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What You Need to Know About Setting Up a Business in the British Virgin Islands (BVI)

· Information,Biz Incorporation,BVI

Why the BVI? We give you 5 reasons.

1. Flexibility and Efficiency for Your Business
BVI legislation incorporates provisions from top business-friendly jurisdictions such as Australia, Delaware, Ontario, and UK, ensuring corporate transactions and compliance are efficient and in line with common law legal systems. This gives you more options when you need strategic mobility.

2. Global Adaptability for Your Business
International businesses find BVI’s infrastructure ideal for their needs. The adoption of the USD as the official currency, a wide range of corporation/trust structures that can be formed under the BVI Business Companies Act, and a straightforward incorporation process all complement solutions that will help you meet increasingly fluid and complex global business challenges.

3. Cost Advantage for Your Business
With corporate taxes that are levied only on companies that conduct business operations within the territory, the BVI is an ideal choice for offshore companies. Other items excluded from taxation include income, capital gains, customs duties, sales, profits, inheritances, dividends, interests, and royalties.

4. Stable and Reputable Environment for your Business
Thanks to its social and political stability, the BVI consistently ranks among the world’s leading financial centres, facilitating cross-border investment and ventures. Over 5 billion USD of global transactions ranging from Initial Public Offerings to complex debt restructuring involved BVI companies in 2020 alone.

5. Minimal Requirements to Start your Business
Setting up a business in the BVI requires only one entity or person to fulfil the roles of director, shareholder, and secretary. There is also no nationality requirement for these roles. To top it off, the BVI does not require annual meetings to be held or financial accounts to be filed – although these are still good practices to have.

2021 Economic Outlook[1][2][3][4]

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With its economy heavily reliant on tourism – which generates approximately 45% of national income – and international business, the outlook for the economy of the BVI’s GDP is expected to grow 5.4% assuming that travel restrictions are gradually lifted in the second half of the year, alongside other COVID-19 recovery measures. The government’s 62.5 million USD stimulus package announced in June 2020 has helped mitigate the impact of the pandemic, supporting unemployment (10 million USD), business grants (6.5 million USD), and the national health insurance programme (7.5 million USD) among other initiatives.

Key Industries

  • Offshore Banking and Financial Services
  • Tourism

What’s required? We give you a brief overview.

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Jenga BCG provides the full suite of corporate secretarial and accounting services to meet your business needs be it a stand-alone business or subsidiary. Since 2017, Jenga BCG has already successfully empowered over 1000 businesses worldwide with our team of professionals armed with deep industry knowledge and connections via our regional partners.

1 - No direct taxes, but all offshore companies are required to pay an annual licensing fee directly to the government.

2 - For example, Singapore and Bermuda allow the change of domicile of a BVI company to be under their jurisdiction.