Key Facts About BVI
- The main act that is regulating the way the companies are organized, managed or liquidated is the BVI Business Companies Act.
- The most common form of business in the British Virgin Islands is the company limited by shares.
- The offshore companies enjoy a special regime where many taxes are abolished: capital profits taxes, inheritance fees, estate fees, gift taxes, succession taxes or even income taxes (on interests, dividends, royalties, compensations).
- The only tax that remains valid is the stamp duty on land ownership transaction.
- The lands are taxed by acre and the value of the fee is 50 USD. The annual rental income is taxed with 1.5% annual tax rates.
- The real estate transactions are taxed with a stamp fee of 12%.
- Trusts are exempt from paying taxes if certain conditions are met, such as not performing any commercial activities in BVI, not owning land in BVI and being created by or in behalf of a foreign entity.
- BVI is included on the white list of the Organization for Economic Cooperation and Development, for signing many Tax Information Exchange Agreements.
- BVI is being placed alongside major economies like United States, the United Kingdom, Canada, Germany or France, becoming a safe jurisdiction for performing economic activities by the foreign companies.
|Income tax in BVI||None|
|Conduct business internationally||Yes|
|Conduct business within BVI||Yes|
|Formally considered as resident in BVI||Yes|
|Official language / language of documents||English|
|Operational objects||No requirement to specify|
|Authorized capital||Not required as a concept|
|Minimum paid-up capital||No specific requirements|
|Considerations to the capital||In any currency or in kind|
|Most effective number of shares
(maximum amount at minimum state fee)
|50,000 shares (with or without par value)|
|Bearer shares||Yes (but to be held by a custodian only)|
|Registered Agent in BVI||Required|
|Registered Address in BVI||Required|
|Minimum number of directors||One|
|Register of Directors||To be kept by the Registered Agent|
|Register of Directors filed for public record||No, but may choose to do so|
|Minimum number of Members (share holders)||One|
|Register of Members||To be kept by the Registered Agent|
|Register of Members field for public record||No|
|Holding of Annual General Meeting||Not required|
|Convention of Meetings of Directors / Members||Anywhere in the world, also by proxy|
|Imprint of Corporate Seal||To be kept by the Registered Agent|
|Corporate Minutes and Resolutions||To be kept by the Registered Agent|
|Disclosure of beneficial owners to Registrar||No|
|Disclosure of beneficial owners to Agent||Yes (confidential due diligence)|
|Keeping of accounts||Internally, only to enable a reasonably accurate determination of financial position|
|Auditing of accounts||Not required|
|Filing of accounts||Not required|
|Double-tax avoidance treaties||Switzerland, Japan|
|Currency controls / restrictions||None|
|Available special types of company||Restricted purpose company
Segregated portfolio company
|Redomicile a foreign company into BVI||Yes|
|Redomicile a BVI company abroad||Yes|
|Net time to incorporate||3-5 days|
|Ready-made (shelf) companies||Available|