British Virgin Islands

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British Virgin Islands

General information about the jurisdiction

British Virgin Islands (BVI) – British overseas territory opened bi Columbus in the West Indies, situated in the Atlantic Ocean near the Caribbean.

 BVI's economy is based on tourism and offshore companies registration, although a part of population is engaged in the cultivation of sugar cane and rum production.

1. Legislation

BVI International Business Companies Ordinance 2004 regulates companies’ activities in BVI.

2. Company formation

2.1 Types of companies

Limited Liability Company (its name must include Limited, Ltd, Corporation, Corp., Inc., S.A. etc.). 

2.2 Limited Liability Company (Ltd):            

  •  The minimum authorized capital – not established.
  • Shares –registered, per value or not.
  • Director – at least 1, individual or legal person, no residency required.
  • Members – at least 1, individual or legal person, no residency required. Director and shareholder may be the same person.  Nominee service may be used.
  • Secretary – not required.
  • Publicly available information: the law guarantees the confidentiality of directors and shareholders. Details of the constitution that is kept in Company Register may be submitted to third parties only after a court decision.
  • Company is not obliged to keep and submit an annual financial report, to be audited. Annual state fee must be paid (its amount depends on the size of the declared authorized capital).
  • Registered office in BVI is required. 

3. Taxes

An offshore company is exempt from taxation.

4. Currency control

None

5. Agreements on avoidance of double taxation

BVI concluded some agreements on avoidance of double taxation but they do not apply to offshore companies.

6. Features

BVI is in the tax havens list of Ukraine.