The British Virgin Islands (BVI), consists of the main islands of Tortola, Virgin Gorda, Anegada, and Jost Van Dyke, along with over fifty other smaller islands and cays. About 15 of the islands are inhabited. The capital, Road Town is situated in Totorla, the largest island. Most of the population is African and concentrates in Totorla and Virgin Gorda. Tourism and finance service sector are the mainstay industries of BVI and it becomes one of the richest country in Caribbean.
BVI turned to be a popular tax heaven since 1984 after the development of offshore financial industry. There are over 500,000 companies incorporated in BVI and the annual government fee accounted for half of the country annual income. The BVI International Tax Authority published a draft Economic Substance Code (The ES Code) in April, 2019. The Act applies to all BVI BCs that carry on relevant activities should meet relative requirements. There are 9 relevant activities include: Banking, Insurance, Shipping, Headquarter, Holding, Intellectual property…etc.
Key Features
BVI Company is regulated by the Business Companies (Amendment) Act, 2023, the features are as below:
| 1. |
Minimum 1 director and shareholder, can be individual or corporation. The director must be appointed within 6 months after incorporation. |
| 2. |
Exempted from income tax and stamp duty. |
| 3. |
All BC should meet the requirements of Economic Substance Law. |
| 4. |
Requirement for annual financial statements. |
| 5. |
Director and shareholder meeting can be held at any place. |
| 6. |
Director/shareholder change, shares transfer, company name change, increase of capital and other affairs can be done by signing resolution. |
| 7. |
Annual Government Fee is US$ 550 if the registered shares are 50,000 or below and US$1,350 if the registered shares exceed 50,000 shares. |
| 8. |
Register of Director/Beneficiary must file at BVI company registry.
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