The BVI (the British Virgin Islands archipelago) is on the Caribbean to the east of Puerto Rico with the Atlantic Ocean to the north. There are sixty tropical islands and most of them are of volcanic origin. The islands enjoy a tropical climate with a regular hurricane season running from June to November. The population is made up of mostly afro Caribbean peoples. These were slaves brought in by the British during the colonial era as their ancestors. The islands that boast of a stable economy and little or no unemployment have a thriving international off shore industry that includes banking.
Under the new constitution, the head of government is the premier, who is elected into office during a general election held at regular intervals of 4 years. The constituents in the different electoral districts also elect all members of government into office. The governor is in charge of appointing the cabinet nominated by the premier. The house assembly or the legislature, the arm of government with the power to make, amend, and repeal laws, consists of 13 elected members, a speaker, and the Attorney General.
The area is divided into administrative districts, civil districts that are divided into A-F as well as nine electoral districts. Tourism forms 45% of the national income and most of the tourists are from the United States with there being 825,603 tourists flooding the islands in the year 2006. They come for the white sandy beaches, and for sailing, which the islands are renowned for among other activities.
The British Virgin Islands Company Act (No. 16 of 2004) is a law relating to company formation that anyone interested in doing business in the BVI’s would be interested to know. It was changed from the previous International Businesses act to make it harder for different countries to copy and enact as well as to modernize it to meet the demands of today’s’ companies. Any company that is formed under this law is referred to as a BVI company. This act brought new agendas in the process of company formation. It introduces the aspect of minority shareholders for each company that was to be formed within this jurisdiction. It also increased the number of companies that could be formed within this territory which has greatly increased the number of off shore companies operating within these islands.
It also abolished financial assets in relation to the company shares. This new act also restricted the requirement that company directors exercise their power so that the company and its members could benefit financially. Restrictions for dividend declarations were also abolished. This act requires that all companies in BVI be governed under one statue. There is also A Private Trust Company regulation that families can make use of. This type of company allows for the administration of family trusts. A P.T.C can be formed from an already existing BVI company. It is advisable to get legal advice on how to transform a BVI company to a PTC company as it still retains some procedural requirements to effect.
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