THE BRITISH VIRGIN ISLANDS

　　The leading offshore jurisdiction

　　High degree of market awareness and acceptability

　　Excellent infrastructure and professional support

　　INTRODUCTION

　　The British Virgin Islands is a group of more that forty islands located in the Caribbean Sea approximately 60 miles east of Puerto Rico. The BVI is a British protected territory and a member of the British Commonwealth of Nations. It became self governing in 1967 and has a Legislative Council of thirteen members and an Executive Council comprising the Governor, the Attorney General and four Ministers draw from the Legislative Council. The official language is English.

　　The Government introduced its International Business Company (IBC) Legislation in 1984. The Legislation has proved so popular with the international community that BVI now is one of the world premier offshore financial centres with over 600,000 companies incorporated in the last almost 20 years.

　　LAW AND TAXATION

　　The legal system is based on English common law although some provisions from Delaware legislation have been included in the IBC Legislation. The cornerstone of the corporate legislation is the International Business Companies Ordinance 1984. Companies incorporated under the Ordinance enjoy a complete exemption from tax. This includes an exemption from capital gains tax, stamp duty and all forms of withholding tax. There is no exchange control.

　　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 ownership of shares and the name of directors are not available on the public records. The English common 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 IBC company must have a Registered Agent and Registered Office in the BVI, provided by a licensed trust company.

　　Each company must have a minimum of one director and corporate directors are permitted. No nationality requirements for directors. The International Business Companies (Amendment) Act 2003 (the Amendment”) requires that a Register of Directors must be kept at the registered office. The first director of an IBC company must be appointed within 30 days after the incorporation date.

　　Each company must have a minimum of one shareholder. The Register of Shareholders must be kept at the Registered Office. The 2003 Amendment also requires that any bearer shares issued must be deposited with an "Authorised Custodian" or "Recognized Custodian".

　　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.