British Virgin Islands
British Virgin Islands are located in the northern part of the Lesser Antilles in the Caribbean Sea basin. Includes about 60 islands. The capital city is Road Town, situated on the Tortola island. Official language – English. Legislative drafting of BVI is based on the law of England. Monetary unit – United States dollar (USD).
No taxes are imposed on income, sales, succession and dividends of an enterprise on BVI. There is no currency control.
Contracts made to avoid double taxation
Contracts are made with Japan, Switzerland, Denmark, Norway and Sweden.
Legislation related to entrepreneurship
International Business Companies Ordinance 1984 and its amendments, made in 1988, 1990, 1994; The Companies Act, 1985; Bank and Trust Act, 1990.
Types of companies
International Business Company (IBC).
Fixed capital of a company
Fixed capital of a company must be declared, there are no requirements for obligatory payment of capital and minimum and maximum limit of the capital. Share capital may be in any currency. Minimum amount of shares issued by a company includes one share without nominal value or one share with nominal value.
Permitted field of activities
All field of activities, which are not forbidden by law, are permitted. Bank services, insurance services and reassurance services and also offer of trust services is licensed.
Forbidden field of activities
Forbidden activities are the following: commercial activity or operations with real estate on the territory of BVI, sale of shares to inhabitants or taking a loan from inhabitants.
State annual fee
Annual registration fee depends on the amount of company’s declared share capital. For the company with fixed capital of 50 000 USD it is paid 300 USD annually; for the company with fixed capital of more than 50 000 USD it is paid 1000 USD annually. Fine for delay of payment of annual fee is 50% of the rate of annual fee.
Foundation of a company
Presence of real owners upon registration of a company is not obligatory. Registered agent presents Memorandum and Articles of Association to a registrar and pays the corresponding fee.
Founders of a company
Presence of real owners upon registration of a company is not obligatory. Registration represents subscription of shares in the presence of a witness. Represented to a registrar are Memorandum and Articles of Association, which are signed by a registered agent. Remaining undivided shares remain to the property of a company.
Requirements to a business name
Business name of a company may be in any language using Latin alphabet. The register may require translation of a name into English. Name cannot be similar to already registered name. For indication of limited liability a name must include the following words: Limited, Corporation, Incorporated, Société Anonyme, Sociedad Anonima, Gesellschaft mit beshränkter Haftung or abbreviation Ltd., Corp., Inc., GmbH, SA. Words Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Cooperative, Imperial, Insurance, Municipal, Royal, Trust Company, Trustee Company or other words or phrases, which have the same meaning, cannot be used in company’s name in case company does not have a corresponding license.
Directors of a company
Minimum required number of directors is 1 (one). Besides, corporate directors are permitted. A director may have any citizenship. The detailed information about directors does not appear in public information. Legislation does not forbid the use of nominal directors.
Secretary of a company
A company must appoint 1 (one) secretary.
Company must have the registered office address on BVI.
Period of registration of a company
2 (two) weeks.
Presentation and audit of financial and annual statements
No requirements for presentation of financial statements. No requirements for presentation of annual statements and audit. Companies are obliged to make accounting notes which would reflect financial status of a company.
Information about a company available for the third persons
Registration documents, name of registered agent and registered office.