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British Virgin Islands


							
Description

The British Virgin Islands (BVI) is the territory subordinated to Great Britain. Emerald green mountains, numerous isolated beaches are only a small part of all the riches of the British Virgin Islands.


The British Virgin Islands (BVI) is the territory subordinated to Great Britain. Emerald green mountains, numerous isolated beaches are only a small part of all the riches of the British Virgin Islands.

Since 1948, after the adoption of the law about International Business Companies, offshore financial sector of the British Virgin Islands began to develop.

Now the BVI is a leading world offshore center on the territory of which within the last ten years more than 600 000 companies were registered.

Advantages

1. Companies in the British Virgin Islands don't provide accounts.

2. There are no restrictions on the movement of capitals from and within the territory of the BVI.

3. The information about directors of a company isn't on the public record, however, such a registration is possible if it is necessary.

4. There are no requirements about drawing up of annual reports, carrying out of annual meetings of directors and audit. However companies should keep accounting records that reflect their financial situation.

5. The services of the nominal director and shareholder are permitted.

6. The government of the British Virgin Islands aims to raise the transparency of International Business Companies and make the legislation compliance with the requirements of FATF (the International organization on struggle with financial abusing).

7. There is special trusts legislation in the BVI, therefore this jurisdiction is popular for those who is interested in assets protection.

Taxation

There are no taxes and fees except the annual license duty for companies which do not take any activities on the territory of the BVI. However companies must pay penalties for the delay of duty payment and in the case of non-payment within five months, company registration is cancelled.

Currency control

No currency control.

The information about shareholders and directors

Shares

In connection with changes which came into force in 2005, offshore companies that had issued bearer shares before, had the right to choose one of following actions:

1. To make change of the charters, providing prohibition to issue bearer shares permission to issue registered shares. Till 12/31/2009 companies have the right not to change their charters. After 12/31/2009 the provisions that allow to issue bearer shares are considered automatically invalid and all the companies should compulsory make changes in their charters.

2. To deposit the originals of the bearer shares in authorized licensed Financial Services Commission depositary on the territory of the BVI till 2010.

3. Companies which will decide to include in the charter the provisions concerning the right to issue bearer shares should pay annual governmental charge at increased rate. However if the company was registered on the territory of the BVI till 31.12.2004 and intents to keep issued bearer shares the annual duty on prolongation of the registration of the company won't be increased. For this purpose it is necessary for directors of the company to notify the registrar of the company about such a decision till 12/31/2009.

Authorized capital

 

There are no requirements and terms for the payment of the authorized capital.

Agreements on double taxation avoidance

The BVI signed the agreements on double taxation avoidance with Great Britain, Switzerland and Japan. However these agreements can be applied to the BVI companies with the resident status.

 

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