BRITISH VIRGIN ISLANDS
B.V.I. is an all-time favorite offshore jurisdiction. Professional intermediaries and instant worldwide recognition as an innovative jurisdiction maintain B.V.I. as a top choice.
It is the jurisdiction of choice for anyone who wishes to use a jurisdiction that has been tried and tested. If you are not seeking a low profile jurisdiction; if a tight name availability doesn’t concern you; and a somewhat high government fee will not spoil your choice, B.V.I. is right for you.
The British Virgin Islands are a collection of roughly 50 small islands in the Caribbean, of which around 16 are inhabited. They are located a few miles east of the U.S. Virgin Islands. The North Atlantic Ocean lies to the north of the islands, and the Caribbean Sea lies to the south.
The largest islands of the group are Tortola, Virgin Gorda, Anegada, and Jost Van Dyke. Road Town, the capital and largest town, is situated on Tortola.
B.V.I. is a self-governing U.K. colony. It is a member of the British Commonwealth.
The Economic Substance (Companies and Limited Partnership) Act, 2018 (“ESA Act”) was enacted in the British Virgin Islands (“BVI”) on December 28th, 2018 to began enforcement on January 1, 2019. The BVI Substance Act is supplemented by the BVI’s Economic Substance Code (BVI Substance Code) which is currently in draft form and is expected to be finalised by May 2019.
The regime applies to the following “legal entities”:
- Companies and foreign companies incorporated/registered under the BVI Business Companies Act, 2004 (as amended), excluding companies which are not resident in the BVI; and
- Limited partnerships and foreign limited partnerships formed/registered under the Partnership Act, 1996 or the Limited Partnership Act, 2017, excluding limited partnerships which are not resident in the BVI or which do not have legal personality.
- The regime does not include: An investment fund (within the meaning of applicable BVI legislation); nor a non-resident company and a non-resident limited partnership.
An entity is a “non-resident company” or a “non-resident partnership” if the company/partnership is resident for tax purposes in a jurisdiction outside the BVI which is not on Annex 1 to the EU list of non-cooperative jurisdictions for tax purposes.
Some structures which include B.V.I. entities will require assessment. Kindly contact us for guidance and possible alternatives or solutions.
For more details on these changes to the B.V.I. company, check out our guide:
Aspen Global Incorporations Limited assists in offshore company formation & international business structures; virtual offices, company management, and secretarial services. Formation and administration of trusts & foundations. We can assist in the development of efficient international tax planning. We make banking referrals; provide accounting & audit services, and more in British Virgin Islands.
Schedule of fees available upon request.
Contact us today for British Virgin Islands companies and trusts. We are located at Suite 2103, 21st Floor, Landmark South, 39 Yip Kan Street, Wong Chuk Hang, Hong Kong, S.A.R.
Tel: (852) 3175 8758
Fax: (852) 3175 8456
E-mail: enquiries@aspenoffshore.com
Website: www.aspenoffshore.com