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British Virgin Islands
Services Provided By Corporation Service Company in this jurisdiction:
Corporate Filing Services Document Retrieval Services
Formation of International
   Business Company (IBC)
Registered Office/Registered
    Agent Service for IBCs		      Company Search
Certificate of Good Standing (must be obtained through IBC's
   Registered Agent)
Certificate of Incumbency (obtained from IBC's Registered
   Agent)
Certified Copies of Certificate of Incorporation, Memorandum
   and Articles of Association
Legalisation of Documents
JURISDICTION INFORMATION The British Virgin Islands (BVI) are a British dependent territory located approximately 60 miles east of Puerto Rico. BVI is the most popular offshore jurisdiction in the world for IBCs with more than 500,000 incorporated to date. An IBC may not carry on business with persons resident in BVI or own an interest in real property in BVI, although an IBC may lease real estate for use as an office. An IBC is exempt from BVI taxes and pays only the initial registration fee and annual license fee based on authorized share capital.
RECENT CHANGES Government formation and license fees increased effective January 1, 2005. The government proposed a BVI Business Companies Act to take effect January 1, 2005 and to completely replace the existing IBC Act and Companies Act by January 1, 2006. Local companies doing business in BVI will be required to maintain a registered agent to ensure compliance with the new legislation.

"Know your client" due diligence under anti-money laundering regulations requires the company formation agent and registered agent to maintain in its files a notarized copy of passport photo and signature pages and professional reference letters from bank, lawyer or accountant to the service provider for directors and beneficial owners of the IBC.

Only one shareholder and one director (both of which may be entities) are required. No corporate officers are required. Meetings of directors or shareholders may be held by electronic means, and no meetings in BVI are required. Bearer shares are permitted, although companies pay higher government registration and license fees if bearer shares may be issued.
  **CSC does not provide legal or financial advice**