The BVI Business Company is widely used globally as the core of many private wealth and investment structures. The BVI BC Business Company Act, which was designed in consultation with potential users to meet their needs, meets their needs, isprovides a structure for simple to operate, highly functional in doing the jobbusiness, while supported and packaged withby all the appropriate guarantees and protections, to that sustain the BVI advantage.As the world’s leading offshore corporate domicile, the BVI has an established Business Company model that is widely used globally as the core of many private wealth and investment structures. Committed to clients and possessing a world-class cadre of professionals, the BVI has implemented legislation such as the BVI Business Company Act, 2004. The Act, which was designed in consultation with potential users to meet their needs, provides a structure for simple and effective operation as well as extremely versatile business, while supported by all the appropriate and necessary guarantees and protections that sustain the BVI advantage.
Late in 2006, the BVI successfully introduced the Virtual Integrated Registry and Regulatory General Information Network (VIRRGIN), a state-of-the-art electronic filing system. All incorporations and post incorporation filings can now be made electronically, which leads to fast, efficient and accurate turnaround of documents by the Registry of Corporate Affairs. VIRRGIN operates on a 24/7 electronic filing basis.
Laws have been enacted in the BVI to ensure the Territory’s tradition of excellence, reliability and flexibility continues. The result is modern and innovative laws which reflect the changing demands of the economic environment.
BVI Business Companies Act, 2004 (“BVI BC Act”)
The BVI BC Act replaced the hugely successful International Business Companies Act of 1984. The BVI BC Act maintains the benefits of the previous Act, while introducing a number of innovative additional provisions to make the BVI business company a more effective, transactional vehicle.
Insolvency Act, 2003
The Insolvency Act, 2003 represents a significant updating of the insolvency regime in the BVI and is unique in the offshore jurisdiction. It is based on modern United Kingdom legislation and the growth of insolvency practices in the BVI reflects its successful introduction.
The offshore “magic circle” law firms are all now represented in the BVI and along with other well established firms, the jurisdiction is fully equipped to deal with the growing volume of legal work emanating in the Territory. There is a wide choice available and an unparalleled quantity and sophistication of legal resources available to undertake increasingly complex work.
Our pricing in terms of legal fees, corporate and trust services, and government fees is significantly low as well as competitive and maintains the BVI’s standing as an efficient provider with a competitive advantage.
Private and Public Sector Collaboration
The public and private sector enjoy a close working relationship where the private sector regularly consults on legislative changes and policy decisions. This close working relationship ensures that BVI continues to offer new opportunities aligned with the needs of the users of offshore companies.
THE BVI ADVANTAGE
Boasting an enviable heritage and robust regulatory structure, the BVI has over 450,000 active companies on its Register. The supranational respect the BVI business model has attained over the years has a number of important components such as the Business Companies Act, 2004, which has received positive reviews for its flexibility. The Act allows for five different companies to be formed, diminishing a number of restrictions for clients.
Funds and Investment Business
The BVI is a growing jurisdiction for offshore domiciled funds with approximately 2,300 registered and recognised investment funds. The Securities and Investment Business Act (SIBA) provides the BVI with an effective regulatory platform that is in tune with global regulatory standards and best practices. The Approved Managers Regime provides a flexible, efficient, commercially attractive, and balanced approach to regulating various types of asset managers. The British Virgin Islands, in continuing to establish itself as a premier offshore financial services jurisdiction, launched two new fund products in May 2015, to complement its very popular existing funds offering with the bold intention of remaining on the cutting edge of the financial services market. The "incubator fund" and the "approved fund" are two new lightly regulated fund products which are primarily aimed at start-up emerging managers and those managing funds for smaller groups of closely connected investors.
Trust and Estate Planning
The BVI’s innovative, modern and user-friendly legislation, namely, the Virgin Islands Special Trust Act (VISTA) and the Private Trust Company (PTC) legislation, have positioned the BVI as the jurisdiction of choice for trust settlements and operations - with VISTA purpose or charitable trusts being ideally suited to hold shares in PTC’s.
The BVI Insurance Act offers a new, more transparent framework which provides a secure and flexible approach to establish and operate various forms of insurance and reinsurance companies.
The BVI is a Category One member of the Red Ensign Group of registries and is able to register mega and super yachts up to 3,000 gross tonnage and general cargo ships of unlimited tonnage.
The BVI is a US Federal Aviation Authority Category One aircraft register. With the introduction of the Mortgaging of Aircraft and Aircraft Engines Act and Regulations, the Territory is able to register aircraft and engines which enables operators to secure aircraft financing.
The BVI offers a wide array of services to meet the needs of its clients. The BVI is not a traditional banking centre, however we are well known for our stable banking environment with five major commercial banks operating in the jurisdiction and one private international bank. They are respectively, Scotiabank (British Virgin Islands), First Caribbean International Bank, Banco Popular de Puerto Rico, First Bank, National Bank of the Virgin Islands and VP Bank, a private bank offering comprehensive private and trust banking services to international and domestic clients.
The BVI is home to the leading global accountancy firms and audit firms, as well as the top tier offshore law firms, and boasts a highly regarded pool of qualified and experienced professionals that are committed to remaining at the forefront of the industry.