BVI Offshore Haven
The British Virgin Islands are a group of islands found in the Caribbean. There are approximately fifty small islands all of which are not inhabited. The British Virgin Islands are part of Britain’s Overseas Territory. The islands from the group which are inhabited include the main islands of Tortola, Anegada, Jost Van Dyke and Virgin Gorda. The capital of the BVI offshore haven is located in Road Town which is situated on the island of Tortola. The islands have an accumulated population of approximately 22,000 people with the most found on the island of Tortola. The economy of the BVI is one of the best in the Caribbean thanks to the success of its tourism industry and its financial services sector.
The BVI as an offshore haven provides the offshore services of offshore company registration, exempt trust formation, offshore banking amongst other services. The BVI offshore haven is amongst the Caribbean region’s oldest offshore services providers as the tax haven has had more than twenty five (25) years in experience providing offshore services to clients from around the world. Over the years many adjustments have been made to keep the BVI as a top offshore tax haven, for example, the International Business Act was replaced by the BVI Business companies Act of 2004. Under the new companies act the following types of companies can be incorporated: unlimited companies authorized to issue shares, companies limited by shares, companies limited by guarantee authorized to issue shares and companies limited by guaranteed and unauthorized to issue shares.
In the tax haven of the British Virgin Islands offshore banking services is one of the services which is provided. The BVI offshore haven has gone through great lengths to protect itself as a respectable financial center. Money laundering acts and other acts to curd criminal activities in the financial sector has been passed to ensure that the services provided are the best. BVI offshore banking is very modern with offshore banking services which are of high quality. To ensure that the offshore banking services offered is of top quality the BVI offshore haven has curbed the growth of the sector by limiting the number of offshore banks to set up on the islands. The BVI tax haven provides offshore banking services for offshore corporations and individuals. Some of the offshore banking services provided are internet banking, credit and debit cards for individuals as well as chequing accounts. Accounts can be set up in various major currencies including USD.
Offshore companies registered in the BVI offshore haven will not pay taxes on incomes which have been gained from outside of the tax haven. BVI offshore haven is considered to be a pure offshore haven and therefore offshore corporations will pay no local corporate taxes, incomes taxes, capital gains tax, inheritance tax etc. This tax exemption is also guaranteed for offshore trusts registered in the offshore tax haven o the British Virgin Islands. The BVI offshore haven is a tax haven to consider for tax planning. BVI offshore companies can do business anywhere in the world.
Tax havens are characterized by their abilities to provide offshore clients and offshore business corporations with full privacy and secrecy from third parties and the BVI has measures in place to provide this to offshore clients. Information surrounding offshore corporations, offshore bank accounts, and offshore trusts in the BVI offshore haven cannot be given out. The names of the shareholders of offshore companies and the names of beneficiaries of offshore trusts are not made public information in the tax haven. Information concerning the company owners, bank account holders of the beneficiaries of exempt trusts is regarded as highly private and persons who divulge this information may be subjected to very stiff fines if found guilty. Information concerning offshore corporations, offshore bank accounts and offshore trusts can only be given out if a court order has been handed out because the offshore entity has engaged in illegal activities, money laundering or other such activities.
The BVI offshore haven is committed to offering top offshore services to clients. Any asset placed in a BVI offshore haven entity is protected by asset protection laws. This makes assets safe from foreign laws and third parties. Incorporating an offshore company in the BVI tax haven is not very expensive and offshore companies are also easy to maintain.