Financial Services

The BVI is generally regarded as the premier offshore corporate domicile.

Tourist advertisements proclaiming the attributes of the British Virgin Islands generally refer to them as "nature’s little secrets". However, largely as a result of its hallmark International Business Companies (IBC) Act, 1984, the British Virgin Islands (BVI) is no longer a secret within the global financial community.

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The BVI’s role as the world’s leading corporate domicile has attracted delegations from the Bahamas, Malaysia, Hong Kong, and a number of other offshore jurisdictions - to study our pace-setting legislation; described as simple and flexible to operate.

Chief Minister, the Honorable Ralph T. O’Neal readily acknowledges that extensive consultation between the Government and the private sector is part and parcel of the financial industry in the BVI. This partnership has produced mutual benefits for both, and no legislation affecting the sector is brought before the legislature unless the views of the industry have been considered. Indeed, the legislation emanates from the workings of an advisory Fiscal Review Committee, comprised of officials from both the private and public arenas. The committee was specifically approved by the Chief Minister to ensure that BVI maintain its comparative advantage, and remain at the cutting edge in the provision of services demanded by the global financial community.

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The Territory has several advantages, many of which are common to other jurisdictions. However, few if any of the other zero tax offshore zones possess all of these features:

  • There are no wealth capital taxes.
  • There are no death duties.
  • The legal system is based upon English Common Law, (with legislation protecting trusts, corporate and banking operations)
  • The official currency is the United States dollar.
  • There is an absence of currency exchange controls.
  • There are excellent state-of-the-art telecommunications facilities.
  • There are no minimum issued share capital requirements. Both registered and bearer shares can be issued, (and converted from one another); and an IBC may acquire and hold its own shares.
  • There is no requirement for directors to be resident in the Territory or for meetings to be held there.
  • Most companies are not required to produce audited accounts.
  • A foreign company has the right to change its domicile to the BVI, or from the BVI to another jurisdiction.
  • There are competent banking, legal accounting, and trust and company management services.

International Business Companies (IBC)

Banking

This area of activity is regulated by the Banks and Trust Companies Act, 1990. While the Government strongly encourages some types of activities, it strongly discourages others, including certain type of banks. The BVI has not, and will not, be granting offshore banking licenses to individuals, or unproven entities. Those banks with an established record are invited to consider the BVI. They can expedite their application through a local advocate or through one of the trust or service companies already established in the BVI.

 

The Banks and Trust Companies Act, 1990

 

Government of British Virgin Islands, Trade & Investment Promotion Department, Office of the Chief Minister Road Town, Tortola British Virgin Islands, Tel: (284) 494-3701 Ext.2008 and Ext . 2009 : Fax: (284) 494-5676

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