BVI International Business Companies
The first International Business Companies Act was adopted in 1984. This act enables for the establishment of tax exempted offshore companies having minimal compliance requirements and complete confidentiality of details. Also it should be noted that the British Virgin Islands have one of the most successful legislative systems supporting offshore activities.
During these years the BVI have become one of the leading offshore jurisdictions with more than 650,000 companies incorporated. The record amount of companies was registered in 2000 – 64,000 new companies. More than 61,000 companies were registered in 2005.
The IBC Act brings high revenues to the government of BVI. Through the development of a professional business infrastructure and range of services, necessary for effective functioning in the competitive international area, it also makes an immeasurable contribution to the development of country's economy.
Some jurisdictions are even implementing legislation similar to the BVI's to compete with the country in the international financial market. However, the leadership of the BVI is also provided by the flexibility of its legislation, quality of financial services, confidentiality and political stability.
Type of Law
Based on English Common Law with local statutes and modifications.
Legislative language
English is the legislative language which is used in the incorporation documents of the company.
