British Virgin Islands (BVI)Source image: Scrub Island Resort, Spa & Marina by Lheld1023 / CC by 2.0
The British Virgin Islands are located east of Purto Rico in the Caribbean. These British Dependent Territory islands are part of the Virgin Islands Archipelago which consist of over 50 islands and cays. The main islands are; Virgin Gorda, Tortola, Anegada and Jost Van Dyke. The capital is Road Town and which is located on Tortola (the main island) which is 20km long and 5km wide with a population of around 22,000.
The British Virgin Islands are among the most prosperous islands in the Caribbean, with the main source of revenue being tourism and the financial sector. With a politically stable government, a UK based system of law and English as the official language, the BVI is an attractive jurisdiction to register a company. The BVI is one of the world’s leading finance centres offering stability with a progressive and democratic society. The financial sector is responsible for just over 50% of total government revenues. The BVI is committed to retaining an investor’s right to privacy providing a professional banking sector with top quality legal, accounting and trust and management services.
The British Virgin Islands have been regulated by the independent Financial Services Commission since 2001. The BVI Financial Services Commission is the regulatory authority for all financial services operating in, or from within, the British Virgin Island. The FSC is dedicated to safeguarding the privacy and confidentiality of legitimate businesses whilst prohibiting any illegal or unauthorised business.
Since the adoption of the BVI International Business Companies Ordinance in 1984 there have been over 450,000 companies incorporated, demonstrating the dominance of the British Virgin Islands as a major offshore jurisdiction.The British Virgin Islands are a stable, established, tax efficient jurisdiction in which to incorporate.
Benefits of registering a company in BVI:
- All documents and legislation are in the official business language of English.
- The incorporation time for a BVI company is short and any future administration simple and cost-efficient.
- A BVI company offers a high level of privacy and confidentiality.
- There are no requirement to pay capital gains, inheritance taxes or death duties.
- No dividends, interest or royalties are required to be paid.
- Registered or bearer shares are permitted.
- Only one Director and Shareholder are required. The Directors and Shareholders can be any nationality and are not required to be resident in the BVI.
- There is no requirement for an annual meeting to be held. If board meetings are required they can be held anywhere in the world.
- Directors can be individual or corporate bodies.
- There is no requirement to register initial or ongoing changes in Directors and Shareholders.
- There are lenient accounting and auditing requirements.
- No foreign exchange controls exist.
- Corporate bank accounts can be opened without being present at the bank.
How Initial Coin Offerings Differ from Initial Public Offerings
Since the hectic and intense ecosphere of the cryptocurrency ventures conception, a new sphere has caught investors’ attention from all over the world, being coined ICOs or Initial Coin Offerings.
Reasons for the Prevalent Misappropriation of Public Funds by Officials in CIS Countries
Thorough analysis of the nature, content and determinants of the offence of misappropriation of public funds by officials, it gives grounds to reach the conclusion that a lot of different reasons somehow ‘provoke’ and ‘give the possibility’ to commit this offence.
Notional Interest Deduction: A Useful Tool for Cyprus Companies
The corporate income tax rate of a Cyprus-resident company is 12.5% on its global taxable revenue, with unilateral credit for related foreign tax suffered. Moreover, non-Cyprus residents are not liable to pay Cyprus withholding taxes on payments. Frequently, the effective corporate tax rate is much lower, or even as low as nil, due to various tax exemptions and allowances.
How Cyprus is Retaining its Competitive Edge as a Favourable EU Jurisdiction for Tax Purposes
The recent implementation and increasingly stringent tax developments globally can affect companies with offices in different countries; rendering them non-viable if certain factors are not carefully considered.
The Legal Consequences of the Unlawful Transfer of Personal Client Data to Third Parties: UK Case Study
As per English common law, banks are liable to both criminal and civil proceedings. According to the case of Bank of Scotland v A, banks have an ability to choose between criminal and civil liability in litigation with their customer. Nevertheless, ‘the last bit’ of this choice has to be decided by the court.
Dormant Companies: A Definition by the Cyprus Inland Revenue Dept
Following Circulars No.2011/11 and No.2011/5, this article will explain what a "dormant company" is, its symptoms and consequent requirements. The following is an extract from PART 1.7 of the "Company Income Statement" form (EP 4), whereby a definition of a dormant company is considered to be a company that meets the following conditions:
How to Effectively Use Software to Improve the Purchasing Process Within your Company
Companies all over the world rely on controls over expenditure at the point of logging a supplier invoice or receipt, which over time can cause difficulties in producing timely and reliable account management.
Information Security & Factors that Contribute to Data Leakage in the Ukrainian & UK Banking Sector
One of the most important regulatory banking documents on information security is the Regulation on bank secrecy and confidential information, which exists in every bank. This document entered into legal force by the banking sector’s order.