Corporate Legislation
The British Virgin Islands IBC legislation was implemented in 1984 by adoption of the International Business Companies Act; later on it has been developed and amended taking into consideration the changes required by the clients of BVI offshore services.
The International Business Companies Act created the concept of IBC which can be used for international asset protection, investment funds, shipping companies and intellectual property.
It also ensured the environment where there is no income tax, no wealth, capital gains or estate taxes for offshore entities. Also, offshore companies in BVI operate under conditions of maximum privacy and confidentiality.
Other benefits that are provided by the legislation are asset security, freedom of transfer and merging assets and minimum requirements in respect of issuing shares, maintaining books and records, designation of directors and shareholders.
BVI corporate legislation also includes the provision for protection of wealth benefits, inheritance wishes and trust interests, as well as simple procedures for managing the operations.
Although there is no stock exchange in BVI, many IBCs are listed on stock exchanges elsewhere.
All these advantages have attracted variety of international service companies which offer a full range of financial, banking, insurance, accountancy, legal trust, company management and other services. Many of them are members of the BVI Association of Registered Agents.
Effective supervision ensures that corporate entities will preserve the good name of the BVI by not associating it with dubious business.
