British Virgin Island

Population:

approx 25,000

Currency:

US dollar

Language:

English

Time zone:

GMT minus 4

Center's expertise:

Well regulated, plenty of expertise, popular with corporate

General requirements

Type of entity

International business companies and companies limited by shares are most common entities

Type of law

Common Law

Shelf company available

Yes

Time to establish a new company

1 - 3 working days

Taxation

Nil except for payroll tax for companies doing business in the BVI

Double taxation agreements

None

Forex restrictions

None

Language & name restrictions on companies

None apart to avoid confusion with existing names; non-Roman script may be used

Share capital

Permitted currencies

Any

Minimum paid up

US one cent for IBCs with US$ denominated capital; not applicable for new BCA companies

Usual authorized capital

50,000 shares (IBCs, $50,000; BCA companies do not have authorized capital, only authorized shares)

Directors and personnel

Minimum number

1

Local required

No

Company secretary & qualifications

Nine, although a BVI registered agent and registered office

Shareholders and AGM

Minimum number

1

Disclosure requirements

None

Publicly accessible records

No

Obligations for annual meetings

No

Location of AGM

Anywhere

Accounts

Requirement to prepare

Some regulated entities only

Audit requirements

Some regulated entities only

Account filing obligations

Some regulated entities only

Publicly accessible accounts

Some regulated entities only

Other

Requirements to file annual return

No

Change in domicile permitted

Yes

Need to registered office

Yes, and registered agent in BVI

Number of companies set up in last year

50,000+

Total number of companies on register

650,000+