The British Virgin Islands are a British Overseas Territory in the Caribbean. The islands form part of the Virgin Islands archipelago. The official language is English. The British Virgin Islands are not part of the EU, but local citizens are considered citizens of the European Union.

Business needs
The type of company incorporated in the British Virgin Islands is a trading company. These types of companies are very popular as offshore companies due to their tax-free status, ease of administration and flexibility. The main reasons for choosing British Virgin Island Business Company as offshore are:

No corporate tax
Company formation in the British Virgin Islands takes approximately 2-5 days
Shelf companies are available
The director need not be a resident of or reside in the BVI
A local office must be maintained
Board meetings can be held anywhere in the world
Secretary is optional
The minimum share capital is EUR 0.73 and the usual number of shares issued is 50,000
operation of a company
The annual license fee is to be paid according to the following rules:

Companies with fewer than 50,001 issued shares pay EUR 260 per year.
Companies with more than 50,001 issued shares pay the sum of EUR 805 per
Annual documentation is not required to be submitted to the authorities, but a company must keep reliable accounting records for at least five years. The documentation must be sufficient to determine the precise financial position of the company.

Control system
No corporation tax is paid to the BVI authorities in the British Virgin Islands on worldwide profits. The British Virgin Islands have double taxation treaties with Japan and Switzerland, although they have almost no benefit and are not applicable to offshore transactions.

Company Restrictions
Companies must not engage in transactions that may relate to the banking or insurance industry. Company shares cannot be sold publicly. Trading in and owning real estate within the BVI is not permitted. For more information on the British Virgin Islands please contact us.