The BVI International Business Companies Ordinance is one of the oldest; it was enacted in 1984. The islands have become since then such a popular destination for international companies that many people refer to these companies as just “BVIs” rather than BVI companies.
British Virgin Islands are established under the BVI Business Companies Act, 2004 (“The Act”). The provisions of the Act render BVI IBC’s an extremely versatile and adaptable corporate entity inter alia for private portfolio holding companies, trading companies, mutual funds and property holding companies.
Main Key Features-BVI Companies
- Minimum of one director and one shareholder;
- Allows re-domiciliation of BVI entities to another jurisdiction;
- A BVI company may purchase and own its own shares;
- No public record is maintained; as such the identity of a BVI entity shareholders remains private; the legislation requires that a private Register of Directors must be filed with the Registry of Corporate Affairs within 21 days of the appointment of the company’s first Directors. In addition, a BVIBC must provide information on the identity of its beneficial owner to its registered agent.
- User friendly corporate governance rules including limited statutory requirements governing maintenance of corporate records and preparation of financial statements
- Incorporation procedures are straightforward and can normally be completed in one to two working days.