With a legal system based on English common law, tight control policies and modern legislation, the BVI is a secure and reliable yet suitably flexible finance location. There is no exchange control or restriction on the movement of funds into and out of the Territory or on their conversion into other currencies. The most significant sectors of the economy are financial services and tourism.
Since the introduction of the International Business Companies Act in 1984, successive governments have made significant progress in developing the British Virgin Islands as an international financial services centre.
In 2007, the BVI approved a new Constitution which gives executive and legislative power to the Governor, the Cabinet and House of Assembly. The Governor is the representative of Her Majesty, the Queen under the Constitution, and is responsible for external affairs, defense, the judicial and legal departments of government, internal security and the civil service.
On other matters, the Governor is normally bound to act in accordance with the advice of the Cabinet, which comprises the Governor as Chairman, the Premier, four other ministers and the Attorney-General as an ex-officio member. The House of Assembly consists of thirteen elected members, one from each of nine electoral districts and four ‘at large’ members.
The British Virgin Islands (BVI) is an internationally renowned financial centre and premium tourist destination . For many years the territory has been marketed the world over as Nature’s Little Secrets. For those who wish to take advantage of the robust legal and regulatory framework, as well as the other competitive advantages on offer by this unique jurisdiction, the BVI is the ideal environment to do business.
The BVI, a British Overseas Territory, is a group of islands discovered by Columbus in 1493 and located some 60 miles due east of Puerto Rico. Tortola and Virgin Gorda are the main islands. The capital of the BVI, Road Town, is also the financial centre and is located on the island of Tortola.
The BVI gained the world’s attention as a business and finance centre following the enactment of the International Business Companies Act of 1984. Stemming from this, the BVI has become the world’s largest corporate domicile, with some 700,000 companies incorporated in the jurisdiction.
The territory’s financial services industry has evolved since its inception in 1984 and now boasts a new Business Companies Act, very highly regarded trust legislation and a clear and modern legal and regulatory framework.
The BVI is also a premier jurisdiction for the registration of vessels. This status has been enhanced with the Virgin Islands Shipping Registry being recently upgraded to category one status of the Red Ensign Group of British Shipping Registries, giving it the ability to register yachts and cargo vessels of unlimited tonnage.