British Virgin Islands
A self governing British overseas territory, situated in the Caribbean just to the east of the US Virgin Islands. The BVIs, as they are called, are a popular travel destination for sailors, fishermen, sun worshippers, and other independent travellers, albeit not for the cost conscious.
Boating among the dozens of tiny, mostly uninhabited, islands is a great stop on any tour of the Caribbean islands. The British Virgin Islands comprise 60+ islands and keys, with more than 43 of them being uninhabited islands. The islands fall into two types: the majority are steep volcanic islands (including the main islands, Tortola and Virgin Gorda), and a small number of relatively flat coral islands (such as Anegada and Sandy Spit).
Main benefits of a BVI IBC:
- Zero corporate tax
The BVI are completely free of taxes. That means no income tax, no taxes on dividends, interest, royalties or any other sums that the company pays to shareholders or other persons. There is zero tax on income from capital gains through stocks, bonds or any other securities.
Transfer of ownership of an offshore company through the transfer of its securities in any form (sale, gift, inheritance, etc.) is also exempt from tax.
- Guaranteed confidentiality and protection
Information about the owners (beneficiaries), directors and shareholders of BVI companies is not available to outsiders. Moreover, when opening a new offshore company, this information is not submitted to the Registrar of Companies! The registrar knows only a particular company’s Registered Agent. All information about the structure of the company and involved physical and legal persons is known only to the Agent. The law obliges the Registered Agent to hold all of this information in the strictest confidence.
- No requirement to file financial statements
BVI offshore companies are free from the necessity of submitting financial statements to the tax authorities of the country, and from carrying out statutory audits.