By Tannet Group
British Virgin Islands (BVI) is a group of islands in the Caribbean Sea, which is located approximately 80kilometers from the East of Puerto Rico. The BVI is a British Dependent Territory which became self-governed in 1967 and is a member of the British Commonwealth. Since BVI first introduced the International Business Company (IBC) legislation in 1984, the BVI offshore financial service sectors have started to develop, and it is now one of the world's most popular offshore centers with over 800,000 companies incorporated. The newly enacted BC Act should further enhance the jurisdictions popularity.
Advantages for BVI BCs include ease of incorporation and corporate flexibility. BVI BCs are relatively easy to incorporate and run. Subject to satisfying relevant client-knowledge requirements, companies can be incorporated quickly by licensed registered agents via the Registry's online electronic interface, usually within 24 hours. In addition, company law in the BVI is designed to provide the maximum flexibility consistent with the rules of common law and equity. Companies are permitted to undertake any lawful act or activity.
Another advantage of the BVI is its comparatively safe and politically stable environment. This provides users of BVI entities with the reassurance that their companies will be administered efficiently and effectively. Supervision is provided by the BVI Financial Services Commission which has a wide range of enforcement powers - this enables this organization to investigate and prevent misdemeanours.
The BVI's development as an offshore services industry has been matched and assisted by the development of its legal system. When unfavorable incidents occur, companies and their users need efficient remedies designed to fit the needs of these offshore entities.
Corporate structuring will always be driven by relevant considerations of the underlying transaction or structure. No one offshore structure can be all things to all people, however, the dominance of the BVI product in the market suggests that BVI structures can seemingly be most things to most people. It is therefore unsurprising that the BVI is now one of the world's premier offshore jurisdictions.
Tannet was founded in 1999 in Hong Kong and built long-term relationship with many clients from China, South America, EU and Africa to help them set up their own business or sub-department in Chinese speaking areas. Tannet has 38 worldwide fully owned companies in, for example, Beijing, Shanghai, Shenzhen, Hong Kong and Malaysia, and has over 3,000 cooperative institutions. Our services included Professional consultancy；Document Claim.
The information provided in this article is for general information purposes only. The information is not intended to be comprehensive or to include advice on which you may rely. You should always consult a suitably qualified professional on any specific matter.
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