The British Virgin Islands is by far the most popular jurisdiction in the world for International Business Companies (IBCs).

 

The international financial and tax planning community can and does seek out those jurisdictions which best accomplish its various requirements. In the BVI, over 600,000 IBCs have been incorporated to date, with approximately 50,000 incorporated last year alone! The reason for this BVI preeminence in offshore company formation lies its unique combination of those factors that are most important to the diverse elements that make up the international financial community.

 

Some main advantages of BVI Company formation are as follows:

 

(1)   IBC formation legislation in the BVI is both modern and very flexible, in fact it is the model upon which much of the other Caribbean IBC formation legislation is based. The legislation requires only one shareholder and one director (both of which may themselves be other corporations); no corporate officers are required; bearer shares are permitted; there is no requirement for an annual general meeting; the company need only keep such accounts and records as the Director(s) think appropriate. The BVI government need not be informed of the identity of the IBC's shareholders or directors. Many of the benefits of the BVI flow from this combination of a very high level of flexibility and the unquestioned confidentiality.

 

(2)   As one of the more socio-economically stable regions of the world, the BVI is highly regarded as a safe haven for conducting international business activities.

 

(3)   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.

 

(4)   International Business Companies are exempt from all local taxes and stamp duty.

 

(5)   Multiple share types: Registered shares; Bearer shares ; Redeemable shares; Preference shares; Shares of no par value; Shares with or without voting rights.

 

(6)   Share currency: Shares can be denominated in any currency, not necessarily only in the USD, in addition shares may be denominated in more than one currency.

 

(7)   No foreign exchange controls: there are no foreign exchange controls and funds that can be moved freely in and out of the BVI.

 

(8)  Maximum security of assets includes the ability to transfer domicile.

 

(9)   The directors may protect the assets of the IBC for the benefit of the IBC, its creditors and its members by transferring its assets to another company, trust, foundation, association or partnership; and merge or consolidate with any other company or foreign corporation in another accommodating jurisdiction.

 

(10)   although many Caribbean jurisdictions do not have actual tax treaties with the U.S. or Canada, many have, under pressure, signed some form of information sharing agreement, often under the Caribbean Basin Initiative (CBI). The British Virgin Islands has a much higher standard of living than most of the non-U.S. Caribbean; moreover, the BVI is a small country, with a very successful financial services sector. Revenues from international financial business provide the largest single contribution to BVI government revenues. Thus "membership" in the CBI, which is a form of economic assistance program but which also requires an arrangement to share financial information and records, has no attraction for the BVI.

 

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