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ENERAL INFORMATION
INTRODUCTION
The British Virgin Islands (BVI) is a group of islands in the Caribbean Sea located approximately 80 kilometers east of Puerto Rico. The BVI became an internally self-governing colony in 1967 and is a member of the British Commonwealth. The largest and most populated Island is Tortola, which has about 16,000 inhabitants. The capital, Road Town, is on the southern shore near Sir Francis Drake Channel. The economy, one of the most prosperous in the Caribbean area but is highly dependent on the tourist industry, which generates about 20% of the national income.

In 1985, the Government offered offshore registration to companies wishing to incorporate in the Islands.

LANGUAGE
The official and spoken language is English.

TYPE OF LAW
Common Law, based on English Common Law with local modifications and local statutes.

COMPANY INFORMATION
TYPE OF COMPANY FOR INTERNATIONAL TRADE AND INVESTMENT
International Business Company (IBC)

TIME TO INCORPORATE
One Day, but allow ten working days for receipt of documentation.

RESTRICTIONS ON NAME AND ACTIVITY
Names must end with one of the following words, or their relevant abbreviations - Limited, Corporation, Incorporated, Société Anonyme, Sociedad Anónima.

The following names and their associated activities, cannot be used: Assurance, Bank, Building Society, Savings, Loans, Insurance, Reinsurance, Fund, Royal, Trust, Chamber of Commerce, University Co-operative and Municipal.

CLASSES OF SHARES PERMITTED
Registered shares, bearer shares, shares of no par value, preference shares, redeemable shares and shares with or without voting rights.

DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES
No.

LICENCE FEES
Companies with an authorised capital up to US$ 50,000 pay US$ 350 per year. Additional incorporation and annual fees would be payable for companies having a higher share capital.

FINANCIAL STATEMENT REQUIREMENTS
Whilst there is no requirement to file audited accounts with the authorities, a company is required to keep financial records, which reflect the financial position of a company.

Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other professional advice. We do not accept any responsibility, legal or otherwise, for any error or omission.