The laws that regulate these financial activities inside the territory were created in 1984 and updated in 2004. The legal stability makes BVI a very attractive place at the time to look and consider a place to open or create a BC.
- Only one director or shareholder required for the company’s formation.
- Shareholder(s) and director(s) may be the same person.
- The shareholder(s) and director(s) can be a natural person.
- There is no requirement of resident secretary.
All of the IBCs in BVI can have one or more person or corporate directors and they can be of any nationality. Without the needs of any statutory meetings to be held you can have them all or do business activities not being in the country at distance.
In BVI they offer investors the benefit of a zero (0) Tax exception like all the offshore jurisdictions for foreigners around any commercial activity or commercial transactions made outside the country.
One of the most important features about BVI for people in the business world is the security in such insecure times that we are living because of the privacy that BVI offers, because the share holders and administrators names are not published in the public records.
By law a BVI IBC should keep accounting records that are able to explain all the transactions of the company and will be enable to show the position of the company with reasonable accuracy. The books and records will not be show in the public records it should be kept at the registered office of the company.