About British Virgin Islands (BVI)
The British Virgin Islands (BVI) consists of 4 large islands and 32 smaller islands and islets, in the eastern Caribbean Sea. The BVI economy is largely based on tourism and financial services. Since the 1980s, the government has made a substantial effort in attracting offshore businesses to register in the islands. It is estimated that more than half a million offshore companies are incorporated in the BVI with $1.5 trillion in assets. Offshore fees account for 60% of the national budget.
The BVI legal system is based upon English common law. A specialist Commercial Court was created in 2009 to hear commercial issues from the BVI. Appeals can be made to the Eastern Caribbean Court of Appeal, with a further right of appeal to the Privy Council in the United Kingdom. Investors feel confident that their legal rights are protected under a fair and balanced legal system.
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BVI became the market leader for corporate services with the introduction of the International Business Companies Act, which created the International Business Company (IBC) in the 1980s. IBCs have now been replaced by BC’s (Business Company). New legislation cancelled restrictions on doing business in the BVI, which existed for BVI IBC. BVI BC’s can conduct business with BVI residents and buy real estate property in the BVI.
TYPES OF LICENSES:
A BVI company can operate under these types of licenses:
Documents required for BVI Company Set Up
The following are required for every directors, officers and shareholder:
- Copy of the passport of the company directors, officers, and shareholders.
- An original proof of residence showing the name and address of the company directors, officers, and shareholders. A utility bill or bank statement which includes a name and address is the most common type of document provided by clients. This document must be current and have been issued in the last 90 days.
- An original letter of introduction is required. This letter must be issued by a bank on official letterhead.
- If the shareholder is another company, then notarised / attested versions of those documents will be required.
Timeframe for BVI Company Registry
Incorporation of BVI companies takes around 3 to 5 days. The time required for receiving the registration documents from the BVI Register of Companies and legalisation of the documents with Apostille is one week.