The British Virgin Islands are one of the Caribbean Sea’s hidden gems and a fantastic paradise for any investor.
When you think of offshore, low-tax paradises in the Caribbean, the first thing that comes to mind is the Cayman Islands. But a more discreet and equally special investor’s paradise is the British Virgin Islands.
This Caribbean gem has forged up its fame for being an ideal land for hundreds of thousands of investors who, on top of generating great income, often enjoy some of the finest beaches on earth.
Located just east of Puerto Rico, this territory belonging to the United Kingdom comprises 50 islands, cays, and volcanic formations in an area that reaches 59 square miles, each one of them imprinted with unparalleled Caribbean beauty.
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Companies and Structures
Companies in the British Virgin Islands have fame for thriving. Even when not allowed to conduct business within the territory, the fact that any major enterprise can have its headquarters or part of its institutional activities located in the BVI grants them countless benefits.
The BVIs are known for being more than just a Caribbean jewel ideal for a perfect vacation, although that also explains its great GDP performance in the last few years. However, and thanks to the support provided by the United Kingdom, these islands have managed to modernize their entire banking and financial system, drawing more than valid comparisons with those of first-world countries.
Investing in the British Virgin Islands appears to be the single most popular financial decision any company can make. It doesn’t come as a surprise that some of the wealthiest hedge funds and venture capitals are settled within the Islands, and it wasn’t a surprise for its directors when they looked at their first income numbers and weren’t forced to pay taxes.
It might sound too good to be true, but as experienced financial experts with decades of work in these aspects, all we can say is that it is even better.
Unparalleled Benefits of Setting up a Company in the BVI
You must know that starting a company in the British Virgin Islands is one of the most bureaucracy-free financial processes out there. The procedure is as straightforward as it could possibly be, and it becomes even simpler when reaching out to experts like the ones we have partnered with at Privatus Maximus.
This process is also a cost-effective one, as there is not a minimum capital investment figure enforced when registering the company (excluding mandatory fees attached to the legal procedure itself). As for how long usually takes for the whole thing to be done? Less than a week in most cases, time that could be reduced if reaching out to our associated legal team.
Furthermore, and most importantly, all financial structures settled in the British Virgin Islands are bound to one of the friendliest tax legislations in the world, as the implemented 0% tax rate exempts companies from deducting these fees from their income.
Moreover, no statutory requirements are needed for BVI offshore companies when stating neither their activities nor their legal configurations. This exemption, of course, is only valid after complying with due diligence processes that guarantee lawful precedence of the capital.
This country proudly enforces security policies that assure all investments are in compliance with international norms, and for that reason, the BVI has been recently included in the Organization for Economic Co-operation and Development. This addition grants this financial paradise an even greater reputation that will more than probably keep attracting some of the largest corporations on Earth.
Legal Requirements to Register a Company in the BVI
Most company-setting processes are bound to register-related burdens that end up delaying our plans. This is not the case in the British Virgin Islands, as the legislation was specifically designed to overlook many of the usual requirements that endanger the simplicity of the procedure.
Pretty much any type of company or structure can settle in the BVI. You can see them listed here:
-Segregated portfolios; protected cell companies.
-Unlimited companies (share-issuing is unpermitted).
-Limited companies with the right of issuing shares.
-International Business companies.
As for the specific legal requirements:
-According to the company’s activity, the name should end with particular suffixes:
-Authorized capital: $50,000
-Registered Shares are allowed
-Bearer Shares unpermitted
The company should enlist:
-At least 1 director
-At least 1 shareholder
-At least 1 local registered agent
-At least 1 local registered address
And the bookkeeping requirements:
-Account fillings aren’t mandatory
-Statutory audits aren’t mandatory
-Annual returns audits aren’t mandatory
Why the British Virgin Islands?
This country’s inclusion in the OECD marks a milestone in its path towards becoming one of the global financial epicenters. This is a posture shared by the former head of Business Development and Marketing of BVI’s financial services sector, Gary Hale:
“There are approximately 400,000 companies incorporated in BVI, which makes us one of the world’s largest players in that particular market. And we’re constantly ensuring we’re adhering to global best practices. Whatever the OECD has put out there, the World Bank, etc, we make sure that we meet those requirements”.
Hale further explains that such popularity is not a mere coincidence, as the BVI’s financial environment complies with all the fundamentals of a successful business model.
As this country is part of British overseas jurisdiction, it enables a proper functioning that meets international standards and makes possible a continuous growing process, a fact that is evidenced when assessing its GDP, employment rates, and access to global markets.
Over $1.5tr are currently flowing through the British Virgin Islands, making this jurisdiction one of the most utilized by worldwide investors. And this sum is expected to increase considering all the benefits attached to the country being included in international development organizations.
Moreover, the existence of a parliamentary democracy along with the geopolitical stability provided by the UK improves the overall status of the BVI when it comes to financial activities. There are few safer jurisdictions on Earth where to invest, and of those, neither offers greater tax legislation.
It becomes evident how the BVI just has all conditions for success. And even when starting a company will always be a complex decision, many of the limitations and problems bound to the process are left behind when trusting this jurisdiction.
The last step is to reach out to experienced experts, the very best-of-the-best team of professional lawyers and financial advisors that will both guide you through each regulation and requirement and optimize the overall methodology for the functioning of your company or structure.
A wealthy future is out there, it’s your call to decide and grab it. There’s no time to lose, surely someone else is making that choice right now!