BVI offshore company (BC)
In January 1, 2005 a
brand-new version of the BVI Business Companies Act came into force. The
new Act represents a further development in the already outstanding BVI
offshore corporate legislation. The new law successfully addresses the
challenges faced by the offshore financial industry in the 21st century,
in particular the pressures against 'illegal discrimination' between
domestic and offshore companies. Thus the new BVI Business Companies Act
removes any former distinction between a local company (operating in the
domestic market) and an offshore company (restricted only to
international business). According to the new Act, there is now only
one, unified type of company - a BVI Business Company, which continues
to be exempt from tax and continues to enjoy all the substantial
benefits afforded by the previous legislation.
The Chief Minister of the BVI, Dr. the Hon. D. Orlando Smith, said at
the announcement of the new legislation: "The new BVI Business Companies
Act was designed to safeguard the attributes that have made the BVI the
world's premier offshore company domicile. The collaborative effort to
draft this new Act has resulted in legislation that not only retains all
the virtues of the current IBC Act, but makes the BVI even more
attractive to clients by including new features that have become
desirable since the enactment of the current Act."
