British Virgin Islands Company Summary
The British Virgin Islands (BVI) is is a British Dependent Territory which became self-governing in 1967 and is a member of the British Commonwealth. Since introducing its International Business Company (IBC) legislation in 1984, the BVI offshore financial services sector has developed, and is now the world’s premier offshore centre with over 660,000 companies incorporated.
Confidentiality and simplicity
BVI companies are not required to submit accounts, hold annual general meetings, or maintain public records of shareholders or directors. Statutory filing requirements are limited, and there is no public disclosure of ownership or directorship details.
Tax considerations
Companies conducting international business are exempt from corporate tax in the BVI. There are no capital gains taxes and no income taxes levied on non-residents. The only recurring government charge is an annual licence fee.
Why the British Virgin Islands?
The legal system in the BVI is based on English common law, supplemented by local ordinances and elements of Delaware corporate legislation incorporated into the International Business Companies (IBC) regime. This framework has contributed to the widespread acceptance of BVI companies in international markets.
There are no taxes levied on IBCs other than the annual government licence fee, which is USD 350 for companies with authorised capital of USD 50,000 or less.
Companies that fail to pay the licence fee by the due date are subject to penalties and may be struck off five months after the due date. For companies incorporated between January and June, renewal fees are payable by 31 May the following year. For incorporations between July and December, renewal fees are payable by 30 November the following year. There are no exchange controls or restrictions on the movement of funds into or out of the jurisdiction.
Legal and taxation framework
Each BVI company must appoint a registered agent and maintain a registered office in the BVI through a licensed service provider.
A company must have at least one director, and corporate directors are permitted. Under the IBC (Amendment) Acts, first directors must be appointed within 30 days of incorporation. The register of directors must be kept at the registered office, but director details are not available on any public record unless optionally filed.
A company must have at least one shareholder. Bearer shares are permitted but must be held by an approved custodian. The register of shareholders is maintained at the registered office and is not open to public inspection. There are no requirements for annual returns, annual meetings, or audited accounts.
Corporate requirements
The BVI has an established professional services sector, including international accounting and law firms. While the number of local banks and financial institutions is limited, the Companies Registry is technically advanced and operates efficiently.
Although there are no specific statutory secrecy provisions, confidentiality is supported by minimal disclosure requirements and the common law duty imposed on professionals to protect client information.
Local infrastructure and professional environment
We maintain a range of shelf companies with pre-approved names available for immediate acquisition. We can also incorporate new companies using a client’s chosen name, subject to availability. Custom incorporations typically take approximately one week following name confirmation.
All companies are provided with a complete company kit, including share certificates, constitutional documents, statutory registers, common seal, company chop, and relevant quality certifications.
We also assist with applications for certificates of good standing, registered agent certificates, and other documents evidencing corporate existence, as well as providing ongoing corporate management services.
Our Services
Enquire with us
If you require further information on British Virgin Islands companies or related services, we welcome the opportunity to discuss your requirements.
Enquire with us
If you require further information on British Virgin Islands companies or related services, we welcome the opportunity to discuss your requirements.