| INTRODUCTION |
The British Virgin Islands (B.V.I.'s) consist of approximately 40 islands located in the Eastern Caribbean. They are about 60 miles east of Puerto Rico. The majority of residents are located on the islands of Tortola. Population 18,000.
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| LAW AND TAXATION |
The British Virgin Island's legal structure is based on English common law rules and on local statutes. The Court system is part of the West Indies Court System with a final appeal to the Privy Council in the United Kingdom.The head of the islands government is the Governor, appointed by the Queen. The Governor administers the British Virgin Islands affairs along with an Executive Council and Legislative body. The islands are a British Crown Colony, which have been responsible for running their own internal affairs since 1967.
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| CORPORATE REQUIREMENTS |
Entities formed in the British Virgin Islands are either International Business Companies (IBC's) exempt from all local taxes or companies incorporated under the B.V.I. Companies Act with exposure to local taxation a result of activities and management of the company itself.
The British Virgin Islands are attractive to many for the following reasons:
- No capital gains, gift, death or wealth taxes
- Minimum reporting requirements
- Established trust laws are in affect
- Minimum of one director and one shareholder
- Board meetings can be held anywhere in the world including over the telephone
- No public record of a director or shareholders identity
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| LOCAL INFRASTRUCTURE |
The business environment strength is from tourism and financial services. The British Virgin Island's are the world's largest offshore corporate domicile.
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