The BVI has been an offshore financial center for over twenty years. Business leaders, investors and entrepreneurs around the world use BVI companies to hold their investments, hold their real estate and to carry on their businesses. That is why over 400,000 corporations are registered in the BVI!
The government of the BVI works hard to keep the BVI competitive. It regularly consults with industry and outside stakeholders to understand business needs and to innovate solutions. The financial sector is a leading part of the economy in the BVI. That is why the BVI government is so eager to support international business.
What features makes the BVI an attractive option for offshore financial services?
There are a number of features that make BVI so attractive:
• Fast and efficient registration of companies
• Efficient regulation of trust companies and other service providers
• Strong legal and accounting infrastructure that draws on talent from across the globe to serve business efficiently and effectively
• The political and economic stability of being a British Overseas Territory
• A low crime rate
• The official currency is the United States Dollar
• Located in a favorable time zone for dealing with both the US and Europe inside the same work day
• A separate system of taxation from the United Kingdom.
• Securities and Investment Business Act provides an excellent framework for the establishment of public and professional Mutual Funds
• A solid legal framework based on English common law, administered by a court system with a High Court, Court of Appeal and final appeal to the Privy Council in London.
• Robust Insolvency legislation in keeping with international standards
• Home to a leading arbitration center to resolve commercial disputes
There are a number of features the BVI does NOT have that also make it more attractive and more competitive than other offshore centers:
• No corporation tax for BVI Business Companies
• No estate, inheritance, succession and gift taxes on individuals
• No currency exchange controls
There is no better place to do business than the BVI!