BRITISH VIRGIN ISLANDS (BVI)



The British Virgin Islands are a group of 36 islands situated in the Caribbean Sea, some 80 km to the east of Puerto Rico. The total land area of the islands is 150 km2 and the inhabitants number 23 552 (July 2007), the majority of whom (14000) live on the island of Tortola, which, as well as being the largest island of the group, also boasts the capital of the BVI, Road Town. The subtropical and humid climate of the islands, together with the poor quality of soil, makes even subsistence farming difficult, so the economy of the islands is now very much orientated towards tourism and the flourishing offshore services industry. The official language of the BVI is English, and the currency, thanks mainly to the close links with the American Virgin Islands, is the US dollar.

History

The Virgin Islands (which today are divided into the BVI and the American Virgin Islands) have enjoyed a colourful and international history, enduring periods of sovereignty and occupation by various different nations. Columbus discovered the islands during his voyages to the New World, and they were named in honour of St. Ursula and her 11 000 attendant virgins. During the 16th and 17th centuries the islands acted as a haven for English and Dutch pirates. The Dutch were the first to settle, but in 1666 British planters took control of the islands. The islands became a British colony and for almost 100 years formed part of the Leeward Islands, until, in 1956, the British Virgin Islands became a separately administered entity. Today the status of the BVI is that of British Crown Colony.

Politics

As a British Crown Colony the BVI still have Queen Elizabeth II as their official Chief of State, and she is represented in the islands by a governor. The governor appoints a Chief Minister and Executive Council from among the members of the Legislative Council, a body of 13 representatives elected to serve a five-year term. The Legislative Council is responsible for the internal affairs of the islands, with the governor and the Crown retaining control of such areas as external affairs, defence, the civil service and the courts. The main political parties are the United Party, the Virgin Islands Party, the Concerned Citizens Movement and the Independent People's Movement.

INCORPORATION DATASHEET
Method of incorporation / registration:	The Memorandum and Articles of Association must be signed by the subscriber. The subscriber must be a local person, licensed for the purpose.
Company legal form:	Private Limited Company by shares
Company status:	International Business Company (I.B.C.).
Source of corporate legislation:	The International Business Companies Ordinance, 1984.
Possible suffixes to company name:	Ltd., Limited, Incorporated, Inc., Corp., Corporation or S.A.
Restrictions on company name:	The terms Bank, Insurance, Trust, Trustee, Chamber of Commerce, Municipal, Royal, British may not appear in the company name.
Time required for incorporation:	4-5 weeks
Number of directors:	Minimum 1 of any nationality
Number of shareholders:	Minimum 1
Capitalisation:	No minimum requirements
Accounting / reporting requirements:	Not applicable.
Type of shares:	Registered
Annual tax and duties:	Minimum 350 USD if the authorized capital less than 50 000 USD
Information publicly available:	Memorandum and Articles of Association, registered office and registered agent
Disclosure of beneficiaries:	Not required
Registered office:	Local registered office is required by law.
Registered secretary / agent:	Local registered agent is required by law.
Double tax treaty:	The BVI have DTTs with Japan and Switzerland.

COMPULSORY COSTS (payable prior to registration)

FORMATION FEES
Incorporation fee:	380 USD
Notarial certification:	160 USD
International authentication (Apostille):	160 USD
Legal expenses, filing fees and stamp duties:	110 USD
Issuing of share certificates and initial minutes and forms:	70 USD
Corporate seal:	50 USD
Courier fees:	50 USD
Subtotal:	980 USD
ANNUAL FEES*
Registered office and registered agent:	890 USD
Annual tax and duties:	350 USD
Subtotal:	1240 USD
Total:	2220 USD

*The annual fees for the first calendar year of existence of the company are payable prior to registration and include the annual tax for the first calendar year of existence of the company and provision of registered office and registered agent as follows:

• For companies registered in the first half of the year: from formation until April 15 of the year following the calendar year in which the company was formed.
• For companies registered in the second half of the year: from formation until October 15 of the year following the calendar year in which the company was formed.

Subsequently, the amount of 1240 USD is payable annually, beginning from April or November (depending on the date of formation of the company) of the year following the calendar year in which the company was formed. Non-payment of the annual fees results in the company being struck off the Company Register.

The amount of 2220 USD includes the following services:formation of the company, duties payable to the local authorities for the registration of the company, payment of annual tax for the first calendar year of existence of the company, provision of registered office and registered agent for the period from registration until April 15 or November 15 of the year following the year in which the company was formed (depending on the date of formation), luxury leather corporate kit containing Certificate of Incorporation with Apostille, Memorandum and Articles of Association authenticated by Registrar, Appointment of First Directors with Notary Public authentication, share certificates, initial forms and minutes, 2 company seals and postage of the documents to Budapest. The price contains no hidden costs! The price contains no hidden costs!

OPTIONAL COSTS
Nominee Director (private person):	690 USD / year
Nominee shareholder:	290 USD / year
Certificate of Incumbency:	430 USD
Power of Attorney with Notarial Certification:	390 USD
Notarial Certification or Apostille:	160 USD
Certificate of Good Standing:	430 USD

LAVECO Ltd. is pleased to offer its clients shelf companies in BVI, which are available at the same price. In the case of purchase of a shelf company the paperwork and documentation involved can be completed in just one hour. Contact our office for details and a list of shelf companies!

SPECIAL OFFER
Formation fees including annual fees for the period from registration until April 15 or November 15 of the following year. Ready made BVI company with nominee director, nominee shareholder and notarised Power of Attorney:	3590 USD
Fees payable from the second year. Annual tax and duties, registered office and registered agent, nominee director, nominee shareholder and notarised Power of Attorney:	2610 USD