British Virgin Islands

General Information on British Virgin Islands
BVI Company

General Information on British Virgin Islands:

About BVI:

The British Virgin Islands are a group of islands in the Caribbean Sea. Columbus discovered the islands and named them Islas Virgines, due to the legend of St.Ursula and her 11,000 virgins. The BVI was annexed by Britain and administered by a British Governor. After calls for local autonomy, it was not until 1950 that a permanent Legislative Council was established and in 1966 a new constitution was implemented. The government is now comprised of a Legislative Council of elected representatives, an Executive Council, a Chief Minister chosen by the members of the majority party and a British Governor appointed by the Queen and acts as her representative.

Legal system in BVI:

The BVI have an independent legal system based on English Common Law.

Infrastructure in BVI:

The BVI has excellent airport connections between the islands and the U.S.A.

BVI Economy:

Being a British Overseas Territory, the BVI have a very prosperous and stable economy. Their main income is mainly derived from tourism, with the incorporation of International Business Companies being a very important source of income.. Tortola being the largest island is the primary centre for businesses.

Currency in BVI:

US Dollar ($)

Language in BVI:

English is the official language in the BVI

Time Zone:

(GMT -06:00)

BVI Company:

Types of a BVI Company:

BVI International Business Company

Company Law in BVI:

International Business Companies Act, 1984

Capital requirement of a BVI company:

Minimum paid up capital – US$1,00. No minimum authorised capital, but usual authorised US$50.000.

Restrictions on activity of a BVI company:

IBCs in the BVI are not allowed to undertake business in banking, insurance and financial services, unless special consent or licence is given. IBCs should trade outside the BVI.