Financial Centres: British Virgin Islands (BVI)


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British Virgin Islands (BVI)

British Virgin Islands (BVI)

The British Virgin Islands (BVI) are a group of islands located about sixty miles due east of Puerto Rico. The British Virgin Islands is by far the most popular jurisdiction in the world for International Business Companies (IBCs).

The BVI territory has been a true phenomenon for the establishment of offshore companies in recent years. It has rapidly become the premier offshore corporate Domicile with more than 300,000 International Business Companies (IBCs) registered.

Financial Background

Essentially, a modern IBC( an International Business Company ) is a private Corporation which is exempt from Tax, suitable for virtually any international business activity, has a flexible organizational structure, is not burdened by excessive reporting and record-keeping requirements, and maintains strict confidentiality provisions.A BVI Business Company is exempt from the BVI income Tax, the same exemption applies to all dividends, Interest, rents, royalties, compensations and other amounts paid by a company, and all capital gains realised with respect to any shares, Debt obligations or other securities of the company. No estate, inheritance, succession or Gift Tax is payable with respect to any shares, Debt obligations or other securities of a BVI BC.

The 'VISTA' law allows BVI trusts to exclude the so-called “prudent man of business rule” which has traditionally made the Trust an unattractive vehicle to hold Long-term assets and requires trustees to monitor and intervene in the affairs of Underlying companies. The Act enables a shareholder to establish a Trust of his company that disengages the trustee from management responsibility and permits the company and its business to be retained as Long as the directors think fit.

Posted by Information Management Network LLC.

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