The British Vigin Islands
One of the World’s leading financial centres for international businesses
The British Virgin Islands (BVI) has become a leading jurisdiction of choice by its ability to balance the needs of the international business community and maintain sound regulatory and corporate governance policies that meet and in many cases exceeds international best-practice standards. This strategy has helped the BVI keep its competitive edge and demonstrates a strong and stable financial services industry.
The BVI’s participation in international initiatives is in keeping with international standards which relates to transparency, mutual co-operation, information exchange, anti-money laundering and regulation. The BVI is acknowledged as having a dynamic regulatory system; has entered into 25 tax information exchange agreements (TIEAs), an inter-governmental tax agreement with the UK and will enter a similar agreement with the US shortly; has joined the OECD’s Multilateral Convention on Mutual Assistance on Tax and Administrative Matters, the G-5 Pilot for automatic exchange of information; and is compliant with the recommendations of the Financial Action Task Force (FATF) on anti-money laundering and anti-terrorism.
A number of advantages have been achieved for the global financial services market:
- An enduring political and economic stability
- A business-friendly operating environment
- No currency exchange controls and the use of the US dollar as the official currency
- Efficient company formation and administration processes
- A dynamic regulatory regime
- Modern and innovative legislation and a world-renowned commercial court
- A pool of qualified, experienced and licensed professionals
The BVI’s financial services offering:
Business Company – The BVI has 450,000+ active companies on its Register. The Business Companies Act, 2004 has received positive review for its flexibility and allows for five different companies to be formed under the Act.
Funds and Investment Business – The BVI is a growing jurisdiction for offshore domiciled funds with approximately 2,300 registered and recognised investment funds. The Securities and Investment Business Act (SIBA) provides the BVI with an effective regulatory platform that is in tune with global regulatory standards and best practices. The recently introduced Approved Managers Regime provides a flexible, efficient and commercially attractive and balanced approach to regulating various types of asset managers.
Trust and Estate Planning – The BVI’s innovate, modern and user-friendly legislation, Virgin Islands Special Trust Act (VISTA) and Private Trust Company (PTC) legislation have enhanced its position as the jurisdiction for trust settlements and operations – with VISTA purpose or charitable trusts being ideally suited to hold shares in PTC’s.
Captive Insurance – The BVI Insurance Act offers a new, more transparent framework providing a secure and flexible approach to form and operate various forms of insurance and reinsurance companies.
Ship Registration – The BVI is a Category 1 member of the Red Ensign Group of registries and is able to register mega and super yachts of up to 3,000 gross tonnage and general cargo ships of unlimited tonnage.
Professional Legal and Accountancy Services – The BVI is home to the majority of leading global accountancy firms as well as the leading offshore law firms and boasts a professional pool of qualified and experienced professionals that committed to remaining at the forefront of the industry.