British Virgin Islands
British Virgin Islands, in international practice commonly known abbreviation as BVI, is a British overseas possessions.
Business Company (BC) is used for international business and investment.
The minimum number of directors and shareholders is one director and one shareholder who can be both individual person and legal entity, resident or non-resident of BVI.
There is no requirement for mandatory payment of the authorized capital.
Proposed authorized capital is $ 50 000 and is divided into 50 000 shares with par value of $ 1.
There are not taxes on capital gain or capital transfer, inheritance tax, tax on the sale of property or VAT on the BVI. There are government fees and property taxes.
BVI Business Company is obliged to pay annually a fixed fee to the budget. The amount of the fee depends on amount of the authorized fund:
- Authorized fund less than $ 50 000. The fee to the budget is $ 350 per year;
- Authorized fund more than $ 50 001. The fee to the budget is $ 1 000 per year.
Accounting and audit.
Submission of the annual report and performance of an audit is not required. However, commercial BVI company must keep accounting records which present its financial condition.
Information about shareholders and directors on the part of third parties is not available and can only be opened by a decision of a local court. Virgin Islands signed Data Exchange Agreement with the USA and countries of European Community.
- Exemption from taxes;
- There aren't limitations on doing business and buying property on the BVI;
- BC can be used for international trade, electronic commerce, possession of an intellectual property rights, upkeep of movable and immovable property, solution to an issue of inheritance, etc.
- Offshore jurisdiction is in the black list of many governmental and international organizations. This means that these countries pay more attention to the offshore companies.