British Virgin Islands

Overview

The British Virgin Islands (BVI) are a British Dependent Territory composed of over 50 islands, islets and cays located approximately 60 miles (95 kilometers) East of Puerto Rico. There are no capital gains taxes, inheritance taxes or death duties in the Territory. Government revenues are derived from local income tax, import duties, stamp duties, license fees and company fees. The business environment of the BVI is favorable with excellent communication systems worldwide, nearly 100% literacy rate and English as the main language. The Islands are self‐governing, with a Governor who chairs the Executive Council. There is also Legislative Council and a judicial system that is under the direction of the Eastern Caribbean Supreme Court with final appeal to the Privy Council in London, England.

The British Virgin Island corporation ordinance offers a host of benefits not readily available in most other offshore jurisdictions. BVI Company needs a minimum of one director and one shareholder. Also, Corporate directors / shareholders are permitted. Details of director/shareholder are not on public records.

A BVI company is a corporation one or more people or entities form in the British Virgin Islands. The term International Business Company or IBC is the official name for what most people think of as “offshore companies” according to Fidelity. An IBC is a private corporation. One reason a person might use it for international business activity because it avoids certain taxes. In addition, a BVI offshore companies has strict confidentiality provisions and a flexible organizational structure.

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