British Virgin Islands (BVI) British Virgin Islands consist of 60 islands and cays having a total land area of 150 sq. km. They lie to the north west of the United States Virgin Islands and are separated from them by a channel only five kilometres wide. The neighbour with the largest land area is Puerto Rico, 96 km to the west. Except for Anegada, which is a flat, coral island with little soil, the Islands are hilly. Their greatest tourist attraction is their superb beaches. The largest and most heavily populated Island is Tortola, which has about 9,000 inhabitants. The capital, Road Town, is on the southern shore near Sir Francis Drake Channel. A bridge to Beef Island connects Tortola. There are a further 3,000 inhabitants who reside on the other islands, 1,000 of which are in Virgin Gorda. The British Virgin Islands is an internally self-governing colony with a ministerial system of Government operating under a Constitution adopted in 1967. The Governor, appointed by the Crown, remains responsible for defence and internal security, external affairs, the civil service, the administration of the courts and finance. He continues to reserve the legislative powers necessary for the exercise of his special responsibility. However, on other matters he is normally bound to act in accordance with the advice of the Executive Council. This consists of the Governor as Chairman; two ex-officio members (the Attorney General and Financial Secretary); the Chief Minister, appointed by the Governor as the elected member who appears best able to command a majority in the Legislative Council; the Deputy Minister; and two other ministers appointed by the Governor on the advice of the Chief Minister. Elections are held at intervals of not more than five years. There is an excellent daily air service between the Islands and the USA. Cruise ships call in weekly to the Islands and there are freight carriers. There are excellent telephones telex and fax facilities. Courier services are well represented on the BVI, including DHL, DTL and Federal Express, who provide a daily worldwide service. Company Statute: International Business Company (IBC) Taxation: An International Business Company does not pay any tax on its worldwide profits to the British Virgin Islands authorities. Shareholders/Members: The minimum number of shareholders is one. Directors/Managers: The minimum number of directors is one. They may be natural persons or bodies corporate. They may be of any nationality and need not to be resident in the British Virgin Islands. Company Secretary: A company secretary may be appointed. The company secretary may be a natural person or a body corporate. They can be of any nationality and need not reside in the British Virgin Islands. Registered Office Required: Yes, must be maintained in the British Virgin Islands, and must be maintained at the office of a licensed management company. Name Restrictions: Any name that is identical or similar to an existing company, or any name that suggests the patronage of the Royal Family or the Government of the British Virgin Islands. Financial Statement Requirements: Whilst there is no requirement to file audited accounts with the authorities; a company is required to keep financial records that reflect the financial position of a company. Annual Report/Licence Fees: USD 300.

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