02 Sep British Virgin Island Companies
British Virgin Island Companies
Since the adoption of the British Virgin Islands International Business Companies Ordinance in 1984, the BVI IBC has attained a model status in the offshore services industry.
With more than 460,000 active companies and more than 5,000 new companies registered every month, BVI is by far the most popular offshore jurisdiction. On 1st January, 2005 a brand-new version of the BVI Business Companies Act came into force at which time the former distinction between a local company (operating in the domestic market) and an offshore company (restricted only to international business) was removed; since which time, the BVI IBC has been re-named the BVI BC.
Essentially, a BVI BC is a private corporation which is tax neutral, suitable for virtually any international business activity, has a flexible organisational structure, is not burdened by excessive reporting and record-keeping requirements, and maintains strict confidentiality provisions.
Benefits of BVI Business Companies
- Incorporation procedures are straightforward and can normally be completed in one to two working days.
- A minimum of one shareholder and one director, both of whom can be corporate bodies.
- No public record is maintained as to the identity of shareholders or directors.
- BVI is tax neutral.
- Directors and Shareholders meetings can be held anywhere in the world and can be conducted by telephone.
- Statutory power is given to engage in any lawful activity.
- Purchase and ownership by the company of its own shares is permitted.
- A foreign corporation can continue as a BVI BC provided the laws of the jurisdiction of original incorporation expressly permit it to continue to another jurisdiction.
- Corporate domicile can be changed to another jurisdiction.