BVI)

British Virgin Islands - British Overseas Territory, a group of 36 islands and islets (with a total area of 153 km2) located northeast of the Virgin Islands (USA). The self-government of the BVI has been granted since 1967. The governing body is the Executive Council, headed by the Governor, who is appointed by the British Foreign Office. The population as of July 2015 is 33,454. The official language is English, the main currency is the US dollar. The main source of state income is tourism, and the importance of the financial sector has been actively increasing recently.

The BVI is one of the most economically developed countries in the Caribbean region. The main source of state income is tourism (about 21% of state income). In 1984, the Government offered to register offshore companies that wanted to register in the BVI, by 2006 the number of registered companies exceeded 750,000.

The number of established companies in the first 3 quarters of 2006 exceeded 51,000, making the British Virgin Islands the leading offshore jurisdiction in terms of the number of registered companies. The BVI is the only country in the Caribbean that boasts five of the largest offshore law firms and the presence of law firms continues to grow. About 50% of the state's income comes from the financial sector and the registration of ships.

Features

Companies are not subject to currency control in the British Virgin Islands.

Legal entities that are created in the offshore jurisdiction of the BVI are called Business Companies (BC), whose activities are regulated by the Law "On Business Companies" 2004. Such companies are very popular and widely used due to their ease of administration, flexibility, lack of taxation, and the fact that they are accepted and accepted by the international financial community should not be overlooked.

BVI International Companies are not allowed to own real estate within the country (an exception is granted for renting an office) and cannot conduct banking or trust activities (without a license in accordance with the provisions of the Banking and Trust Companies Act) as well as insurance and reinsurance (requires obtaining a license from the state authorities of the BVI). Subject to the foregoing, BVI Business Companies have the right to conduct any activity that is not defined as illegal by local law, or that is not provided for by the company's charter.

Corporate legislation of the BWO

Company Law Download

Companies Act 2006 Download

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