Offshore Incorporation (British Virgin Islands)
The Virgin Islands, commonly referred to as the British Virgin Islands (BVI), is a British overseas territory located in the Caribbean to the east of Puerto Rico. The “four pillars” of the economy are tourism, financial services, agriculture and fishing.
A BVI company is a corporation one or more people or entities form in the British Virgin Islands. The term International Business Company or IBC is the official name for what most people think of as “offshore companies” An IBC is a private corporation. One reason a person might use it for international business activity is because it avoids certain taxes. In addition, BVI offshore companies have strict confidentiality provisions and a flexible organisational structure.
It makes for an ideal location for an offshore tax haven. BVI has an independent judicial system based on English common law. The BVI has more than 600,000 incorporations registered, with more than 5,000 new companies registering every month.
- No minimum capital requirement
- No company secretary required
- Able to open bank account
- No requirement on filing company’s account, taxes or financial information
- 0% tax rate for BVI offshore business. Excellent to legitimately book tax-exempt international profits
- Track record of business information confidentiality. No requirements for beneficial owner to be made public (only record available to the public at this time is the Register of Director.)