The islands gained separate colony status in 1960 and became autonomous in 1967 under the new post of. Nov 01, 2006 the best of the british virgin islands. Annual company registration fees provide a significant part of government revenue in the british virgin islands, which accounts for the com. Waste no more time and start making huge savings on taxes and piling up on profits. Bvi offshore company formation is regulated and administered by the services commission for ibcs. The danish islands were sold to the united states in 1917 for us 25 million. The december 2001 enactment of the financial services commission act, 2001 established the british virgin islands financial services commission as an autonomous regulatory authority responsible for the regulation, supervision and inspection of. In this book the author performs a rigorous, systematic analysis of common law, contract law, property law, agency law, partnership law, trust law, and corporate statutory law using judicial rulings that prove shareholders do not own corporations, that there is no separation of ownership and control, directors are not agents of shareholders. The book provides a deep analytical view of the offshore jurisdictions legal landscape as it relates to companies, partnerships, credit and security, mutual funds, insolvency, dispute resolution, taxation, trusts and more.
Strategic information and laws null edition by usa international business publications author. An indispensable guide for anyone visiting tortola, virgin gorda, jost van dyke. Establishing a business in the british virgin islands practical law. Registry of corporate affairs british virgin islands. Links provide access to primary documents, legal commentary, and general government information about specific jurisdictions and topics. Learn how to incorporate and find out how business structures of a british virgin island corporation can benefit you. Bvi ibc or bvi offshore company is a tax free company incorporated in the british virgin islands. The company law statute, the bvi business companies act, follows. Find out more about this topic, read articles and blogs or research legal issues, cases, and codes on findlaw. No withholding tax is levied on dividend, interest and royalty payments to. Top sights in british virgin islands, caribbean tripadvisor. Those service providers are the equivalent of mossack fonseca, the law firm at the heart of the panama papers.
The offshore corporation is easy to incorporate and easy to maintain. Caribbean sea, 50 miles east of puerto rico surface area. British virgin islands company law is primarily codified in the bvi business companies act, 2004, and to a lesser extent by the insolvency act, 2003 and the. May 02, 2012 corporate books, minutes and records can be stored anywhere. Our offices are located in east end, tortola, british virgin islands. This book will provide the reader with a general introduction to companies and company laws in bermuda, the bvi and the cayman islands with particular. British virgin islands company law is primarily codified in the bvi business companies act, 2004, and to a lesser extent by the insolvency act, 2003 and the securities and investment business act, 2010. Incorporate a company in british virgin islands, open an offshore bank account, and learn what are the legal requirements and taxes in british virgin islands to set up an international business. British virgin islands ports authority bvipa and her majestys customs have joined forces to ensure the safe. Relations between the united states and british virgin islands are good. Accountability is the official body charged with overseeing the corporate service providers that set up and manage shell companies.
We act for the worlds leading banks, financial institutions, corporations and high networth individuals, providing quality legal advice. The british virgin islands is a british overseas territory, selfgoverened since 1967, with the queen appointing a governor responsible for administration of the britishowned portion of the virgin islands archipelago. Already established as the leading book in this area, bermuda, british virgin islands and cayman islands company law discusses company law in these jurisdictions. The judicial system is based on english common law, with. Find out more in the chambers and partners global guide. The population is approximately 17 000 and the official language is english.
British virgin islands bankruptcy law is principally codified in the insolvency act, 2003, and to a lesser degree in the insolvency rules, 2005. In other words it acts as the registry of registered corporations in the state. Set up a company and open a bank account in british virgin islands. British virgin islands commercial law 3rd ed wildy. As such it is perhaps unsurprising that companies are by far the most popular form of vehicle for businesses domiciled in this jurisdiction. Harneys publishes fourth edition of authoritative bvi commercial law. Why and how to form an offshore company in the british virgin. Caribbean tax planning opportunities for the pacific rim. The british virgin islands were administered variously as part of the british leeward islands or with st. Why and how to form an offshore company in the british. British virgin islands commercial law is the only publication that focuses exclusively on the british virgin islands. It is part of an island chain collectively known as the virgin islands, which makes up the northeastern extremity of the greater antilles. The use of offshore vehicles for international financial transactions is flourishing and is becoming more and more popular in the asia pacific region.
When did the franchise tax minimum increase for domestic and foreign profit corporations. The office also takes care of all the legal obligations in regard to setting up a business in virgin islands. The british virgin islands has approximately 30 registered companies per head of population, whic. Disclosure of who really owns offshore companies can counter crime and reduce the. Virgin islands legal, judicial, and governmental sources accessible through the internet links provide access to primary documents, legal commentary, and general government information about specific jurisdictions and topics.
British virgin islands law firm directory from the legal 500. Litigation and enforcement in the british virgin islands. The british virgin islands consist of 60 separate islands, situated to the north west of the american virgin islands, 60 miles from puerto rico. All dividends, compensations, rents, and royalties are also exempted from bvi taxes. Most of the emphasis of bankruptcy law in the british virgin islands relates to corporate insolvency rather than personal bankruptcy. Bvi business companies act british virgin islands ibc. Particularly in asia, a british virgin island company is a very popular legal entity. Links provide access to primary documents, legal commentary, and general government information about. You do not need to have meetings in the british virgin islands. Starting a business in the british virgin islands tricor. Through this department the office of the secretary of state, maintains a steady record of all the businesses and entities that are filed and authorized in virgin islands. Bvi offshore companies accumulate no tax liability in the bvi and so make it easy for you to go about your affairs internationally in a tax free environment.
Harneys publishes fourth edition of authoritative bvi commercial law textbook. Latest travel advice for british virgin islands including safety and security, entry requirements, travel warnings and health local laws and customs british virgin islands british overseas. Thornton smith is a fullservice law firm based in the british virgin islands that provides practical solutions for complex legal and business transactions with a suite of valueadded services to clients. As a leading offshore financial centre, the territory has extremely modern statutes dealing with company law, insolvency, banking law, trust law, insurance and other related matters. Forming a british virgin island corporation is quick and easy through our document filing service. As a leading offshore financial centre, the territory has extremely modern statutes dealing with company law, insolvency, banking. The organization is a part of a global voluntary network, responding to conflicts, natural disasters and individual emergencies, whether health or social. An indispensable guide for anyone visiting tortola, virgin gorda, jost van dyke, anegada, cooper, guana, and all other bvi destinations acheson, pamela, myers, richard b.
The emphasis of british virgin islands company law is to protect the rights of creditors and members i. Corporate services british virgin islands financial. Bermuda, british virgin islands and cayman islands company. The profile section contains a list of firms that have taken out commercial profiles in the legal 500. Incorporated, a law firm founded by barrister and solicitor david a. British virgin islands bvi corporations receive many benefits including. British virgin islands, british overseas territory in the eastern caribbean sea. Only go outside for food, health reasons or work but only if you cannot work from home if you go out, stay 2 metres 6ft away from other people at all times. The fourth edition of this landmark work bermuda, british virgin islands and cayman islands company law is an indispensable, practical guide to the laws of these important jurisdictions. Bvi company registration british virgin islands information. This guide to law online british virgin islands contains a selection of british virgin islander legal, juridical, and governmental sources accessible through the internet. The british virgin islands consists of 4 larger islands and 32 smaller islands and islets. Our ambition is to provide unparalleled confidential service, professionalism, dedication and commitment to our clients.
Corporate books, minutes and records can be stored anywhere. Apr 18, 2019 the british virgin islands is a british overseas territory, selfgoverened since 1967, with the queen appointing a governor responsible for administration of the british owned portion of the virgin islands archipelago. The gazette is the official newspaper of the government of the virgin islands. Our ambition is to provide unparalleled confidential service, professionalism, dedication and commitment to.
The law of the british virgin islands is a combination of common law and statute, and is based heavily upon english law law in the british virgin islands tends to be a combination of the very old and the very new. Bvi business companies act, 2004 british virgin islands. Go ahead and register your company in the bvi today. Bvi bcs are not obliged to prepare or file financial accounts, annual returns or records.
While the editorial is independent from the commercial profiles, the profiles allow inhouse counsel to see an overview of the firms strengths, locations, key contacts, individual lawyer biographies. British virgin islands commonwealth caribbean law research. There is technically still income tax assessed in the british virgin islands for companies and individuals, but. Around the world in 80 books books set in the caribbean. Apr 30, 20 the structure of corporations in the british virgin islands. The same act amended section 531, title of the virgin islands code rate and computation of. Business services and topics government of the virgin. Virgin islands by mirroring the provisions of the irc. Also, there is no requirement to prepare and file financial declarations that are usually associated with income tax reporting. Harneys is pleased to announce the publication of the fourth edition of its british virgin islands commercial law, the leading legal textbook on the laws of the british virgin islands. The intellectual property unit within the registry of corporate affairs is responsible for administering all laws relating to intellectual property in the british virgin islands. The book provides a deep analytical view of the offshore jurisdictions legal landscape as it relates to companies, partnerships, credit and security, mutual funds. Learn more about the jurisdiction of the british virgin islands.
Corporate income tax the british virgin islands does not levy corporate tax, including no taxes on capital gains and investment income. Contact the head of bvi corporate practice robert j. Bvi company law provides minimum obligation to file any returns or reports. The law of the british virgin islands is a combination of common law and statute, and is based heavily upon english law. While the editorial is independent from the commercial profiles, the profiles allow inhouse counsel to see an overview of the firms strengths, locations, key contacts, individual lawyer. Harneys publishes fourth edition of authoritative bvi. This is particularly useful for onshore practitioners or company secretaries, providing the context within which companies can operate in a broad range of international. Marlins claim british virgin islands citizenship in lawsuit.
The british virgin islands financial services commission motto. Any notice, application, card or other document which is authorized or required to be given, presented, issued or delivered under these regulations may be sent by post. When searching for jurisdictions form a corporation, many business owners feel that bvi is a good choice because of the privacy and tax benefits. Local laws and customs british virgin islands british. Laws of the british virgin islands social security cap 266 social security contributions regulations, wages has the meaning assigned to it in regulation 43. British virgin islands bvi company registration is the most popular offshore business filing choice for people in asia and europe. Get unbeatable bvi offshore company incorporation prices here as we offer the best packages and rates for. The bvi international business company also called a bvi corporation has excellent tax benefits for its beneficial owners. Second, for the purposes of applying the irc to the virgin islands, a domestic corporation is a corporation incorporated in the virgin islands, while a foreign corporation is one chartered elsewhere, including the untied states. The important notes on shelf company registration, company documents, ordering.
Bvi business companies are exempt from local taxes and stamp duty, even if they are administered in bvi. Marlins teamco is a citizen of the british virgin islands under federal law governing treaties. Welcome to the website of the law offices of david a. Responsibilities currently include the registration and post registration filings under the trade marks act, the registration of. The secretary of state of virgin islands is also responsible for developing the appropriate forms required while filing and authorizing a business entity in the state. Bermuda, british virgin islands and cayman islands company law. Kitts and nevis, with an administrator representing the british government on the islands. Law in the british virgin islands tends to be a combination of the very old and the very new. The british virgin islands are a party to two doubletaxation avoidance treaties, with japan and switzerland, initially entered into by the united kingdom and extended to cover the british virgin islands although the territory does not have a tax treaty with the united kingdom itself.
The rights of other stakeholders, such as employees, customers and wider society are given comparatively little protection. Segregated portfolio companies regulations, 2005 s. British virgin islands law firm directory the profile section contains a list of firms that have taken out commercial profiles in the legal 500. British virgin islands bankruptcy law wikimili, the free. The british virgin islands has approximately 30 registered companies per head of population, which is probably the highest ratio of any country in the world. Bvi insolvency act bvi partnership law bvi securities and investment business act. The british virgin islands bvi is a british overseas territory. Tortola, british virgin islands lawyers and law firms. British virgin islands bvi is one of the most popular offshore jurisdictions for trust and entity setup, with an english common law framework and modern and flexible companies legislation. Bvi business companies act 2004 bvi offshore companies. British virgin island corporation formation, registration. British virgin islands offshore company incorporation. British virgin islands company law wikimili, the free. The british virgin islands red cross is a nonprofit, volunteerrun, humanitarian organization, and through its many programs provides assistance to persons within the bvi who are in need.
May 03, 2018 a new british law could have big ripple effects as part of a global trend toward financial transparency. The dlca office of the virgin islands is also the head of the department of trademarks and corporations. Statements and reporting requirements virgin islands, british. The british virgin islands is an internally selfgoverning colony with a ministerial system of government operating under a constitution adopted in 1967. As a british overseas territory, legislation is based on the british legal system and english common law. The british virgin islands, known affectionately as the bvi, is the worlds preeminent offshore jurisdiction for company incorporations.
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