British Virgin Islands Banking
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British Virgin Islands (hereinafter - BVI), located in north-eastern Caribbean, 60 miles east of Puerto Rico. These 40 islands belong to the same archipelago as the U.S. Virgin Islands. The largest are Tortola (along with the Beef Island), Gorda, Anegada Yosta and Van Dyck. The capital, Road Town, is located on Tortola. The population is 12 thousand people, with 9 thousand of them live on Tortola.
British Virgin Islands - British slave territory and a member of the British Commonwealth. Self-government by 1967. Government authorities BVI is the Executive Board, chaired by the Governor, appointed by the Ministry of Foreign Affairs of the United Kingdom, and consisting of the Chief Minister, three ministers and the Attorney General. BVI's official language - English. Literacy rate is almost 100%. The main currencies - the U.S. dollar. There are no restrictions on currency conversion or transfers into or out of it does not exist.
The main economic activity is a tourism, is also steadily increasing importance of the financial sector. BVI is a popular jurisdiction for the registration of offshore companies, once in connection with the establishment of a regime Noriega, part of the business was forced to move from Panama to other countries.
International companies arising from the entry into force of the Local Ordinance 1984. Became one of the most popular products in a number of services and facilities provided by businesses offshore legislation. Beyond the fact that international companies registered in the BVI - is a brilliant invention that has received the same great marketing support, particularly from the Panamanian lawyers, to move to the BVI in the days of the regime of General Noriega. As a result, since 1988. and up to now the number of officially registered international companies is continuously increasing, and the BVI with their laws have become the most attractive place for the registration of offshore companies.
Although businesses in the BVI have to pay tax of 20 percent, International company is exempted from tax if it meets the following requirements:
a) does not lead to the residents of the BVI;
b) does not own real estate in the BVI;
c) not involved in banking, trust and insurance activities and does not assume the functions of managing other companies.
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