As the world’s leading offshore corporate domicile, the BVI has an established Business Company Model that is widely used globally as the core of many private wealth and investment structures.
Committed to clients and possessing a world-class cadre of professionals, the BVI has implemented legislation such as the BVI Business Company Act, 2004. The Act, which was designed in consultation with potential users to meet their needs, provides a structure for simple and effective operation as well as extremely versatile business, while supported by all the appropriate and necessary guarantees and protections that sustain the BVI advantage (linked to “Why BVI” page).
Virtual Integrated Registry and Regulatory General Information Network (VIRRGIN) is a state-of-the-art electronic filing system introduced by the BVI in 2006. All incorporations and post incorporation filings can be made electronically, which leads to fast, efficient and accurate turnaround of documents by the Registry of Corporate Affairs. VIRRGIN operates on a 24/7 electronic filing basis.
Laws have been enacted in the BVI to ensure the Territory’s tradition of excellence, reliability and flexibility continue. The result is modern and innovative laws which reflect the changing demands of the economic environment. Examples:
- BVI Business Companies Act, 2004 (“BVI BC Act”)
The BVI BC Act replaced the hugely successful International Business Companies Act of 1984. The BVI BC Act maintains the benefits of the previous Act, while introducing a number of innovative additional provisions to make the BVI business company a more effective, transactional vehicle.
- Insolvency Act, 2003
The Insolvency Act, 2003 represents a significant updating of the insolvency regime in the BVI and is unique among offshore jurisdiction. It is based on modern United Kingdom legislation and the growth of insolvency practices in the BVI reflects its successful introduction.
The offshore “magic circle” law firms are all now represented in the BVI and along with other well established firms, the jurisdiction is fully equipped to deal with the growing volume of legal work emanating in the Territory. There is a wide choice available and an unparalleled quantity and sophistication of legal resources available to undertake increasingly complex work.
Our pricing in terms of legal fees, corporate and trust services, and government fees is significantly low and competitive as an efficient Offshore Financial Centre.
PRIVATE AND PUBLIC SECTOR COLLABORATION
The public and private sector enjoy a close working relationship where the private sector is regularly consulted on legislative changes and policy decisions. This close working relationship ensures that BVI continues to offer new opportunities aligned with the needs of the users of offshore companies.