British Virgin Islands - Advantages

As a British Dependent Territory, with a long history of political stability, the BVI offers all the security traditionally associated with the British flag. The territory is responsible for its own internal self-government and is governed by a democratically elected Parliament.

The currency of the BVI is the United States Dollar. There are no exchange controls and no restrictions on movement of currency funds.

The key features of the BVI which lie behind its popularity:

• British Dependent Territory status.
• Political and economic stability.
• English legal system with final right of appeal to the Privy Council in London.
• Modern banking, company, mutual fund, insurance and trust laws.
• Innovative legislation with minimal regulations.
• No taxes on IBCs. Low tax rate for domestic companies.
• No wealth, capital gains or estate taxes.
• Asset security, and the freedom to transfer and merge assets.
• Internationally recognized reputation and respectability.

The BVI Companies Registry has an advanced electronic name reservation system and is capable of registering foreign language Memoranda and Articles of Association.

Advantages of BVI International Business Companies (IBC's)

• Reasonable incorporation and maintenance costs and fees.
• Fast incorporation procedures and simple ongoing administration.
• No requirement to disclose beneficial owners.
• No requirement to file annual returns or financial statements.
• No requirement to hold annual general meetings.
• Full exemption from taxation on any business activity or transaction carried out outside BVI.
• Complete business privacy and confidentiality.
• No minimum or maximum capital requirements.
• IBCs may engage in any lawful business in any country and may carry on transactions in whatever currencies they choose.
• Nominative or Bearer shares at owner's option.
• IBCs need not have more than one director. Neither the directors nor the officers need be shareholders.
• The shareholders, directors, and officers may be of any nationality and may be residents of any country.
• Directors and officers can be either Corporate entities or natural persons.
• There is no requirement to register initial or ongoing changes in directors and officers.
• Shareholders and/or directors may hold their meetings in any country and they may attend such meetings by proxy.
• Accounting books of the company may be kept at the registered office of the company or abroad.
• Choice of Inc, Incorporated, Corp, Corporation, Ltd, Limited.
• Lawyers will be familiar with incorporation documents, as the BVI is an internationally known centre for offshore companies. British lawyers will be familiar with items such as the Memorandum & Articles of Association and the Certificate of Incorporation.
• Apostille required should documentation need to be legalised.
• Incorporation documents may be drafted in Spanish or in any other language if they are accompanied by an English translation.

Uses of a BVI International Business Company

• Holder of bank accounts, trusts, fixed deposits, investment plans and any other financial or commercial title.
• Owner of the shares of other companies or legal entities.
• Owner of apartments, houses, buildings and any other movable or immovable property or goods.
• Manager and promoter of international business transactions.
• Leasing of vehicles and machinery.
• To give or receive money for loans and commissions.
• Marketing and promotion of products and services.
• Other commercial and financial activities.

Advantages of the British Virgin Islands

• Flexible company law.
• No taxes levied on offshore and banking transactions.
• No exchange control regulations.
• Political and economic stability.
• Excellent communication facilities.