The British Virgin Islands consist of 60 Islands and Cays, situated North West of the United States Virgin Islands. The Islands are a popular destination for both tourism and offshore investment. The British Virgin Islands is a self-governing British Crown colony with a ministerial system of Government operating under a Constitution adopted in 1967.
Taxation
IBCs pay no taxes in BVI.
Directors
A minimum of one director is required and corporate directors are permitted. Details of the directors do not appear on the public file.
Shareholders
A minimum of one shareholder is required and either registered or bearer shares may be issued. No details of the shareholders appear on the public file but a register of shareholders must be kept at the registered office address of the company in BVI.
Annual Reporting
No annual return or accounts need be filed. It should be noted that penalty fees of up to 50% of the annual Government fee will be incurred if the license fee is not paid when due.
Local Requirements
As a matter of local company law the company MUST maintain a registered office address within BVI and must also appoint a BVI resident as registered agent. We would generally provide these services as part of the domiciliary service fee.
Secrecy
There are no specific statutory provisions governing secrecy in relation to companies but English Law, which applies within the jurisdiction, does impose a common law duty on professionals to keep the affairs of their clients confidential.
