British Virgin Islands Company Formation

The British Virgin Islands (BVI) has long been one of the most popular jurisdictions for offshore incorporation and we at Chesterfield would know as we have assisted individuals in their formation and management of BVI companies for a large number of years now.

One of the main reasons that the BVI is so popular is ease of doing business.  The governing body makes it a top priority to understand the needs of the modern corporate world and adapt to meet these needs, for example corporate directors are acceptable and there are no nationality restrictions.  It is also a reasonably priced jurisdiction with a fast incorporation process.  It has adapted with society and has a variety of different offshore vehicles to offer and therefore can be used for a variety of difference purposes.

Whilst some jurisdictions might have ardent procedures and outdated governances such as forced heirship the British Virgin Islands rational and modern practices mean that there are clear paperwork benefits.  It also has favourable tax compliance and planning advantages.

Whilst borders are no longer the factor that they used to be and you can now incorporate anywhere depending on your individual needs you do have to have a registered office and substance in the British Virgin Islands to form you company there, however Chesterfield have been incorporating BVI companies for decades and are in an ideal position to assist you.

The British Virgin Islands is internally self- governing with a ministerial system of government. The Governor is appointed by the British Crown and retains responsibility for defence and internal security, external affairs, the civil service and the administration of the Courts and finance.

The British Virgin Islands financial services industry introduced legislation in 1985 to permit the formation of International Business Companies(I.B.C.). The company law was modern and flexible and the islands flourished. There are now probably more offshore companies incorporated in the British Virgin Islands than anywhere else. In 2005 the I.B.C. Act was replaced by the Business Companies Act 2004, which brought the company law up to date. At the same time the British Virgin Islands introduced a zero rate system of corporate taxation to comply with the international obligation to treat resident and non-resident taxpayers equally. Companies incorporated under the Business Companies Act 2005 are not allowed to trade with the British Virgin Islands or own property there. As a British controlled territory, the British Virgin Islands are covered by the European Savings Tax Directive.

If you would like to know more about BVI incorporations and how they might benefit you then please do not hesitate to contact us.

British Virgin Islands offshore company regulations

Type of entity BC
Type of law Common
Corporate taxation Nil
Double taxation treaties available No
Share Capital
Usual currency U.S.$
Permitted currencies Any
Minimum paid up No par value, but usually $1
Usual authorised 50,000
Minimum number 1
Local resident required No
Records publicly available No
Corporate Director allowed Yes
Shareholders / Members
Minimum number 1
Records publicly available No
Location of Meetings Anywhere
Company Secretary
Required No
Local or qualified NA
Required No
Audit required N/A
Filing required N/A
Publicly available N/A
Annual return required No
Change of domicile permitted Yes
Availability of shelf companies Yes
Time to incorporate shelf co 2-3 working days
Time to incorporate new co 3-5 working days