Merchant shipping act 2001 virgin islands territorial sea order 2007. The usvi also imposes a gross receipts tax grt on every firm, corporation and other association doing business in the usvi. British island corporation bearer shares provide maximum confidentiality and anonymity. The united states virgin islands is an unincorporated territory of the united states located in the caribbean sea near the island of puerto rico. This book will provide the reader with a general introduction to companies and company laws in bermuda, the bvi and the cayman islands with particular.
Incorporation of british virgin islands nanyang law llc. Those service providers are the equivalent of mossack fonseca, the law firm at the heart of the panama papers. Corporate tax rates table kpmg british virgin islands. The intellectual property unit within the registry of corporate affairs is responsible for administering all laws relating to intellectual property in the british virgin islands. With steady trade winds, calm currents, protected bays and pirateship bars, this is one of the worlds.
Corporate and commercial in british virgin islands law. The british virgin islands is one of the worlds largest offshore financial centers and a worlds leading center for company incorporation. Harneys publishes fourth edition of authoritative bvi. The british virgin islands is a very successful offshore finance centre, with special emphasis on offshore business companies, trusts, offshore fund management and banking.
History of the virgin islands of the united states. A british virgin island corporation is exempt from all local taxes and stamp duty. The governor, appointed by the crown, remains responsible for defence and internal security, external affairs, the civil service, the administration of the courts and finance. Tortola, british virgin islands lawyers and law firms. British virgin island corporation formation, registration.
The book provides a deep analytical view of the offshore jurisdictions legal landscape as it relates to companies, partnerships, credit and security, mutual funds, insolvency, dispute resolution, taxation, trusts and more. The offshore company legislation was introduced in 1984 and later amended to include changes required by the industry. Oneal webster commerce house, 181 main street, road town tortola, british virgin islands, vg1110. British virgin islands law firm directory from the legal 500. Our ambition is to provide unparalleled confidential service, professionalism, dedication and commitment to our clients. Bvi company law provides minimum obligation to file any returns or reports. Links provide access to primary documents, legal commentary, and general government information about specific jurisdictions and topics. The islands are part of the archipelago of the virgin islands, the other islands being part of the united states virgin islands and the spanish virgin. Eastern caribbean supreme court website of the court which is a superior court of record for nine member states. Incorporated, a law firm founded by barrister and solicitor david a. The book provides a deep analytical view of the offshore jurisdictions legal landscape as it relates to companies, partnerships, credit and security, mutual funds. Thornton smith is a fullservice law firm based in the british virgin islands that provides practical solutions for complex legal and business transactions with a suite of valueadded services to clients. All royalties from book sales are being donated to the ongoing relief and.
Virgin islands resources guides at georgetown law lib. The december 2001 enactment of the financial services commission act, 2001 established the british virgin islands financial services commission as an autonomous regulatory authority responsible for the regulation, supervision and inspection of all financial services in and from within the bvi. Segregated portfolio companies regulations, 2005 s. The british virgin islands bvi joined the world of offshore banking in the mid 1980s. Welcome to the website of the law offices of david a. British virgin islands bvi corporations receive many benefits including. Bermuda, british virgin islands and cayman islands company law. What you need to know about the us virgin islands economic. Including information about the ministries and departments, statutory bodies, councils, the constitution, policies, archives. British virgin islands corporate litigation oneal webster. Virgin islands secretary of state corporation and business. The british virgin islands bvi is a british overseas dependent territory. The british virgin islands has approximately 30 registered companies per head of population, which is probably the highest ratio of any country in the world. Offshore services sector contributes greatly to bvi.
Incorporating your startup in the cayman islands or bvi. Also, there is no requirement to prepare and file financial declarations that are usually associated with income tax reporting. As a british overseas territory, legislation is based on the british legal system and english common law. British virgin islands law of offshore from lawand. British virgin islands company law is primarily codified in the bvi business companies act, 2004, and to a lesser extent by the insolvency act, 2003 and the. British virgin islands travel caribbean lonely planet.
Bvi company registration british virgin islands information. The offshore corporation is easy to incorporate and easy to maintain. Most travelers come to hoist a jib and dawdle among the 50plus isles. Bvi insolvency act bvi partnership law bvi securities and investment business act. The british virgin islands or bvi as it is known, forming an archipelago of about 40 sister islands in the caribbean sea. British virgin islands financial services commission. Greg boyd is also a member of the firms fintech group and recently led advice to dxc technology company on its. Vincent, the grenadines, anguilla, the british virgin islands and montserrat. A by isaac dookhan hole in my life by jack gantos i am the virgin islands by tiphanie yanique island girl growing up in a 2 room house on st. Such is the dominance of the british virgin islands as an offshore corporate domicile, that in many regions of the world international business companies are called simply as bvis. British virgin islands company law is primarily codified in the bvi business companies act, 2004, and to a lesser extent by the insolvency act, 2003 and the securities and investment business act, 2010. Laws of the british virgin islands social security cap 266 social security contributions regulations, wages has the meaning assigned to it in regulation 43.
The bvi international business company also called a bvi corporation has excellent tax benefits for its beneficial owners. Find out if a company registered in the virgin islands is also registered in other states. Bvi business companies act, 2004 british virgin islands. The british virgin islands bvi are territories of her majestys land, but aside from scattered offerings of fish and chips, theres little thats overtly british. The office of the lieutenant governor through the division of corporations and trademarks serves as the registry for all corporate filing in the united states virgin islands.
Virgin islands insurance amendment regulations, 2005 arrangement of regulations no. It replaced the extremely popular and highly successful international business companies act. Caribbean sea, 50 miles east of puerto rico surface area. Harneys is pleased to announce the publication of the fourth edition of its british virgin islands commercial law, the leading legal textbook on the laws of the british virgin islands.
Corporate books, minutes and records can be stored anywhere. The organization is a part of a global voluntary network, responding to conflicts, natural disasters and individual emergencies, whether health or social. Having spent two wonderful flotilla sailing holidays chartering a boat in the bvi both my husband i and were eager to take our floating home, britican, to an old haunt. The company law statute, the bvi business companies act, follows english. Bvi offshore company formation is regulated and administered by the services. Bermuda, british virgin islands, and cayman islands company law. The bvi business companies act 2004 bca 2004, not only sets out additional rights you are entitled to exercise as a shareholder, but also, with the introduction of part xa in january 2006, provides various remedies available in the event that your shareholder rights.
Apr 18, 2019 the british virgin islands is a british overseas territory, selfgoverened since 1967, with the queen appointing a governor responsible for administration of the british owned portion of the virgin islands archipelago. Offshore companies from the source british virgin islands bvi. Law in the british virgin islands tends to be a combination of the very old and the very new. The virgin islands very often referred to as the british virgin islands and. Bvi bcs are not obliged to prepare or file financial accounts, annual returns or records. Accountability is the official body charged with overseeing the corporate service providers that set up and manage shell companies. Our offices are located in east end, tortola, british virgin islands. The british virgin islands bvi, officially the virgin islands, are a british overseas territory located on the francis drake channel, east of puerto rico, in waters of the caribbean sea. British virgin islands law only provides for a very small class of preferential creditor, and these are rarely commercially significant in insolvent liquidations. The british virgin islands red cross is a nonprofit, volunteerrun, humanitarian organization, and through its many programs provides assistance to persons within the bvi who are in need. Since the introduction of the international business companies act in 1984 to the current business companies. The dlca of virgin islands maintains a vast database of records containing a wellorganized list of entities and corporations headquartered in the state. Litigation and enforcement in the british virgin islands.
The bvi business companies act no 16 of 2004 is the principal statute of the british virgin islands relating to british virgin islands company law, regulating both offshore companies and local companies. While the editorial is independent from the commercial profiles, the profiles allow inhouse counsel to see an overview of the firms strengths, locations, key contacts, individual lawyer biographies. Bickley c, bermuda, british virgin islands and cayman islands company law. Responsibilities currently include the registration and post registration filings under the trade marks act, the registration of uk trade marks act, and the. Then you can start reading kindle books on your smartphone, tablet, or. Choosing the right virgin islands business entity virgin. Search for library items search for lists search for. Virgin islands business entity and corporation search vi. These include the government development bank, the industrial park development corporation, the small business development agency, the enterprise zone program and the economic. Apr 07, 2020 this research guide covers select resources available for doing u. Bvi offshore companies accumulate no tax liability in the bvi and so make it easy for you to go about your affairs internationally in a tax free environment.
The british virgin islands is an internally selfgoverning colony with a ministerial system of government operating under a constitution adopted in 1967. Virgin islands legal, judicial, and governmental sources accessible through the internet links provide access to primary documents, legal commentary, and general government information about specific jurisdictions and. The british virgin islands financial services commission motto. Bvi legal and judicial system british virgin islands. The second primary benefit of incorporating in the cayman islands or bvi is asset protection. Go ahead and register your company in the bvi today.
We specialize in highly technical structuring involving complex securities and regulatory issues. British virgin islands corporatecommercial law harneys 10 jun 20. The sector accounts on over half of the jurisdictions gdp and incorporation fees account for more than half of government revenue. Incorporation of british virgin islands offshore company the international. As a shareholder of a bvi company, your rights are not limited to those detailed in the companys constitution.
Companies are incorporated in the british virgin islands bvi under the bvi business companies act, 2004 the act by the filing of memorandum and articles of association with the registrar. British virgin islands law firm directory the profile section contains a list of firms that have taken out commercial profiles in the legal 500. Hot topics related to foreign trusts with us beneficiaries. Enter your mobile number or email address below and well send you a link to download the free kindle app. Jun 10, 20 recent cases out of the british virgin islands commercial court deal with issues including third party costs and the applicability of black swan freezing relief in support of foreign derivative claims.
As a leading offshore financial centre, the territory has extremely modern statutes dealing with company law, insolvency, banking law, trust law, insurance and other. Share registers are only available for inspection by the british virgin island court or by registered shareholders of the british virgin island corporation. British virgin islands commercial law is the only publication that focuses exclusively on the british virgin islands. Bvi business companies are exempt from local taxes and stamp duty, even if they are administered in bvi. Establishing a business in the british virgin islands practical law. When searching for jurisdictions form a corporation, many business owners feel that bvi is a good choice because of the privacy and tax benefits. Harneys publishes fourth edition of authoritative bvi commercial law. Even though it is not a state of the united states, most u. They enacted british virgin islands international business companies ordinance in 1984. An overview of the types and uses of british virgin islands.
Why and how to form an offshore company in the british. The british virgin islands bvi is a british overseas territory. In 2005 the bvi introduced a further development in its corporate legislation by eliminating any discriminatory differences between international business. As a leading offshore financial centre, the territory has extremely modern statutes dealing with company law, insolvency, banking. An overview of the types and uses of british virgin islands law trusts. Any notice, application, card or other document which is authorized or required to be given, presented, issued or delivered under these regulations may be sent by post. Despite the fact that the owner of the subchapter s still must file a separate tax return with the virgin islands bureau of internal revenue for informational purposes, the entity itself is not subject to tax liability, making the subchapter s corporation. But these corporations are nothing more than people with. The islands have become such a popular destination for international companies that many people refer to these companies as just bvis rather than bvi companies. You do not need to have meetings in the british virgin islands. Waste no more time and start making huge savings on taxes and piling up on profits. This guide to law online british virgin islands contains a selection of british virgin islander legal, juridical, and governmental sources accessible through the internet.
The gazette is the official newspaper of the government of the virgin islands. The british virgin islands bvi is a leading jurisdiction for the establishment and management of trusts, and in the socalled vista trust offers a form of trust unique to the bvi which is particularly attractive for holding shares in bvi incorporated companies. British virgin islands business, taxation and offshore. Worldlii categories countries british virgin islands. Harneys has an established bvibased corporate team with market leading experience. Virgin islands island house by bru baker 1st book of dropping anchor series kallaloo.
Bvi ibc or bvi offshore company is a tax free company incorporated in the british virgin islands. The law of the british virgin islands is a combination of common law and statute, and is based heavily upon english law law in the british virgin islands tends to be a combination of the very old and the very new. Learn more about the jurisdiction of the british virgin islands. The british virgin islands are an englishspeaking dependent territory of the united kingdom, located in the caribbean off puerto rico. Travers thorp alberga is a boutique cayman islands and british virgin islands law firm comprised only of the most experienced lawyers from both jurisdictions and modelled for the post financial crisis environment. The law of the british virgin islands is a combination of common law and statute, and is based heavily upon english law. Shareholder activism considerations for bvi companies. Contact the head of bvi corporate practice robert j. Government of the british virgin islands from the development planning unit of the british virgin islands. British virgin islands growing rich as a global tax haven.
Sep 09, 2014 the virgin islands economic development authority vieda is comprised of five main branches, each dedicated to encouraging growth in specific areas of the economy. Around the world in 80 books books set in the caribbean. Virgin islands law blog provides uptodate information on international business issues regarding real estate, tax and estate planning, corporate and employment law. Virgin islands employment laws if you have been an employer in a mainlandu. Neither the cayman islands nor bvi has a statutory law in place that provides for reciprocal enforcement of us judgments although judgment creditors can seek common law remedies in the cayman islands. A few years ago, before we sold all our possessions, purchased a sailboat and started sailing around the world, i would have said that my most favorite destination was sailing the british virgin islands bvi.
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