Fact File

Fact File Supplied By:

BVI Finance Limited

Location

Eastern Caribbean

Time Zone

Greenwich Mean Time -4.

Population

32,800 (2017)

Capital

Road Town

Airport(s)

Terrance B. Lettsome International Airport

Language

English

Currency

US Dollar

Political System

Democratic 13-member legislature/government

International Dialing Code

+1 284

Legal System

Based on English common law. UK Privy Council is final court of appeal

Centre's expertise

Renowned as a corporate domicile for business companies, trust settlements, captive insurance, mutual funds and shipping registration

Personal income tax

0%

Corporate income tax

No income (profit) tax. Payroll tax-resident companies: 10% or 14% (employees: 8% fixed, employers: 2% or 6% depending on business size). Non-resident companies: same as resident, on BVI-based employees only.

Exchange restrictions

None

Tax Information Exchange Agreements

For full list, go to www.bvi.gov.vg/tiea

Permitted currencies

all currencies permitted

Minimum authorised capital

None unless engaged in regulated activities which are subject to varying requirements based on licence type

Minimum share issue

One share

Shelf companies

BVI business companies, limited partnerships, segregated portfolio companies, restricted purpose companies, companies limited by shares and/or guarantee

Timescale for new entities

24 hours (BVI business companies, LPs).

Incorporation fees

Business companies $350-$5,000 depending on the company type, whether it is authorised to issue shares, its share structure (number and type of shares authorised for issue); Limited Partnership ($500).

Annual fees

Business companies, US$350-US$1,000 depending on share capital structure (number and type of share authorised for issue); limited partnership US$500.

Minimum number

One

Residency requirements

At least one director must be resident where the company is licensed to perform certain banking, trust, fiduciary and insurance business.

Corporate directors

Permitted

Meetings/ frequency

As directors determine

Disclosure

Shareholder details must be maintained with company registered agent.

Bearer shares

Permitted (must be held by an authorised custodian or a recognised custodian)

Minimum number

one

Public share registry

No

Meetings/ frequency

As directors or shareholders determine

Annual return

No

Audit requirements

Annual audited statements are required for entities licensed to carry out regulated business.

Registered office

Yes, must be in the BVI and must be the office of the registered agent.

Domicile issues

Re-domiciliation to and from the BVI allowed under BVI law.

Company naming restrictions

Restricted words such as 'banking', 'insurance', 'fund', 'trustee' will not be allowed without relevant licence.