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The British Virgin Islands (BVI)

 British Dependant Territory consisting of numerous small islands approximately 50 miles east of Puerto Rico and adjacent to the United States Virgin Islands in the Caribbean Sea. The Principal islands of the British Virgin Islands are Tortola, Virgin Gorda, Anegada and Josh Van Dyke. The capital of British Virgin Islands is Road Town, situated in Tortola. The population of the islands is about 19,000 with an ethnic diversity of Afro-Caribbean, European, American and Asian.

The International Business Companies Act was passed in 1984 and created the International Business Company (IBC) which is the preferred offshore company vehicle. In recent years the BVI has become extremely popular, particularly in the Far East region, due to the extensive marketing of the jurisdiction particularly by lawyers who moved from Panama during the Noriega regime and set up offices in the BVI.

The BVI IBC
A BVI IBC has the following characteristics:
Taxation IBCs pay no taxes in BVI.
Shareholders
A minimum of one shareholder is required and either registered or bearer shares may be issued. No details of the shareholders appear on the public file but a register of shareholders must be kept at the registered office address of the company in BVI.
Directors
A minimum of one director is required and corporate directors are permitted. Details of the directors do not appear on the public file.
Annual Reporting No annual return or accounts need be filed. It should be noted that penalty fees of up to 50% of the annual Government fee will be incurred if the licence fee is not paid when due.
Time Scale
Incorporation can be achieved within 24 hours however, it does take approximately 1 week for documents to arrive from BVI. We do keep ready-made companies in stock available for immediate purchase.
Restriction on Name and Activity Names must end with one of the following words, or abbreviations thereof - Limited, Corporation, Incorporated, Societe Anonyme or Sociedad Anonima.
Restriction on Name and Activity
Names must end with one of the following words, or abbreviations thereof - Limited, Corporation, Incorporated, Societe Anonyme or Sociedad Anonima. The following words, and their associated activities, cannot be used: Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Co-operative, Fund, Imperial, Insurance, Municipal, Mutual Fund, Royal and Trust.
Local Requirements
As a matter of local company law the company MUST maintain a registered office address within BVI and must also appoint a BVI resident as registered agent. We would generally provide these services as part of the domiciliary service fee.
Secrecy
There are no specific statutory provisions governing secrecy in relation to companies but English Law, which applies within the jurisdiction, does impose a common law duty on professionals to keep the affairs of their clients confidential.

 
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