British Virgin Islands International Company

Since 1959, the official currency has been the United States dollar, which is also used by the United States Virgin Islands. The British Virgin Islands are highly dependent on migrant workers. Up to 50% of the island labor force is made up of migrant workers with 32% working within the government. There are 113 kilometers of roads that are quite steep and winding. The main airport and the main harbor are located in the capital city Road Town in Tortola (the largest of the islands). The airport is known as the Terrence B. Lettsome International Airport or Beef Island Airport. It is on Beef Island on the eastern tip of Tortola Island and is accessible using the Queen Elizabeth the Second Bridge. Ferries link the islands to each other and like the British, while driving always keep left.

International business companies are the most popular form of investment and majority of these companies are private companies that have a limited number of shares. To acquire the title of an international business company in the BVI, one needs to meet the following criteria. To begin with, the company is not allowed to transact business with the residents of the BVI. The company cannot provide registered services for a BVI registered company and it needs a license to carry out insurance or re-insurance activities within the BVI. Banking and trust businesses can only be carried out if the required licenses have been acquired. The international business company can also not own any property within the BVI and any space used must be for offices only and must be on a lease basis.

On the other hand, the international business company can own shares in a BVI company and it has the capacity to operate a bank account within the country. The off shore company can also employ locals to work in it and it is completely exempt from paying taxes by law. The company is however required to acquire the services of a government licensed and registered agent (of which there are about 70) to help in incorporating the off shore company in the BVI. The fee charged is based on the company’s authorized share capital. Incorporation does not take more than a day except for banks, trust companies, and insurance companies.

There are many other types of companies formed within the BVI depending on the interests of the individuals forming the company. There is the ordinary resident company formed to carry out local business and ordinary non-resident company limited. The number of shares available limits this one. Both are subject to the same rules. Firstly, they must have two or more members but these members must not be more than 50, they must restrict the transfer of their shares and must not invite the public to subscribe to its shares. On the other hand, a public company formed under the companies act is subject to the same rules as a private company limited by shares except that it must have five additional members.

We provide the following company formation services, Seychelles Company Formation |Belize Company Formation| Offshore Company Formation | BVI Company Formation | Bahamas Company Formation