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The British Virgin Islands

The British Virgin Islands (BVI) is a group of islands in the Caribbean Sea. The capital, Road Town, is situated on the largest island, Tortola. The BVI became an autonomous territory in 1967 and now this is a country with a constitutional monarchy with Queen Elizabeth II as a head of the state, exercised on her behalf by the Governor of the British Virgin Islands. The law system closely follows British Common Law.

  • Official language — English.
  • Currency — U.S. Dollar (USD).
  • Main sources of the BVI income — tourism services, fishery, offshore companies. Substantial revenue generated by the registration of offshore companies keeps economic conditions very favourable.
  • Main act of legislation for registration of an international company in the BVI - The BVI Business Companies Act, 2004.

Necessary information you need to know planning to register a company in the British Virgin Islands:

  • Registered type of company — Business Company (BC).
  • Registered address / Agent — company must have a registered address in the BVI and a registered licenced Agent. The Agent presents a company to all state departments.
  • Minimum number of directors and shareholders allowed — one. It can be either a natural person of any nationality and residence or a legal entity.
  • Information about directors and shareholders — closed for public access, but the agent keeps the registers of directors and shareholders.
  • Accountancy — company must keep its financial statements but there is no requirement to give any account or perform annual audit of the company.
  • Taxation — there are no direct taxes (corporate, income tax, VAT, etc.) Company must pay only fixed annual state fee.
  • Bearer shares – not allowed, changes in the Law were made in 2004.
  • Banking — the country is included into the 2nd group of the Central Bank of the Russian Federation direction (Appendix 1 to the Bank of the Russian Federation instruction dated on the 7th of August 2003 № 1317-У) and the «grey list» of OECD (Organization for Economic Co-operation and Development) according to the summary of Q20 sammit on 2nd April 2009.
  • Authorized capital — there are no requirements of the sum for the authorized capital and terms of its payment, but the amount of authorized capital influences the registration fee for a new company and annual duty. Standard fee is paid if a company’s  authorized capital is up to 50,000 $.  

Standard package of the documents:

  • Certificate of Incorporation
  • Appointment of First Director
  • Memorandum & Articles of Association
  • Notarized and Apostilled set of copies of the documents
  • The company's seal