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The British Virgin Islands
The British Virgin Islands (BVI) are an overseas territory of the United Kingdom. The BVI includes over 50 small Caribbean islands. It is a well-known tax haven, however, in the present moment it can no longer provide too much anonymity.
Capital: Road Town
Official language: English
Currency: USD
Business in BVI - benefits local jurisdictions
It is a well-known tax haven. Unfortunately nowadays it can no longer provide too much anonymity. General meeting of the company can be held anywhere in the world by via a phone call.
| The legal form of the company | Business Company - Companies Limited by Shares, companies are obliged to keep headquarters on the British Virgin Islands |
| Legislation | Anglo-American legal system BVI Business Companies Act, 2004 |
| Time needed for company formation | Usually within 4 days assuming all documents are submitted on time, delivery of documents in three weeks. |
| Shareholders | Minimum number: 1, natural or legal person, may be non-resident |
| Directors | Minimum quantity: 1, natural or legal person, may be non-resident Note: the higher the level of anonymity suitable local agent |
| Share capital | There is no minimum amount |
| Bearer shares (bearer) | Allowed (must be deposited with an authorized intermediary, such as a registration agent) |
| Taxation | BC Companies do not pay taxes on income from business activities outside the islands, income from dividends, interest, rents, royalties, capital gains on securities. No local tax obligation, including inheritance tax, gift tax, real estate tax, stamp duty, customs, etc. The BC pay only an annual fee. |
| Bookkeeping | The financial statements are not required |
| Audit | Optional |
| Anonymity and confidentiality | Index of companies not publicly accessible (names of shareholders and directors are known only to the registration agent) |
The most common use of the BVI
- Holding (parent company) to another company for purposes of property privacy
- Direct sale of goods or services where it is not necessary to use a system of agreements to avoid double taxation and no risk of withholding taxes