LAW AND TAXATION
The legal system is based on the English common law supplemented by local ordinances. There are no taxes levied on BCS with the exception of the annual government licence fee which is USD350 for companies with number of shares authorised to issue equal to 50,000 of less. Companies that fail to pay their licence fee by the due date are subject to penalties and will be struck off for non-payment five months after the due date. There are no exchange controls or restrictions on the flow of currency in or out of the territory.

LOCAL INFRASTRUCTURE
The BVI has now attracted a healthy number of international accounting firms and international standard law firms. There are at present, relatively few banks and financial institutions. The Companies Registry in the BVI is technically advanced and efficient.

There are no special statutory provisions governing secrecy in relation to companies, however statutory filing requirements are minimal and the English law, which applies to the jurisdiction, does impose a common law duty on professionals to keep the affairs of their clients confidential.

CORPORATE REQUIREMENTS
Each BVI company must have a Registered Agent and Registered Office in the BVI, provided by a licensed trust company.

Each company must have at least one director and corporate directors are permitted. However, under the Business Companies (Amendment) Act 2005 “the New Act”, every newly incorporated company will be required to appoint first directors within 6 months of the date of incorporation and the original or copy of the Register of Directors will be required to be kept at the office of the Registered Agent. Details of the directors do not appear on any public record, although there are provisions for optional filing at the Registry of Corporate Affairs of this information if required.

The company should have at least one shareholder and bearer shares are allowed. Under the new Act, bearer share certificates will have to be held by an approved Custodian. The Register of Shareholders or a copy thereof should be kept at the office of the Registered Agent. Details of the shareholders do not appear on any public record, althought there are provisions for optional filing at the Registry of Corporate Affairs of this information if required. Often, it is advisable to keep the original register in the BVI for stamp duty reason.

There are no requirements for Annual Returns, Annual Meetings or Audited Accounts.

OUR SERVICES
We have a substantial stock of companies with a wide selection of names that are immediately available for purchase. We can incorporate a company with your choice of name and can also confirm the availability of names in advance. All companies are provided with a complete company kit, including share certificates, 5 copies of the M&A plus and electronic copy on CD-ROM, statutory registers, common seal, company chop and a certificate of guarantee of quality. In addition, we can assist clients in obtaining certificates of good standing, registered agent certificates and other certificates of corporate existence. We do not provide corporate management services but would be pleased to introduce you to other professional firms which do.