The Virgin Islands, often called the British Virgin Islands (BVI), is a British overseas territory and overseas territory of the European Union, located in the Caribbean to the east of Puerto Rico. The islands make up part of the Virgin Islands archipelago, the remaining islands constituting the U.S. Virgin Islands. British Virgin Islands government publications had traditionally continued to commence with “The Territory of the Virgin Islands”, but recently, more legislation now simply refers to the Territory as the “British Virgin Islands”.
The British Virgin Islands consist of the main islands of Tortola, Virgin Gorda, Anegada and Jost Van Dyke, along with over fifty other smaller islands. Approximately 15 of the islands are inhabited. The capital, Road Town, is situated on Tortola, the largest island which is approximately 20 km (12 mi) long and 5 km (3 mi) wide. The islands have a population of about 22,000, of whom approximately 18,000 live on Tortola.
With many years of experience, 818HI is renowned for its local expertise and is able to provide clients worldwide with fast and effective offshore company formation services. The 818HI team can communicate in fluent English, French, Chinese, Russian, Korean and Japanese to bridge eventual language barriers.
The main reasons for BVI Company formation are as follows:
A wide range of application are possible with a BVI Company, including: investment, property holding, financial management, trading and copyrighting and/or licensing. Unlike many other jurisdictions, there are no disclosure requirements, nor any minimum capitalization regulations, nor any prohibitive license fees pertaining to trust and trustee companies for application in private-label trust company, unit and mutual fund situations.
|Minimum number of shareholders||1|
|Minimum number of directors||1|
|Mimimum share capital requirement||US$ 1|
|Company secretary||Not required|
|Nationality and address of shareholders / directors||No restrictions|
|Hong Kong registered address||Not required. Keeping of Hong Kong corresponding address is useful for corresponding with registration agent.|
|Incorporation time||Ready-made: 1 day Tailor-made: 6 working days|
|Purpose and Benefits|
|Resistance of customer and client||Higher resistance as registration is not open for public search|
|Risk reduction||Reduced risk as registration is not open for public search|
|Tax benefit||No Profits Tax, but limited to profit not derived from BVI. Company may still be subject to tax of another country.|
|Asset holding||Asset transfer can be achieved by share transfer.|
No stamp duty and no financial statements are required for share transfer.
|Bank account opening||More stringent requirements, such as: Personal banker’s reference letter of directors, disclosure of beneficiary owner, purpose of opening bank account, Certificate of Good Standing or Incumbency|