The British Virgin Islands (BVI), is a British overseas territory, located in the Caribbean to the east of Puerto Rico. The islands make up part of the Virgin Islands archipelago, the remaining islands constituting the U.S. Virgin Islands. The British Virgin Islands consist of the main islands of Tortola, Virgin Gorda, Anegada and Jost Van Dyke, along with over 50 other smaller islands and cays. Approximately 15 of the islands are inhabited. The capital, Road Town, is situated on Tortola,the largest island which is approximately 20 km (12 miles) long and 5 km (3 miles) wide. The islands have a total population of about 22,000, of whom approximately 18,000 live on Tortola.
Key Corporate Features
- At least 1 Director, whether an individual or a company.
- No restriction on the nationality of the Director.
- At least 1 Shareholder, whether an individual or a company.
- No restriction on the nationality of the Shareholder.
- Share Capital
- Minimum paid-up capital is USD1.
- Standard authorized capital is USD50,000.
- No tax is payable to the British Virgin Islands authorities on the company’s worldwide profits.
- British Virgin Islands has treaties with Japan and Switzerland, although they have limited benefit and are not applicable to offshore business.
- Reporting Requirement
- There is no requirement to file audited accounts and annual return with the authorities.
- Time Taken to Incorporate
- About 2 days