The bvi offshore company is formally known as the bvi ibc. Since the bvi introduced international business company ibc legislation in 1984, its offshore financial services sector has expanded rapidly. The bvi is a stable tax haven, and nonresident owned bvi corporations have zero corporate taxes. British virgin islands the bvi business companies act, 2004 no. British virgin islands the bvi business companies act, 2004. British virgin islands financial secrecy index tax justice network. The elections act was introduced in 1994 with amendments in 1998, 2003, 2007 and 2011. Application of this act part ii company incorporation subpart i types of international business companies 5. Bvi financial services commission registry of corporate affairs user guides on the bvi business companies act user guide no. The british virgin islands features one of the most prosperous economies in the caribbean with a per capita gdp that ranks within the top 20 in the world.
British virgin islands offshore ibc confidentiality. The british virgin islands national disaster management council ndmc comprises many and varied committees, governmental and voluntary organisations, agencies, interest groups, donors, religious bodies. Register company in the bvi company registration bvi. The british virgin islands the british virgin islands bvi is a british overseas territory, consisting of more than 60 islands, lying approximately 50 miles east of the island of puerto rico in the caribbean sea. Further information on this may be found in carey olsens guide titled registering security in the british virgin islands. In june 2000, industry participators for the first time were informed about future changes in legislation and particularly about governments intention to amend the ibc act to restrict the mobility of bearer shares. British virgin islands bvi amendments to the bvi company laws in their continuous efforts to enhance and ensure its laws are aligned to international standards, the british virgin islands has introduced the business companies amendment act, 2015 and the recently enacted business companies amendment act, 2016 collectively. It has a population of 22,643 1, most of them are living on tortola, the largest island where the capital road town is located.
The bvi business companies act no 16 of 2004 is the principal statute of the british virgin. The bvi business companies act, 2004 based on the bvi business companies act, 2004 no. Confidentiality is one of the main benefits of bvi business companies and an important reason to have an offshore company in the british virgin islands. Prior to the bvi business companies act coming into force, it was possible to incorporate a company under two different statutes. This new law has replaced and superceded the previous bvi companies act cap 285 and the bvi international business companies act 1984. Jan 24, 2005 on 1 january 2005, a new company law regime came into effect in the british virgin islands. An international business company is a private corporation suitable for any international business transactions. Bvi business companies regulations, 2012 british virgin islands. Bvi is one of the most popular offshore jurisdictions for company formation. A bvi business company may not be registered under the name that has already been incorporated with an existing bvi company, or is so similar that, in the registrars opinion, may lead to confusion or misleading. January 2017 all companies incorporated in or continued into the british virgin islands bvi are governed by the bvi business companies act. International business companies ibcs registered in bvi are private limited.
The principal statute is the bvi business companies act, 2004 and this edition incorporates amendments effected by the following legislation. We also offer an offshore bank account options for all our company formations. The ibc act was a curious hybrid adapted from laws elsewhere. The bvi business companies act 2004 the bvi bc act. British virgin islands the bvi business companies act. Below is a summary of some of the important features of bvi ibc under the order. Modified reregistration of companies act companies under. The british virgin islands bvi landmark international business companies ibc act gave rise to the bvis finance industry and created a successful model that was emulated in other jurisdictions.
Despite of the new bvi legislation a lot of international service providers continue to use the traditional term ibc in regards to bvi business company. Striking off, dissolution and restoration under the bvi. Important this is an unofficial consolidation of the bvi business companies act and the amendments thereto. This is the offshore company most international companies set up. On 1 january 2005, a new company law regime came into effect in the british virgin islands. British virgin islands offshore company incorporation.
Under the bvi business companies act introduction for over twenty years, the british virgin islands has had two different company laws, the companies act cap. Later today, i will introduce the bvi business companies amendment act, 2015. British virgin islands and cayman islands laws, from offices in those jurisdictions and in the key. Election center government of the british virgin islands. Bvi business companies act 2004 british virgin islands. It has a population of 22,643 1, most of them are living on tortola, the. It is not intended as a substitute for reading of the companys memorandum and articles of association and the ordinance, nor is it intended as a substitute for professional advice. Thousands of major corporations use bvi companies for international business. The files below may be helpful in obtaining additional information to incorporate offshore ibc in bvi or for bvi offshore company formation. Virgin islands insolvency rules, 2005 arrangement of rules rule part i preliminary provisions 1. The new act, entitled the bvi business company act, has been modelled on the territorys wellknown international business companies act, as amended, and includes several new features to expand its appeal to international investors and business professionals, while also providing a suitable framework.
Bvi business companies law compendium page 1 preface we have prepared this bvi business companies act, 2004 compendium as a service to our clients. In 2004, the ibc act was replaced by the business companies act. Further information on this may be found in carey olsens guide titled registering. Registering security in the british virgin islands service area. Moreover, bvi international business companies offer low recordkeeping requirements, flexible organizational structure and can be set up in a timeoriented manner. For well over ten year major fortune 500 companies have used bvi companies to carry out business. The company law system is based on british law but with great flexibility in terms of filing requirements. Madam speaker, with your kind permission, i will now make a brief statement regarding the amendments to the bvi business companies act, 2004. According to this definition, bearer share means a share represented by a certificate which states that the bearer of the certificate is the owner of the share. International business companies act, 2016 act 15 of 2016 arrangement of sections sections part ipreliminary 1.
Insolvency law in the british virgin islands bvi is almost entirely codified in the insolvency act 2003 and supplemented by the insolvency rules 2005. A bvi company is not required to file a tax return, financial statements or an. New legislation to replace companies act and ibc act. The eastern caribbean supreme court is a court for the oecs, including 6 independent states and 3 british overseas. The intention of the legislation was to eventually consolidate all british virgin islands company law into a single statute. A company is a legal entity in its own right separate from its members and continues in existence until it is dissolved. The decision to replace the international business. Restoration of ibc companies whilst increasingly rare as time passes, it is still possible for certain companies that were originally incorporated under the international business companies act, cap. The tax free company registration domain is the bvi but can be used anywhere.
Part ii court procedure and practice division 1 general 4. The international business companies act, 1984 was a statute of the british virgin islands. The act cancelled restrictions on doing business in the bvi, which existed for bvi ibc. British virgin islands bvi is a british dependency located in the caribbean. Bvi business companies act 2004 this is the main and the most important piece of legislation, which currently regulates the registration, status and operation of the business companies in british virgin islands. Deregistering security in the british virgin islands. We will process your order according to the order processing procedure. It has unlimited jurisdiction in each member state.
The bvi government enacted the bvi business companies act, and. International business companies amendment act, 2004. Bvi ibc british virgin islands international business company is one of the most famous offshore legal entities offering a wide range of benefits to the offshore co. The bvi bc act replaces the existing regimes, which govern the ibcs and the bvi domestic companies known as cap 285. According to this definition, bearer share means a share represented by a certificate which states that the bearer of. Approximately 60% of the bvi economy is based on financial services, primarily british virgin islands offshore financial services, with the bulk of the remainder based on tourism. The main benefits include confidentiality provisions and tax exemptions. Please send to our company documents of each person listed in your order. The virgin islands constitution was introduced in 1976 with amendments in 1979, 1982, 1991, 1994, 2000 and 2007. The international business companies act 2000 introduction original ibc act, 1989 modelled on the bvi legislation which in turn drew heavily on the delaware corporation model main features of ibc. This act may be cited as the international business companies act, 1984. The bvi business companies act no 16 of 2004 is the principal statute of the british virgin islands relating to british virgin islands company law, regulating both offshore companies and local companies. Bvi ibc british virgin islands international business company is one of the most famous offshore legal entities offering a wide range of benefits to the offshore co bvi ibc offshore services authorstream.
Home international company bvi tax haven bvi bc order form bvi business company order. This filing is optional and can be made by the companys registered agent or by bvi legal counsel to the company or the chargee. It replaced the extremely popular and highly successful international business companies act. The amendments to the bvi business companies act, 2004. The bvi is a british overseas territory, which became selfgoverning in 1967 and is a member of the british commonwealth. British virgin islands brief introduction of the british virgin islands situated in the caribbean, 60 miles east of porto rico, the british virgin islands bvi is composed of more than 40 small islands. The new act, entitled the bvi business company act, has been modelled on the territorys wellknown international business companies act, as amended, and includes several new features to expand its appeal to international investors and business professionals, while also providing a suitable. This guideline contains only a summary of some of the relevant provisions of the international business companies act cap. National report and information on disaster reduction british virgin islands 1. The term bearer shares was not defined in the ibc act before it was introduced by the ibc amendment act 2003. January 2017 all companies incorporated in or continued into the british virgin islands bvi are governed by the bvi business companies act the act. International business companies act means the international business companies act.
Bvi bc is allowed to conduct business with bvi residents and buy real estate property in the bvi. The international business companies act, which dates back to 1984, was designed to be used exclusively by offshore companies. Introduction since its enactment 20 years ago, the bvis international business companies act cap. One of the most significant pieces of legislation to shape the global offshore finance sector reached its 30th anniversary on 15 august 2014. This is an unofficial consolidation of the bvi business companies act. As outlined in the virgin islands disaster management act, 2003, part vi obligations of public officers and other persons. British virgin islands the insolvency act, 2003i as. Reregistration of companies act companies under the bvi. Important this is an unofficial consolidation of the bvi business companies act. The international business companies ibc act of the british virgin islands was first passed in 1984. The bvi international business companies ordinance 1984 as amended contains extended privileges and strict confidentiality requirements for the companies. In this act, unless the context otherwise requires, approved form means a form approved by the commission in accordance with section 241. The act was modeled largely on the united kingdoms insolvency act 1986, but with a number of key differences. The introduction of the international business companies act ibc act in 1984 established the.
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