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British Virgin Islands (BVI) BC Offshore Company

British Virgin Islands Offshore Company Overview

The British Virgin Islands first enacted legislation for the incorporation of International Business Companies Act in 1984.

One of the main reasons for their popularity as a jurisdiction has to be the simple legislation and fairly low costs. The BVI government has strengthened legislation to prohibit the formation of offshore banks on its territory which has in return successfully curtailed money laundering activities.

The BVI’s modern and flexible legislation has led to its status as the most popular offshore location.

Why choose BVI?

BVI Business Company’s (‘BC’s’) are a very popular and widely used offshore companies because of their administrative ease, flexibility, taxation exempt status and the fact that they are widely accepted and understood by the international financial community.

BVI BC’s may engage in any activity that is not illegal under the laws of the BVI subject to any restrictions in their Memorandum of Association.

The BVI has an independent legal and judicial system based on English Common Law, with a right of final appeal to the Privy Council in London. Policies and legislation are developed in close consultation with the private sector. Offshore business can be carried out in a tax-free environment.

Accounting Requirement

There is no requirement to file accounts with the authorities but a company is required to keep financial records that reflect the financial position of the company.

Cost of incorporation & Management

Cost of Incorporation: $2,900
Annual Renewal Cost: $1,300

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