Top reasons to open a BVI

The British Virgin Islands (abbreviated as “BVI”), often known as the Virgin Islands, are a British overseas territory in the Caribbean, east of Puerto Rico. The islands are part of the Virgin Islands archipelago, with the United States Virgin Islands and the Spanish Virgin Islands making up the rest.

The British Virgin Islands (BVI) are made up of the main islands of Tortola, Virgin Gorda, Anegada, and Jost Van Dyke, as well as more than 50 smaller islands and cays (about 15 of the islands are resident).

Due to BVI Government Policy, BVI appears to be one of the most attractive investment destinations globally and is named “Offshore Tax Incentives”.

Offshore companies are sometimes known as International Business Companies (“IBCs”). IBCs are a popular choice for overseas individuals and corporations looking to form a company in the British Virgin Islands.

IBC is a tax-exempt private corporation that can be used for nearly any international economic activity and has a flexible organizational form (is not burdened by excessive reporting and record-keeping requirements). Furthermore, the IBC maintains tight confidentiality safeguards (which include the identity of the owner, director, and shareholders).

Offshore corporations gained a foothold in the offshore services industry after the British Virgin Islands International Business Companies Ordinance was passed in 1984. Furthermore, the BVI is by far the most popular Offshore Tax Incentives, with over 600,000 total incorporations and over 5000 new firms formed every month.

 3.1 Tax exemption

The income tax in the British Virgin Islands is not applicable to the BVI Company. Furthermore, the tax exemption applies to all dividends, interests, rents, royalties, compensations, and other payments paid by a corporation, as well as all capital gains realized on any of the corporation’s shares, debt obligations, or other instruments. The Certificate of Tax Exemption will be issued to BVI companies that are eligible to be exempt from paying taxes.

3.2 No restriction on nationality

The BVI Company requires the following elements:

• Have 1 owner
• Have at least 1 shareholder
• Have 1 director

All of them can be one and the same person, there is no restriction on the nationality of the director and shareholders.

All of them can be one and the same person, there is no restriction on the nationality of the director and shareholders.

3.3 Currency

US dollar is the official currency in the BVI which makes it a solid place to store value and operate business activities. At the same time, there are no restrictions on other currencies.

3.4 Confidentiality

The details of the company’s beneficial owners, directors, and shareholders are not required in public record. As such, the BVI Company has a high level of confidentiality.

3.5 No requirements for Annual General Meeting

The shareholder’s or director’s meetings are not required to be held in the BVI and there is no requirement for an Annual General Meeting.

3.6 No obligation to prepare or file financial accounts

The BVI Company is not required to compile or file financial statements. Records of financial activities, on the other hand, must be meticulously kept in order to show and explain the company’s transactions. The corporation will be able to completely comprehend its financial status at any time thanks to these documents. There is no requirement that such records be kept in the BVI; the owner is free to choose where the data should be kept.